Whether you’re retired from the workplace or you have a lower income that doesn’t reflect your net worth, Spectrum Credit Union can help you navigate the path to homeownership.
While many conventional lenders will base their rates on a borrower’s
income, or debt-to-income ratio, Spectrum Credit Union offers asset-based loans in which your total financial picture is considered. So if you are retired or bring in a lower income, but you have substantial assets, we’ll put together a loan
package that’s right for you.
- Retirees with fewer than two years of employment history
- Those will lower incomes but substantial assets
- Financing available for owner-occupied, non-owner occupied second homes, 1-4 units, and PUDs
- First mortgages, fixed second mortgages, and HELOCs are eligible
- Loan to value (LTV)/Combined loan to value (CLTV) for Refinance/Purchase up to 70%
- LTV/CLTV for Cashout Refinance up to 60%
- 15-year and 30-year amortization available