Home Loans

HELOC

Hopewell Federal offers a Home Equity Line of Credit, sometimes referred to as a HELOC.  When you want to use your line of credit, simply write a check for $500 or more from the book of checks provided when you are approved. 

The benefits include:

• The ideal way to obtain large sums of cash is based on the equity in your home

• Open-end line of credit with a variable rate

• Lets you borrow up to 90% of the appraised value of your home. The minimum loan amount is $5000.

  *Credit restrictions apply. HELOC is available up to 90% of appraised value of home. Minimum loan amount = $5000. No annual fee applies. No closing costs. The HELOC rate is based on prime rate for 80% and prime + 1.50% for 80.01%-90% LTV and subject to change. A mortgage will be placed on the home for the line of credit limit. Federally Insured by NCUA.

Fixed Rate Equity

Hopewell Federal offers a fixed-rate home equity loan that offers:

• Competitive fixed rate

• Borrow up to 90% of the appraised value of your home

Home Improvement Loan

If your home is in need of repairs or remodeling, consider a Home Improvement Loan from Hopewell Federal. Our loans are available with no home equity. You can borrow from $3,000 to $15,000 with flexible payment terms depending on the amount borrowed.

To qualify, your property must be located within Licking or an adjoining county. Hopewell Federal Credit Union is federally insured by the National Credit Union Administration. We do business in accordance with the Federal Fair Housing Lender and the Equal Credit Opportunity Act.

Mortgage Refinance

Imagine being mortgage-free in just ten to 15 years. Our ten or 15 year Penny Pincher Mortgage Loan is available to qualified members as an affordable means to lower your current first mortgage interest rate or term. If you have equity in your current home or condo, our Penny Pincher Mortgage Loan is an ideal way to lower your first mortgage interest rate or term without spending money on closing costs.

Product Benefits:

• No closing costs

• Refinance only (owner occupied 1-4 family residence only)

• $499 non-refundable application fee 

• Fixed-rate

Hopewell Federal is an equal-opportunity lender. Call us at (740) 522-8311 for more information.

Hopewell Federal Credit Union is federally insured by the National Credit Union Administration. We do business in accordance with the Federal Fair Housing Lender and the Equal Credit Opportunity Act.

For Ten/Fifteen Year Penny Pincher Mortgage Loan: **For Ten/Fifteen Year Penny Pincher Mortgage Loan:  available to qualified individuals as an affordable means to lower current first mortgage interest rate and term. Minimum loan $20,000.  Not valid for existing Penny Pincher loans.  Minimum credit restrictions apply.  Rates and terms are subject to change without notice.  Maximum loan to value 75%. Refinance only (owner occupied 1-4 family residence only). Valid for combining 1st and 2nd mortgage balances only.  **$499 application fee. If property does not meet financial institutions initial value assessment, a charge up to $175 may apply for cost of appraisal.  No pre-payment penalty.  Offer subject to change without notice.

Please send all first and second mortgage loan error resolution requests or information requests to Hopewell Federal Credit Union, P.O. Box 2157, Heath, OH 43056. Your notice must be in writing and include your name, loan number, and the error you are asserting or information that you are requesting.

Want to Learn More?

Adjustable Rate Mortgage (ARM)

An ARM offers many cost savings options for homebuyers. Especially homebuyers who do not plan on owning their home for more than five years or plan to refinance when the initial rate period ends. ARMs allow the benefit of locking in an interest rate for a period of time and the option to sell your home or refinance when the rate becomes variable.

Hopewell Federal Credit Union offers a 5:1 ARM

The rate will be fixed for five years and will adjust once per year after the 5-year term

Rates Start As Low As 5.99% /7.426% APR*

* Rates, terms, and conditions are subject to change without notice. Conditions, qualifications and restrictions apply. This is not an offer for extension to credit or commitment to lend. Normal lending policies apply. Actual APR and term will depend on factors the Credit Union may lawfully consider such as points, loan to value ratio and credit history. Specific disclosures will be provided on the application. All Mortgage products are subject to credit and property approval. Tax and insurance escrows may be required. Receipt of application does not represent an approval for financing or interest rate guarantee. Additional restrictions may apply. APR = Annual Percentage Rate. After the five year fixed rate period the interest rate adjusts annually. The adjustment not to exceed 2.00% and will not increase more than 6.00% from the rate of issue, will not fall below 4.00%. APR calculated with a $200,000 loan with a 5% down payment and a monthly payment of $1,107.59, a 30 year term at 5.99% interest rate, 7.426% APR as of 10/19/23. APR can change depending on fees. Please contact Hopewell Federal Credit Union with questions.

Contact: 

Paul Haney - Mortgage Loan Associate

phaney@hopewellfcu.org

NMLS# 874473

(740) 522-8311

Welcome Home Grant

Welcome Home Grant, receive up to $20,000!

• Money becomes available March 1st

• Receive up to $20,000 after closing costs, down payments, and prepaid items

• $25,000 is available for US Veterans

• Money is reserved on a first come, first service basis and is available until money is depleted

• You DO NOT need to be a first-time home buyer

• Buyer must be under the set income limit:

  1-2 family household can make up to $80,880

  3-4 family household can make up to $93,012

*Buyer must contribute $500 of their own money. Buyers must have signed a contract to benefit from the Welcome Home Grant. The household income must be at or under 80% of the MRB limits determined by the state. All first-time buyers must complete an approved homeownership counseling course.

The application is currently closed. 

VA Loan

VA 30-15 Year Fixed

Features

• Fixed-rate loans are available for purchases, IRRRLs, and cash-out refinances

• 0% down payment requirement

• No monthly mortgage insurance, although there is an upfront funding fee

• No prepayment penalty

• Escrow waiver not permitted

• Minimum credit score 620

Product Overview

VA mortgage lenders offer affordable financing, low down payment requirements, and competitive non-risk-based mortgage rates to those who qualify.

Terms Available

• First Mortgage: 15 & 30 year fixed

Property Information

• Property Types - Limited to 1-4 unit owner-occupied properties

Costs

• 100% Financing

• Gifts are allowable for closing costs

Seller Contribution Limits

• Maximum 6% toward actual closing costs, discount, and/or pre-paid expenses.

• An additional 4% may be contributed toward additional funding fees and additional expenses

Reserves

• Not required

Loans are assumable