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November 22, 2022
Get Up to 100% Financing with a Professional Home Loan
What’s the biggest obstacle facing people who want to own a home? Usually, it’s saving up for the down payment. Typically, borrowers must purchase Primary Mortgage Insurance (PMI) when they can’t pony up at least 20% down. That extra cost can add up. Plus, certain professions typically incur a higher amount of student debt over the course of the educational path, which can make it harder for professionals in those fields to qualify for financing due to a higher debt-to-income ratio. We’ve designed a specialty mortgage product that can help certain professionals overcome the initial burdens of a down payment while avoiding the added cost of PMI. We call it the Professional Home Loan.
Up to 100% Financing, up to $750,000
Our Professional Home Loan is designed to accommodate the unique financial demands of certain professions. This specialty product is available to dentists, physicians (MD and DO), licensed residents and fellows in medical programs, pharmacists, attorneys and other doctoral-level professionals. Valid for the purchase of single-family homes, townhomes and condos. With our Professional Home Loan, you could:
- Get up to 100% financing for loans up to $750,000.
- Avoid purchasing PMI.
- Know that your student debt won’t count against you because deferred student loans (minimum 12 months) are not included in the debt-to-income ratio.
- Use gift funds from eligible sources if desired.
Ready to get home?
Grow can get you home faster with our Professional Home Loan! With the burdens of a down payment and PMI out of the way and student loan debt not counting against you, what’s holding you back? Let’s open the door to your dream home. Talk with one of our professional Real Estate Loan Officers to get started.
*Subject to credit approval. Not all will qualify. Certain restrictions apply. 100% financing is not available for Home Equity Loans or refinances. 100% financing of verified property value at time of financing. Borrower must make a 1% contribution to down payment or closing costs for such items as inspections, appraisals, title insurance etc. Gift funds allowed.
Grow Financial mortgage loans are valid for the purchase or refinance of owner-occupied residential properties in the states of Florida, South Carolina, North Carolina, Georgia, Alabama and Tennessee including single-family detached, condominiums and townhomes. Not valid for the purchase of investment properties. Grow Financial mortgage loan rates are updated daily and available at growfinancial.org.
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
- Debit Card or ACH (Available for auto, personal loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card, personal loan and HELOC payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for personal first or second mortgages and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733