Bethpage Federal Credit Union overview
Conventional, FHA, jumbo, fixed-rate, adjustable-rate (ARM). Refinancing options include rate– and–term refinancing and cash-out refinancing. Home equity options include home equity loans and home equity lines of credit (HELOCs).
Bethpage’s lender fees vary by location. In New York, for example, it charges lender fees of $725 for a purchase loan and $820 for a refinance. Those fees include origination and application costs. But the credit union’s fees may be higher or lower depending on state, loan type and other factors.
Since it keeps costs low for all of its members, it doesn’t offer discounts on lender fees. However, there are no prepayment penalties for paying your loan off early. Plus, Bethpage offers a free rate lock feature and free pre-qualification.
Minimum borrower requirements
Bethpage Federal Credit Union follows Fannie Mae’s underwriting guidelines for conventional mortgages. That means in order to qualify for a loan you’ll generally need a credit score of 620 or higher, a down payment of at least 3 percent and a debt-to-income ratio (DTI) of 43 percent or lower.
The credit union finances jumbo loans up to $2.5 million for fixed-rate products and up to $5 million for ARMs. In order to qualify for a jumbo mortgage, you’ll typically need a credit score of at least 660 or higher and a DTI of 43 percent or lower.
For FHA loans, Bethpage follows government-issued guidelines. Borrowers can generally qualify for an FHA loan with a credit score as low as 500 and a DTI as high as 50 percent.
Government requirements for FHA and VA loans are detailed here:
FHA loan requirements
VA loan requirements