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Products
Harvesters Federal Credit Union offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:
 
Conventional Loans
Lots And Land Loans
Construction Loans
Government Loans - RD, VA, FHA

Conventional Loans

The conventional mortgage loan is not insured by any government program.  Conventional loans are the most common type of home mortgages. We offer 15 and 30 year fixed rate loans.  They differ from FHA Loans and VA loans which are insured by the government. Conforming conventional loans follow the loan amount guidelines set by Fannie Mae and Freddie Mac. Nonconforming loans don’t meet those qualifications, but are also considered conventional


Lots And Land Loans

A Lot Loan is any property located in a subdivision. Lots of similar size and frontage as shown on a plot plan filed with the Clerk or Courts. The Loan to Value (LTV) is 80% of the purchase price or 80% of the appraised value on refinances.

A Land Loan is any property that is not defined by the Lot Loan definition. The LTV is 80% of the purchase price or 80% of appraised value on refinances.  And land up to 50 acres for primary residence in the future



Construction Loans

Construction Loans may be used on the construction of a primary residence. If you have a building contract with a certified builder and 20% equity at the end of construction, the maximum Loan to Value ( LTV) is 80% of the appraised value or contract price the lesser of the two. Interest only payments are required during the construction period. The construction period is 180 days. When the construction loan converts to a permanent loan the rate will be at the prevailing rate of the 15-year first mortgage.


Government Loans - RD, VA, FHA

The VA home mortgage loan is a government loan that is available to veterans who have served in the U.S. Armed Services and, in certain cases, to spouses of deceased veterans.  These loans can be used for rural development  with 100% financing.  The requirements vary depending on the year of service and whether the discharge was honorable or dishonorable. The main benefit to a VA loan is the borrower does not need a down payment. The loan is guaranteed by the Department of Veteran Affairs, but funded by a conventional lender.

FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. FHA loans allow the borrower to borrow up to 97% of the value of the home. The 3% down payment requirement can come from a gift or a grant, which makes FHA loans popular with first-time buyers.




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