No Insurance Home Equity Loan
Ensuring you can always access the funding you need.
Wish you could access equity in your home but the cost of maintaining insurance prevents you?
Needing to pay for Home Owners’ Insurance and Windstorm Insurance while wanting to borrow from your home equity can often put borrowers between a rock and a hard place. We have heard from a lot of members who chose to discontinue buying these insurances because the cost doesn’t seem warranted compared to other needs. Of course you can only be empowered to make that decision if you own your home free and clear.
Unfortunately, most lenders require maintaining these insurances to borrow against the equity in your home. First Choice Credit Union isn’t going to let that technicality stop us from assisting our esteemed members. FCCU has developed a mortgage loan that provides some relief in these cases.
This loan is not for everyone. There are stringent qualifications:
- Maximum Loan $50,000
- Maximum Term 10 years
- FCCU must be in 1st position with loan
- Loan to Value less than 35% using Palm Beach County Property valuation adjusted up
- Land Value must be at least double the loan value
- Single Family Homes only
- No Home Equity Lines of Credit (HELOC)
![no insurance 1](https://www.firstchoicecu.org/wp-content/uploads/2024/05/no-insurance-1.png)
*The Credit Union provides no information or guidance as to the advisability of obtaining or maintaining homeowners and/or windstorm insurance. Members should get proper financial and legal advice to determine their personal insurance needs. Lack of homeowners and/or windstorm insurance to cover lost or damaged collateral property does not modify repayment obligations under loan.
No Insurance Home Equity2, 3, 4, 5, 6 | |||
---|---|---|---|
CREDIT SCORE | APR1 | ||
5 Years | 10 Years | ||
720+ | 5.875% | 6.250% | |
680-719 | 6.125% | 6.500% | |
640-679 | 6.375% | 6.750% | |
600-639 | 6.875% | 7.250% | |
Less than 600 | 7.875% | 8.250% |
No Insurance Home Equity2, 3, 4, 5 | |||
---|---|---|---|
CREDIT SCORE | APR1 | ||
5 Years | 10 Years | ||
720+ | 5.875% | 6.250% | |
680-719 | 6.125% | 6.500% | |
640-679 | 6.375% | 6.750% | |
600-639 | 6.875% | 7.250% | |
Less than 600 | 7.875% | 8.250% |