Whether you are in the market for a new home, refinancing an existing home, or improving a home that you already own, Omaha FCU offers you mortgage loan products to meet all your needs.
Check for current rates by calling 402.399.9001 or 800.660.7350, or click here.
Our Mortgage Team offers personalized, professional and local service. Our mortgage services include:
- 15, 20 and 30-year loans
- Great loan options for First Time Homebuyers!
- Conventional (fixed and adjustable (ARM), FHA, VA, USDA, and construction loans)
- Low or no down payment requirements
- Conventional loans serviced through Omaha FCU or a credit union-owned mortgage provider
- Low closing costs
- Free pre-qualification
- Potential tax deduction on interest paid
- Loan counseling by trained, professional mortgage personnel
- No prepayment penalties
We offer competitive rates, pre-qualification approvals and great service to save you time and money. You can calculate your anticipated monthly payment by checking our Financial Calculators.
The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) requires that all mortgage originators register with the Nationwide Mortgage Licensing System and Registry (NMLS). Once registered, each mortgage loan originator is assigned an NMLS Unique Identifier (NMLS ID), which is a permanent number that allows consumers, regulators and others in the industry to obtain information on registered mortgage loan originators through the NMLS Consumer Access website www.NMLSConsumerAccess.org.
For more information, please call or text 402.399.9001 and ask to speak to one of our Mortgage Loan Officers. Omaha FCU’s NMLS # is 757404.
Information needed to complete your application is included in our Mortgage Documents Checklist.
Non-Owner Occupied Mortgages
A Non-Owner Occupied Mortgage, also known as an investment property mortgage or rental mortgage, is a form of mortgage that is meant for residential properties with 1 – 4 units. However, it’s specifically designed for borrowers who do not intend to live on the property.
Real estate investors should be advised, though, that those looking to purchase larger holdings – like an apartment or condo building with numerous units – won’t find this form of mortgage to be a good fit.
Also, because these loans are meant for properties that are owned purely for investment purposes, one can expect slightly higher-interest Non-Owner Occupied Mortgage rates as a result. That’s because Non-Owner Occupied properties present a slightly higher risk of default. In addition, a larger down payment may be required as a safeguard against the increased risks that Non-Occupied Owner properties present.
Although application requirements can be somewhat more demanding, Omaha FCU believes they can also be a very helpful tool for real estate investors wishing to acquire rental properties.
Things to consider include:
- Slightly Higher Interest Rates – Higher risks are associated with the slightly higher interest rates charged on Non-Owner Occupied Mortgage rate programs. Therefore, Omaha FCU must compensate for this increased risk.
- Shorter Terms – In contrast to 30-year mortgages, Non-Owner Occupied Mortgage lenders, including Omaha FCU, tend to offer much shorter terms.
- Higher Down Payments – Generally, a larger down payment (20% to 30%) is required due to the higher risk taken on borrowers. The increased down payment is another way for Omaha FCU to protect itself from the higher risk associated with Non-Owner Occupied Mortgages.
- Adjustable Interest Rates – Can cost investors more should interest rates rise significantly.
- More Stringent Credit Requirements – Omaha FCU requires higher credit scores from borrowers, typically at least a 650 FICO® Score. In addition, Omaha FCU will want to see a manageable debt-to-income ratio (DTI) and large cash reserves to cover unforeseen costs or vacancy rates.