Some mortgages written through Frankenmuth Credit Union are classified as Fannie Mae loans. Fannie Mae has announced that for these type of loans they are offering assistance for homeowners who are adversely impacted by this national emergency. These members may be eligible for:
- forbearance plan to reduce or suspend mortgage payments for up to 12 months.
- Credit bureau report of past due payments of borrowers in a forbearance plan as a result of hardship attributable to this nation emergency is suspended.
- Homeowners in a forbearance plan will not incur late fees
- After forbearance, we will work with the borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, include a loan modification.
If you have a mortgage with Frankenmuth Credit Union and are in need of assistance please contact us at (989) 497-1600
Our 5 and 10 year balloon mortgages can allow you to amortize your payments up to 30 years.
Description | APR* |
---|---|
as low as | |
Closed End Home Equity Max Term 15 yrs or 30 yr amortization with 15 year balloon | 6.50% |
Prime MasterCard Gold Home Equity equal to or less than 80% LTV, Prime 4.00% floor of 4.00% | 4.00% |
Prime Plus MasterCard Gold Home Equity greater than 80% LTV, Prime 4.00%, floor of 4.00% | 4.75% (Prime + .75%) |
MasterCard Gold Home Equity equal to or less than 80% LTV | 7.90% |
MasterCard Gold Home Equity greater than 80% LTV | 8.90% |
Neighborhood Mortgage Solutions is a mortgage Credit Union Service Organization (CUSO) that is partially owned by Frankenmuth Credit Union.
Information and interactive calculators are available to you only as self-help tools for your personal use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from a Frankenmuth Credit Union professional regarding all personal finance issues. Call 989-497-1600 or find a branch near you.
My Member Insurance Agency (MMIA), an affiliate of Frankenmuth Credit Union, is committed to providing competitive insurance products and exceptional customer service to FCU members. MMIA is excited to help members protect what matters most with affordable insurance solutions for your Auto, Home, Business, Farm, Life and Health.