WOODBURY, Minn.–Ideal Credit Union has introduced a new Zero Down Mortgage offering, which it said is the first of its kind in its markets.
To qualify, applicants must have a minimum credit score of 700. The loan is available for purchase transactions and owner-occupied residences up to a maximum loan amount of $475,000. Private Mortgage Insurance coverage is required and some restrictions may apply, the credit union said. Condos or multi-family properties are not eligible.
“This is a great differentiator for Ideal CU in the mortgage market space; there are no other lenders in our market place that offer a program of this nature," said Faith Tholkes, VP of Mortgage Operations. "Offering zero down provides our members with flexible options that will allow them to achieve their goals of homeownership sooner.”
Ideal CU also offers its HomeAdvantage program, which provides tools and expertise needed to find and finance a home, and offers an attractive a rebate program that enables home buyers to earn cash back at closing. Since its inception, the HomeAdvantage program has paid out over $180,000 in rebates to hundreds of Ideal CU members. The average rebate per transaction is $1,140. Members who have a mortgage loan with Ideal also can earn VIP+ status if they meet other qualifying criteria, Ideal added.