A financial institution out of Maryland is touting 100 percent loan-to-value ratios on homes costing more than a half million dollars. Refinances with cashout are available up to 95 percent.
The catch: you have to be an astronaut.
Actually, the program is also available to families of astronauts as well as people working in aerospace and their families.
NASA Federal Credit Union announced the 100 percent LTV program Thursday. It’s available to finance the purchase of properties in Maryland, Virginia and Washington, D.C.
According to the Upper Marlboro, Md.-based company, no mortgage insurance is required. Home purchases up to $650,000 can qualify.
On home purchases where the value falls between $650,000 and $850,000, the $1 billion credit union will provide 95 percent financing.
Refinances are available up to 95 percent LTV on loans as high as $650,000. On mortgages between $650,000 and $850,000, NASA will provide up to 90 percent LTV on refinances. Cashout is available in these cases.
The programs are quite a stretch from the 80 percent LTVs typically available today when transactions don’t include mortgage insurance.
The 76,000 members of NASA include current and former NASA employees, people who are employees or members of the credit union’s partner companies or associations, and immediate family members or household members of a credit union member.
