80+20 Home Loan

You’ve been renting here while you’re selling your place “back there.” And now you’re ready to put down roots. Or, the kids are old enough for you to want to live in a great school district.

  • Affordable. Zero down payment.
  • Flexible. Seller contributions allowed.
  • No PMI.
  • 80% of the purchase is your 1st mortgage, which will have a 30-year amortization with a 15-year balloon payment.
  • 20% of your purchase (essentially your down payment) will also have a 30-year amortization with a 15-year balloon payment.

Whatever the scenario, an 80+20 home loan from Columbia Credit Union can help you secure the right address.

Available for primary residence purchases only up to 100% LTV. Applicants must meet credit and ability to repay requirements. A first mortgage of $240,000 at 4.25% with an APR of 4.41% has principal and interest payments of $1,180.66 for 360 months. A second mortgage of $60,000 borrowed at 6.25% with an APR 6.31% will have principal and interest payments of $369.43 for 360 months. Unpaid balance of first and second mortgage will be due after 180 months. Tax and insurance payments not included in examples. Property hazard insurance is required. Consult a tax adviser for information regarding the deductibility of interest and charges. Must be a member to borrow.

30 Year Fixed Mortgage with 15-Year Balloon. 
This fixed rate mortgage is otherwise known as a 30/15. It’s amortized like a 30-year mortgage, but at the end of 15 years, the remaining balance (a.k.a the balloon) comes due. This means you would need to pay off the loan, sell the home or refinance within 15 years.