|Credit Union :||CoVantage Credit Union|
|Address :||723 Sixth Avenue | Antigo, WI 54409|
|Open / Closed End :||Closed|
Loan Underwriting Qualifications :
This loan is a second mortgage behind CoVantage’s Rescue Refinance mortgage and is used in those cases where a first real estate mortgage with up to 80% LTV does not result in a viable plan.
Rates, Fees, and Terms :
- LTV including the first real estate mortgage may not exceed 110%
- Loan proceeds may be used for paying off mortgages, delinquent taxes, judgments, and other financing to make the package affordable.
- Terms 0% interest, no payment required until:
- Home sells – due in full
- Refinance of 1st mortgage – due in full
- Home is no longer primary residence – member required to pay an interest rate of 5% and then the loan balance is amortized over 20 years.
- This program is available only as grant dollars are available.
- If the first real estate mortgage requires a cosigner, this loan would require a cosigner as well.
- A member may only obtain one Rescue Refinance Plus loan and only to the amount necessary to make the plan viable. It should not be to max out the available dollars.
Target Market :
Members, and eligible non-members, who qualify for a Rescue Refinance loan but do not have a viable plan at 80% LTV but do have a viable plan at a LTV between 80% and 110%.
- Referrals by loan officers or collection staff when signs of distress appear
- Community awareness events are held in all markets to explain the program. Loan officers available immediately following the event to talk with potential applicants, answer questions and start loan application on the spot.
- The credit union conducted a major marketing campaign in February 2012 to encourage members to apply for the Rescue Refinance Plus loan.