Combination Mortgages

Redstone Federal Credit Union's Combination Mortgages are ideal for homeowners who are looking for down payment options - just put 5% or 10% down and finance the rest!

This home loan is also a great way to purchase property, so you can maintain the financial resources needed for remodeling or construction. The benefits can be enormous - freeing up your cash flow while still providing the opportunity to purchase the property you want.

  • 80-10-10 and 80-15-5 available for primary residences and second homes
  • 80-10-10 available for second homes

How does a Redstone Combination Mortgage work?

80-10-1080-15-5
Finance first mortgage for 80% of purchase price or appraised value, whichever is lessFinance first mortgage for 80% of purchase price or appraised value, whichever is less
Finance a second mortgage of 10% of purchase price or appraised value, whichever is lessFinance a second mortgage of 15% of purchase price or appraised value, whichever is less
Minimum down payment of 10%Minimum down payment of 5%

Why should I choose a Redstone Combination Mortgage?

 


 

Mortgages are only available for properties located in Alabama and Tennessee.

Must be RFCU member to obtain mortgage. Must be eligible for membership and open a share savings account.  A minimum balance of $5.00 is required to open and be maintained in share savings account at all times.  Fees and other restrictions may apply.  Other restrictions may apply. All loans subject to credit approval. Rates, terms and conditions are subject to change without notice. RFCU is an Equal Credit Opportunity Lender. Contact Credit Union for details. Various types of mortgage loan programs and terms are available. Must create user name and password to gain access to application process. 

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View the Mortgage Center, contact us online, or call us at:

256-882-8500 (Huntsville area)
800-234-1234 x8500 (toll free)
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