FHA & VA LOANS
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Whether you're trading up, refinancing for a better rate, or purchasing your first home,
LUSO will help you take control of your investment while giving you the information and
guidance to make it all possible. We will work with you to finance a mortgage that is simplified
to meet your specific needs and individual budget.
For complete details on any mortgage product, call 413-589-9966 or stop by LUSO Federal Credit
Union and speak with one of our loan professionals. Loan applicants must live, work, worship,
attend school or have a business in Hampden County. Family members of the credit union also qualify.
View Rates 
Apply Online |
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| Down Payment: |
$1,000.00 |
| FICO Scores: |
The middle score of 3 bureaus must be 620 |
| Reserves: |
Up to a 2 family no reserves, 3-4 families you must have 3 months P&I T&I. You may use 203k, IRA, Annuities, stocks and bonds |
| Debt Ratios: |
Front debt as high as 40% with back debt as high as 55% with good credit |
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| LTV: |
Up to 97%, you can combine 1st and 2nd mortgage as long as the 2nd is not a line of credit that has been used in last 12 months |
| FICO Scores: |
The middle score of 3 bureaus must be 620 |
| Cash Out: |
All rules apply up top except LTV is only up to 85% |
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| Down Payment: |
3.5% down on the offer price plus amount needed to rehab home |
| Streamline Rehab: |
Up to $35,000 in repairs |
| Regular Rehab: |
Unlimited amount over $35,000 must have HUD consultant look at rehab work est. |
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| Down Payment: |
0 dollars |
| FICO Scores: |
The middle score of 3 bureaus must be 620 |
| Reserves: |
No reserves on single families, up to 3 months P&I T&I on multi-families |
| Max Loan Amount: |
$417,000.00 |
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| Max LTV: |
90%- You can do a straight rate and term or cash out up to this amount |
| FICO Scores: |
The middle score of 3 bureaus must be 620 |
| Max Loan Amount: |
$417,000.00 |
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