DENVER — Westerra Credit Union has launched several new offerings designed to aid in the home purchase process and that “ensure home buyers are fully credit qualified in an incredibly competitive market.
In addition, Westerra said it is “so confident of its process,” it guarantees home loans will close by the purchase contract closing date when all requirements are met and will pay the buyer and seller $500 each at closing if the CU does not deliver, “giving members a stronger position when making an offer and an advantage when multiple offers are presented.”
Westerra, which noted it offers a Mortgage Help Desk, said among its new solutions is the Westerra Bridge Loan.
“Members apply for a pre-approval Bridge Loan that covers the down payment for a new house without having to sell their home first and in the process, they’re approved for a new mortgage loan,” the credit union said.
Tapping Equity
The Westerra Bridge Loan helps members tap into the equity of their current home with a full credit approval letter in hand to make a more attractive offer on their next home, the credit union added.
“Our mortgage application process helps home buyers by providing a better overall experience with mortgage calculators, electronic signatures, multiple communication options with text capabilities, and transparent loan status updates,” said Jason Sasena, chief lending officer. “We have received some great feedback from our members.”
Other Offerings
Westerra said it also offers:
- Full credit approval, not just pre-qualification, so borrowers are ready to make a winning offer
- Loans for first-time home buyers with down payments as low as 3% for up to $850,000
- Jumbo home loans up to $2,000,000
- VA loans
- FHA Financing is also available to those who qualify to finance up to 96.5% of the purchase price.
- A Non-Warrantable Condo Loan it said makes it easier for developers and Realtors to sell new condominium units, particularly when only a few units have pre-sold.
“We know the competitive landscape is difficult in our region, especially for first time home purchasers, and our trained employees are here to help every step of the way,” said Jay Champion, president and CEO.