The maximum loan-to-value (LTV) available for a non-owner occupied 1-4 family investment property Purchase/No Cash-out refinance is 80%. 

Call 708-656-5000 for current rates and loan terms or email us at loans@centralfederalsavings.com.

The maximum loan-to-value (LTV) available for a multi-family (5+ units) is 80% and for a mixed-use property is 75%. The property must have a positive cash flow. For a mixed-use property, the storefront permitted usage is limited and must represent less than 50% of the total square footage.

Call 708-656-5000 for current rates and loan terms or email us at loans@centralfederalsavings.com.

The minimum loan amount is $25,000.  The maximum combined loan-to-loan value (CLTV) available for a home equity loan is 75% provided the property is owner occupied and Central Federal Savings has the first mortgage, or there is no other mortgage.

Call 708-656-5000 for current rates and loan terms or email us at loans@centralfederalsavings.com.

General HELOC Requirements and Parameters

• Central Federal must hold the first mortgage, or there is no other mortgage.
• The interest rate is subject to change on a monthly basis based on the prevailing Prime Rate in effect on the last business day of the prior month’s billing cycle, plus the applicable margin.
• The borrower has access to the line during the initial 10 year period, called the “Advance Period.”  During the Advance Period, the line acts as a revolving credit.
• The borrower can access the equity line by writing a check in an amount of $250.00 or more.  Monthly payments of “interest only” are required during the Advance Period. Any payment in excess of the interest due will be applied to the principal balance.
• At the end of the 10 year Advance Period, the unpaid principal balance will be repaid over a 20 year term, called the “Repayment Period.” 

Call 708-656-5000 for current rates and loan terms or email us at loans@centralfederalsavings.com.