The missing piece of your mortgage

Buying a home? We’ll help you piece together all aspects of the mortgage process.

Mortgage rates have been steadily rising and the local housing market presents challenges. However, you can always count on Armco CU to help you save money with competitive rates, low closing costs and by finding the best loan program for your situation.

Why consider an Armco CU mortgage?

At Armco CU, members can be confident they receive a competitive rate upfront with no haggling – plus a low application fee and low appraisal fees.

But the benefits of getting a mortgage at Armco CU extends beyond low rates.

“We can be as hands-on as a member needs. For instance, we can guide members step-by-step or we offer online services for members more familiar with the mortgage process,” said Mandy Eckstein, Mortgage Operations Supervisor.

Members applying online complete paperwork electronically so the only time they need to visit a branch is for the closing.

The Armco CU mortgage staff also offers continued support after the closing.

What kinds of mortgages do we offer?

Armco CU can prepare a mortgage for a new home, refinance or investment property. We offer many types of mortgage programs.

It’s important to understand the pros and cons of each mortgage program. Our experienced mortgage specialists will carefully explain all your options so you can determine which is best for you.

“Everyone’s life situation is different,” said Eckstein, “We work hands-on with members throughout the entire home-buying process to ensure it’s a smooth and easy experience.”

Here are just a few of the programs offered by Armco CU.

Conventional Loan

A conventional loan is the most common type of mortgage, typically covering those with a credit score of at least 640 and as little as 5% down. However, a down payment of 20% allows the buyer to avoid the cost of mortgage insurance.

First-time Home Buyer Loan

For those just starting out in their first home, a First-Time Home Buyer Loan allows the added flexibility of putting a minimum of 3% down.

Government Backed Loans

For those who may not qualify for a conventional loan, Armco CU offers a variety of loans backed by the US government.

FHA Loans are backed by the Federal Housing Administration and have less restrictive qualifications for borrowers, resulting in lower down payment and credit score requirements than a conventional loan.
VA Loans are available to qualified veterans, active and reserve military personnel and in some cases surviving spouses. No down payment is required and Armco CU can finance up to 100% of the purchase price.
USDA Loans may offer added benefits to those who are purchasing a home in a rural area. A credit score of 640 is needed to qualify, but have a benefit of not requiring a down payment.

New Construction Loans

Unlike other lenders that require two closings, our construction loans offer one easy closing – locking in your
rate from start to finish. Build a stick-built, modular or manufactured home and use your property as your
down payment.

Purchase Money Home Equity

Secure a 2nd lien to eliminate PM insurance on a conventional loan. Requires 5% down.

Where do I start?

The first step in purchasing a new home is obtaining a free pre-approval, which is as easy as filling out a simple online form or through a 15-minute phone call. A seller is unlikely to accept an offer for a property without a preapproval letter. Once a seller agrees to terms, the Armco CU mortgage team can get things moving either electronically or in-person.

For more information visit our mortgage page, view our current mortgage rates or call our mortgage department at 724-284-2020, option 3.

Planning on Buying a Home?

Attend our Home Buyers Workshop and learn how to navigate the home buying process with confidence.

Industry professionals will cover a range of subjects, including an in-depth look at the Butler County real estate market, insights into various mortgage programs, insurance and valuable tips to prepare before applying for a mortgage.