Arizona Central CU Offering Mortgages for Sub-Par Credit

Arizona Central Credit Union logoSecuring the right mortgage for a new home purchase can seem like a daunting task, especially when a buyer’s credit or financial means are less than ideal. Some financial institutions are willing to lend a necessary hand in getting prospective buyers to their goal of home ownership sooner rather than later, with dedicated mortgage programs that have less stringent qualification requirements.

The Offer

Currently, Arizona Central Credit Union is offering the New beginnings Mortgage Program, geared toward future homeowners with less than perfect financial backgrounds. The program includes two mortgage loan offers, including the Back-on-Track loan and the Square One loan. With the Back-on-Track option, homebuyers may qualify for a new mortgage loan with a down payment as low as 10%, even if they experienced a foreclosure, bankruptcy, or short sale at least two years ago. The Square One loan is available for homebuyers who have gone through a foreclosure, bankruptcy or short sale at least one year ago, but a down payment of 20% is required. Loan amounts for the Square One mortgage are capped at $1 million, and both programs come with a free home appraisal.

The free home appraisal is offered now through February 29, 2018, up to a maximum of $475. All mortgage loan borrowers, either through the Back-on-Track or the Square One program, must qualify based on additional credit requirements, including income verification, other assets, and payment history on other debt obligations.

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Membership Requirements

Before qualifying for a home loan with Arizona Central Credit Union, individuals must first be members. Membership is offered to the following groups:

  • Arizona residents age 55 and older
  • Healthcare professionals
  • Members of the Catholic, Baptist, or LDS religions
  • Employees from organizations and business who are partnered with the credit union, including retirees
  • Immediate family members and household members of current Arizona Central Credit Union members

About Arizona Central Credit Union

Arizona Central Credit Union has been serving communities throughout the state since 1939. The credit union currently helps more than 60,000 members manage their finances through deposit accounts, home and personal lending, auto loans, student loans, and business services. The credit union operates ten full-service branch locations and provides access to more than 50,000 fee-free ATMs.

Contact Information

Prospective homeowners with less than ideal credit who are interested in the New Beginnings Home Loan program with Arizona Central Credit Union may gather more information by visiting a branch location, contacting a member service representative at 1-866-264-6421, or visiting the credit union online.

Posted on January 4, 2018 by in Mortgages,

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02/28/2018