News & Announcements

Purchase a Home with 3% Down

We are proud to announce yet another great benefit to our mortgage program. The Lisbon Credit Union offers 15 or 30 year first mortgages with as little as 3% down! This loan was previously available to only first time homebuyers but now is offered to all qualified borrowers.

Here are the criteria for these types of mortgages:

  • A borrower’s credit score of 740 or higher
  • A one unit property that is the primary residence
  • A borrower’s debt to income ratio of 41 % or lower
  • A purchase of a home and not a refinance

If all of those requirements are met, the borrower can receive a gift for both the down payment and the closing costs! If all of those requirements are not met, gift funds are considered only after the minimum borrower contribution of 3% is met. Private Mortgage Insurance (PMI) is also required.

These benefits are just another way to say that the Lisbon Credit Union is in the mortgage business! Please contact a Loan Officer today for more information.