Disclosures

Mortgage & Loan Terms and Conditions

Land Loan Terms and Conditions: Terms for purchase, limited cash-out, and cash-out land/lot loans (10-year fixed, SOFR 5/6, 7/6, 10/6 ARM).
Momentum Mortgage Loan Terms and Conditions: Guidelines for purchase financing up to 100% LTV/CLTV.
Construction Loan Terms and Conditions: Conventional one-time close terms up to $1,500,000 with a 30-year amortization period.
Gratitude Mortgage Terms and Conditions: Portfolio program requiring 1% down payment and no PMI for community service workers.
Doctor Mortgage Terms and Conditions: Financing terms featuring zero down payment and no PMI for medical professionals.
Diamond Mortgage Terms and Conditions: Specialized financing terms for members with $250k+ in depository or investment accounts.

The DFCU Land Mortgage – Terms and Conditions

Summary	This portfolio land loan program is designed for investment property purchases of vacant residential land located in Michigan and Florida and intended for the future building of a home.
Available Product Type	10-year Fixed or 5-, 7-, or 10-year Adjustable Rate Mortgage (ARM)
LTV & Loan Amount	Loan amounts range from $25,000 to $800,000. Maximum loan to value is 75% for purchases and rate and term refinances, and 50% for cash out refinances.
Prepayment Penalty	None
Loan Assumption	None
Eligible Properties	Vacant residential land intended for the future building of a home with a maximum parcel size of 20 acres. Financing is available only for properties located in Michigan or Florida.
Escrow	None
Underwriting	Minimum credit score of 680. Debt to income ratio is limited to 43%, with exceptions up to 50% permitted with sufficient compensating factors and management approval.
Servicing	Retained

The DFCU Momentum Mortgage – Terms and Conditions

Loan Purpose	Purchase
Occupancy	Primary
Loan Program	SOFR 5/6 ARM, SOFR 7/6 ARM, SOFR 10/6 ARM
Maximum LTV/CLTV	100%
Rate Adjustment	0.25%
PMI Coverage Required	35%
Loan Amount	FHFA Base conforming loan limit
Minimum Credit Score Max DTI	680 Credit score, up to 41% DTI
Minimum Credit Score Max DTI	700 Credit score up to 45% DTI
Property Type	Single family detached/attached, condos, and non-warrantable condos: case-by-case basis with Enact underwriting
Reserves	2 Months PITIA required
Borrower Contributions	1% borrower contribution required Minimum contribution may be met through the borrower’s payment of closing costs and/or prepaids Gift funds are an eligible source of borrower’s funds
Seller Concessions	Maximum 3%
AUS Desktop UW	AUS findings may be used to document: Employment Income Assets Tradelines
Enact Guidelines	All other parameters of Enact’s standard underwriting guidelines must be met, including but not limited to: Requirements regarding LTV Credit score DTI Borrower’s own funds Reserves
PMI Approval	Non-delegated approvals only
Portfolio	Portfolio loan only
Ineligible	Manufactured homes Non-occupant co-borrowers Nontraditional credit Amortizations >30 years Loans with temporary interest rate buydowns May not be combined with Enact’s professional program

The DFCU Construction Loan – Terms and Conditions

Available Product Type	SOFR 5/6 ARM, SOFR 7/6 ARM, SOFR 10/6 ARM/Conventional One-Time Close
Amortization Term	30 Years at modification
Loan Amount	$1,500,000 Maximum
LTV	90% to $1,100,000 80% $1,100,101 – $1,500,000 70% > $1,500,000
Prepayment Penalty	None
Loan Assumption	None
Eligible Properties	1-unit dwellings, detached condominiums, PUDs
Underwriting	Occupancy – Primary residences or secondary / vacation homes Minimum Credit Score – 680 or DU Approve/Eligible DTI – Max 45% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors) All Loans will be underwritten to FNMA guidelines and submitted to DU FNMA’s automated underwriting system.
Summary	5 draws. Max 1^st draw max 10% at closing.
Fee	0.5% Construction Admin Fee
Insurance Requirements	Builder’s Risk (aka Course of Construction) Insurance Policy with coverage in at least the amount of the loan and paid receipt for the first year’s premium required no later than loan closing. Homeowner’s Policy (hazard insurance) required at time of construction completion and modification of loan.
Taxes and Insurance	Borrower is responsible for payment of taxes and insurance during the construction period. If LTV is greater than 80%, an escrow account must be established for property taxes and all insurances, when construction is complete and the loan is modified to permanent terms.
Program Details	DFCU Financial offers a one-time close construction loan. During the closing of your construction loan you will sign an addendum to the note and mortgage that will modify the construction loan to your permanent financing. This will save you time and money; no additional closing costs or time off work for an additional signing. You will be able to lock in your interest rate at the time of application; the rate must be locked in at 14 days prior to closing. After your construction loan has been approved, you should not apply for any new or additional credit. You must agree not to do anything that could change your debt to income ratio or lower your credit score. DFCU Financial will run a credit report prior to modification of your construction loan. During construction you will only pay interest on funds that have been disbursed. If you would like an escrow account for the payment of taxes and insurance, that will be set up once construction is complete. DFCU Financial requires a licensed builder or general contractor that is unrelated to the borrower; no self-build projects are allowed. The borrower is not allowed to do any of the construction on the home. Your builder or general contractor will be required to go through a review and registration process with DFCU Financial. A copy of the signed contract with complete design plans and specs are required before an appraisal will be ordered. All changes made to the contract or design after the mortgage is closed must be approved by DFCU Financial in writing. Borrowers should keep in mind that DFCU Financial has approved them up to a certain loan amount and if change orders are needed, additional funds are the responsibility of the borrowers. The loan amount cannot change after the mortgage is closed.

The DFCU Gratitude Mortgage – Terms and Conditions

Summary	Portfolio product with 1% minimum down payment and no PMI requirement designed to benefit those heroes who serve and protect our communities. Financing provided through this program is only available for properties located in Michigan or Florida.
Available Product Type	SOFR 5/6 ARM, SOFR 7/6 ARM, SOFR 10/6 ARM
Loan Amount	$832,750 Maximum
LTV	Purchase and No Cash Out Refinance – Maximum 99%
Prepayment Penalty	None
Loan Assumption	None
Eligible Properties	1-unit dwellings, attached and detached condominiums, PUDs
Escrow	An escrow account must be established for property taxes, and flood insurance, if required
Underwriting	No Private Mortgage Insurance Occupancy – Primary residences Minimum Credit Score – 700 DTI – Max 43% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors) Student Loans – If in deferment, no qualifying payment required Down payment of 1% must be borrower’s own funds, while closing costs and prepaids may be gift funds Attached condominiums require a 10% down payment Eligible Borrowers – Protect and serve heroes are defined as employees of public or private education institutions, employees of medical and healthcare organizations, all first responders, and active or former military personnel.
Servicing	Retained

The DFCU Doctor Mortgage – Terms and Conditions

Summary	Portfolio product with no minimum down payment and no PMI requirement designed to meet the unique financial needs of physicians, dentists, and other eligible medical professionals. Financing provided through this program is only available for properties located in the state of Michigan or Florida.
Available Product Type	SOFR 5/6 ARM, SOFR 7/6 ARM, SOFR 10/6 ARM
LTV & Loan Amount	Primary Residence – 100% to $1.25M, 95% to $1.5M, 90% to $1.75M
Prepayment Penalty	None
Loan Assumption	None
Eligible Properties	1-unit dwellings, attached and detached condominiums, PUDs
Escrow	An escrow account must be established for property taxes, and flood insurance, if required
Underwriting	No Private Mortgage Insurance Proof of Medical Degree (MD, DO, DDS, DC, DMD, DVM) Occupancy – Primary Residence Minimum Credit Score – 700 DTI – Max 43% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors) Student Loans – If in deferment, no qualifying payment required Signed contract or offer (No required timeframe for start date)
Servicing	Retained

The DFCU Diamond Mortgage – Terms and Conditions

Summary	Portfolio product with no minimum down payment and no PMI requirement designed to benefit members with investment/depository accounts totaling at least $250k with DFCU Financial. Financing provided through this program is only available for properties located in the state of Michigan or Florida.
Available Product Type	SOFR 5/6 ARM, SOFR 7/6 ARM, SOFR 10/6 ARM
LTV & Loan Amount	Primary Residence – 100% to $1M, 90% to $1.5M
Prepayment Penalty	None
Loan Assumption	None
Eligible Properties	1-unit dwellings, attached and detached condominiums, PUDs
Escrow	An escrow account must be established for property taxes, and flood insurance, if required
Underwriting	No Private Mortgage Insurance Minimum annual combined income of $200k Verification of minimum assets of $250,000 on deposit with DFCU (may be any combination of depository and investment accounts with DFCU) Occupancy – Primary Residence Minimum Credit Score – 700 DTI – Max 43% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors)
Servicing	Retained