Rapid Pay-off Mortgage
Rapid Pay-off Mortgage Overview
Members considering retiring under Richmond's Defined Retirement Option Program (DROP) may be eligible for our Rapid Pay-off mortgage which offers a lower cost and shorter term than standard mortgages. A limited pool of money ($1 million) has been approved by our Board for mortgages closed under this program. This program is subject to change or be canceled by our Board at their discretion. Borrowers must complete an application and other documents. The Application and other documents will contain specific details, requirements and restrictions. To learn more, phone (804) 354-0673, extensions: 103 and 104, or 102 and 208.
- 2.00% Fixed Annual Percentage Rate (APR).
- Repayment term must be 6-years or less.
- $100,000.00 maximum loan amount.
- Loan amount not to exceed 50% of locality real-estate assessed value (loan to value).
- Borrower's credit score must be 675 or higher.
- Dwelling must be located in Virginia.
- Dwelling must be owned and occupied by the member.
- Member is responsible for all closing cost.
- Property insurance naming us as a lien holder is required and depending on property, Flood insurance may also be required.
- We must be able to obtain an acceptable, perfected lien against the property.
- Member must be seriously contemplating or participating in the city of Richmond's Defined Retirement Option Program (DROP).