Types of Mortgages

Suncoast Community Heroes Mortgage

From school employees and military to nurses and first responders, the Community Heroes Mortgage is here to help the people who work so hard to help our community.

We want to help our local heroes save money! If you’re in the market to purchase a home, choose from 30, 20, 15 and 10 year fixed rate mortgage options or 3/3 and 7/1 adjustable rate mortgage options.

You can also refinance your current home with a cash-out option to help pay off existing loans or debt.

• Save money with no origination fee and no private mortgage insurance (PMI)
• Low down payment required with up to 95% financing^†
• Reduce or payoff existing debt or expenses at a lower rate^†† by refinancing your current mortgage

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^†The subject property must be the member’s primary residence. The member must contribute (and satisfactorily document accordingly as their own funds) a minimum of 3% towards either the down payment when receiving a gift of 2% from a qualified family member (if applicable) or closing costs, including escrows and pre-paids. 95% financing is only applicable to Single Family Homes and Townhomes. Mobile Homes and Lots are not eligible for this product. The members cannot retain ownership in any other financed residential property at time of closing. Program eligibility subject to change without notice.

^††Rate Term Refinances allow a max cash back of $1,000 at closing. The Community Heroes loan product allows members to pay off the first mortgage (regardless of the company that holds the mortgage) and any SCU and outside lender trade lines up to 80% LTV. There are special seasoning requirements to payoff secondary or junior liens with proceeds of the new refinance. Secondary liens not meeting this seasoning test must be subordinated with the CLTV/HCLTV not to exceed 95%. Program eligibility subject to change without notice.

 

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Suncoast Six Month SafeLock

Purchasing a newly constructed home in a new home community? While the builder completes your home, we’ll secure your home loan! Lock in today’s great rates for up to six months with Suncoast Six Month SafeLock.

You’ll get the protection of knowing your interest rate won’t change while you wait for your move-in date. So if rates go up, you don’t have to worry! And if rates go down, you can still take advantage of the lower rate.

Suncoast Six Month SafeLock gives you one less thing to think about during the construction of your home and comes with benefits like:

• No rate add-ons or lock-in fees
• Competitive rates and low closing costs
• Personalized service every step of the way
• Your mortgage stays with a trusted lender who puts you first
• Competitive fixed and adjustable rates featuring a “float-down” option

Suncoast Six Month SafeLock is available with our 30 year fixed rate mortgage up to $726,200 and a wide variety of our ARM mortgage options, so you get low down payments featuring NO PMI with our adjustable rate products! 30 year fixed rates > 80% LTV require PMI.

Since mortgage rates are subject to change on a daily basis, we offer a rate-lock policy on your loan that protects you against rising interest rates during the construction of your new home and your loan processing stage.
Once you have met the requirements, your End Loan rate is locked for 180 days, and you will receive the rate as of that date. If rates decline, you also have one opportunity, during the processing of your loan, to relock your rate at no cost. You may request to re-lock the rate on any business day during loan processing, but no later than 15 days prior to the initial drawing of your loan closing documents.  Electing to re-lock your loan rate will not extend your original 180 day lock period.
To request a rate lock or relock your rate, please contact our Mortgage Call Center between the business hours of 8:00 a.m. and 5:00 p.m., Monday through Friday or Saturday from 8:00 a.m. to 1:00 p.m. at 813-621-7511 or toll-free at 800-999-5887 ext. 87008 or you may email your requests to ratelock@suncoastcreditunion.com.  Please include your name, the rate and mortgage product you are applying for and a contact phone number. 
A Lock-In Confirmation will be sent to you by the following business day from receipt of your request. Please sign the confirmation and return it so that we may validate your rate lock request has been completed. 
You have met the requirements for the rate lock and can lock-in your interest rate for 180 days if you: 1) Have submitted a completed SUNCOAST CREDIT UNION mortgage application, and 2) Have submitted a signed Real Estate Purchase Contract for the property you wish to purchase, and 3) Have provided your Intent to Proceed.

 

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Special Savings for First Time Homebuyers

Suncoast has enhanced our First Time Homebuyer 10/1 ARM program to expand opportunities for new homebuyers.**

• Maintain your interest rate for at least 10 years
• Up to 97% financing available
• Ask us how you may qualify with as little as 1% of your own funds when combined with a 2% gift from an immediate family member
• No Private Mortgage Insurance (PMI) required

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Jumbo Mortgage Loan Options

We can help you make your once-in-a-lifetime home a reality.

• Up to 95% financing to $975,000 for 15 or 30 year fixed rates
• Up to 95% financing to $726,525 for adjustable rates
• Up to 80% financing to $1,000,000 for adjustable rates
• Up to 80% financing to $1,500,000 for fixed rates
• Purchase a new home or refinance an existing home
• No rate increase for larger loan amount

Learn more

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 For more information and additional loan options, visit our Online Mortgage Center.

**Please note the maximum household income permitted to qualify for this program is 200% of the HUD Area Median Income in the county in which the property is located. You must complete a Suncoast approved First Time Homebuyer class and provide the certificate of completion prior to closing. Visit HUD.gov to locate a local class in the county of the property being purchased or complete an online course offered by Fannie Mae. Visit the Fannie Mae online course website at fanniemae.com/education.

***Suncoast will contribute up to $3,000 (Closing Costs Benefit) toward your closing costs when you select our First Time Homebuyer 10/1 ARM product for the purchase or refinance of your primary residence. Suncoast will not pay closing costs for discount points to obtain a lower rate or monies necessary to establish escrow accounts (taxes and insurance). If the mortgage is paid in full during the first 24 monthly payments of the loan, borrowers will be required to repay the Closing Costs Benefit to Suncoast for the amount reflected as “Lenders Credits” on the Closing Disclosure. The 24 month term begins with the first payment due date of the loan. All Sellers paid closing costs will be credited prior to any credits for the Closing Cost Benefit to be provided by Suncoast. Not to be combined with any other offers.