5.00% Coastal Federal Credit Union 5/1 HLPR ARM

Coastal Federal Credit Union is offering a rate of 5.00% on their 5/1 HLPR Adustable Rate Mortgage. The rate for this loan may adjust 1% annually and up to 5% over the life of the loan after the initial 5 year fixed rate period. To be eligible for this mortgage you must meet the following criteria listed on the credit union's website:

"First-Time Home Buyer (or Refinance for a limited time)
Occupancy: Primary Residence
Property Types: Single Family, Townhome, and certain Condominium projects
Household income is limited by the number of household members.
This loan is available in NC, SC and VA. "

Field of membership for Coastal Federal Credit Union is detailed here. Among other ways to qualify for membership in this credit union, those who join the Coastal Capital Club for $10 are eligible for memberhip in Coastal Federal Credit Union.