Quorum Federal Credit Union has announced the expansion of its Home Equity Line of Credit (HELOC) product line to include investment properties.
According to the Purchase-based credit union, borrowers can access up to 80% of an investment property’s appraised value at rates as low as 6.25% APR. Eligible properties include non-owner occupied one- to four-family homes, condominiums, planned unit developments and townhouses. This new HELOC offering can provide funds up to $250,000 and borrowers can make interest-only payments for the first five years, followed by a 10-year repayment period. Borrowers who are not credit union members will have to join the institution as part of the application process.
“We’re always looking for innovative ways to help members achieve their financial goals,” said Tyson Blackburn, vice president of lending. “That’s why this option is even open to individuals who are purchasing their first investment property. You can close on our home equity line at the same time as your first mortgage, and use the additional cash to help cover your down payment and closing costs.”
Founded in 1934 as the credit union for employees of Kraft Foods, Quorum serves more than 75,000 members in 50 states.
