At VAPR Federal Credit Union we are committed to helping you achieve the dream of owning your home.
Our mortgage loans are designed to offer you flexible terms, competitive rates and a simple and transparent application process.
We are committed to our members at all times, which is why we participate in the direct buyer assistance program (CDBG-DR). Therefore, whether you're buying your first home, refinancing your current mortgage, or looking for an investment property, our team of experts is here to guide you every step of the way.
Discover how we can turn your goal of owning your own home into an accessible and manageable reality.
Nonconforming Secured Mortgage Loans
We offer secured non-conforming mortgage loans to the secondary market for first and second properties and also for primary home refinancing.
In cases of purchase and sale, we can help you finance up to a maximum of eighty-five percent (85%) of the value of the property or eighty percent (80%) in refinancing. No matter the case, you have up to a maximum of thirty (30) years to pay it off.
Closing costs and interest will depend on the market at the time of the transaction. At VAPR we can finance from fifteen thousand dollars ($15,000.00) to five hundred thousand dollars *$500,000.00).*
*Exceptions for loans less than $15,000.00 must be approved by the loan evaluation committee.
In all cases, whether it is sales and purchases of the primary home, the purchase of a second property and the refinancing of the primary home financed as conventional, FHA and Veterans loans must meet all the requirements demanded by the secondary market in mortgage loans.
Personal loans with mortgage guarantee
In personal loans with a mortgage guarantee, the maximum amount is sixty thousand dollars ($60,000.00), where we can finance up to 80% of the appraised value of the primary home and up to seventy thousand dollars on a second property. This applies to properties without liens. In cases of encumbered properties and if it is the member's primary home, we can finance eighty percent (80%) of the appraised value less the outstanding balance of the existing mortgage.
Amount to Finance | Maximum Term | Maximum Term |
Up to $30,000.00 | 15 years | 15 years |
$30,001.00 - $60,000.00 | 20 years | 15 years |
Purchase and refinancing of land
At VAPR we want you to be able to enjoy a property in a location you choose, that's why we help you purchase and refinance land.
We offer loans only for permanent construction on first mortgages; which, like the refinancing loans, will not exceed seventy percent (70%) of the appraised value of the unstructured land. This will be determined by an appraiser designated by us.
Amount to Finance | Maximum Term |
Up to $15,000.00 | 10 years |
$15,001.00 - $65,000.00 | 15 years |
Maximum Loans | $65,000.00 |
Maximum Time to Finance | 15 years |
Annual Interest Rate | 7.50% |
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FAQ
Each of our branches has its schedule:
VAPR Plaza Branch | Monday to Friday | 7:30 a.m. – 3:45 p.m. |
Saturdays | 8:00 a.m. – 1:00 p.m. | |
Veterans Hospital Branch | Monday to Friday | 7:30 a.m. – 3:30 p.m. |
Guayama Branch | Monday to Friday | 8:00 a.m. – 4:00 p.m |
Auto Coop | 8:00 a.m. – 4:15 p.m. | |
Saturdays | 9:00 a.m. – 1:00 p.m. |
To join our credit union you must bring the following documents:
- Photo identification (License or Passport)
- $50.00 for initial deposit
Regular share (savings) accounts carry no monthly fee. In the checking account there will be no monthly charges as long as you maintain a minimum balance of five hundred dollars ($500.00). If you do not have this balance then a charge of four dollars ($4.00) will be applied monthly.
