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Products
Texas Bay Credit Union offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:
 
Conventional Mortgages (Fixed Rate)
Conventional Adjustable Rate Mortgage (ARM)
Conventional Jumbo Mortgage
FHA
VA

Conventional Mortgages (Fixed Rate)
Conventional mortgages are not guaranteed or insured by the federal government. Most conventional mortgages have either a fixed or adjustable interest rate. Fixed interest rate loans have a stable monthly payment over the life of the loan. Your Principal and Interest will always stay the same amount, making it easier to budget from month to month and you are protected from rising interest rates.

Conventional Adjustable Rate Mortgage (ARM)
Adjustable rate mortgages (ARM) fluctuate in relation to the rate of a standard financial index. Your interest rate and monthly principal and interest payments remain the same for an initial period and then adjust annually. Interest rate caps can be set to limit how high your rate will go. This type of loan will typically have a lower initial interest rate than a fixed-rate mortgage. An adjustable-rate mortgage can be a good choice if you expect future income growth or if you plan to move or refinance within a few years.

Conventional Jumbo Mortgage
Sometimes called a non-conforming loan, a jumbo loan is for amounts above the maximum limits set by federal mortgage lending agencies. It is a good choice if you have a higher property value and can manage larger monthly mortgage payments. Interest rates on jumbo loans are usually higher than on conforming loans with lower amounts.

FHA
An FHA Mortgage is a government-insured loan. They are typically easier to qualify for, with lower down payment and credit score requirements, making them a perfect solution for those that can’t qualify for a conventional loan. In addition, they generally have lower closing costs than conventional loans. All of these factors make government-insured loans an ideal choice for first-time homebuyers. The Federal Housing Administration (FHA) is a government-backed initiative created to increase home ownership. FHA loans offer low down-payment requirements and flexible credit requirements. If you sell your home, the buyer can take over the loan (subject to loan approval). This type of loan also allows a co-applicant to help you qualify, even if they do not live in the home.

VA
VA Mortgages are Government-insured loans. They are typically easier to qualify for, with lower down payment and credit score requirements, making them a perfect solution for those that can’t qualify for a conventional loan. In addition, they generally have lower closing costs than conventional loans. All of these factors make government-insured loans an ideal choice for first-time homebuyers. VA home loans are available through the Department of Veterans Affairs to eligible veterans, reservists, active-duty personnel or eligible family members. VA loans are available in a variety of fixed-rate and adjustable-rate options. There is no down payment or monthly mortgage insurance and credit requirements are flexible.


Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $453,100 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $453,100 with closing costs of $9,062. Jumbo Loans (whose maximum loan amount exceed $453,100 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.