A mortgage loan is financed through the Penn South Federal Credit Union only for Penn South apartment purchases. 100% of the loan is collateralized by the equity in the co-op apartment. The interest rate is a fixed rate determined by the following variables:
- Credit score of applicant(s) (minimum score +675)
- Length of loan term
- U.S. treasury Ten (10) year Note Interest Rate
Please see the attached Sample Interest Rate Calculation worksheet (note this worksheet is not intended to be reflective of the actual rates which are subject to change):
Please see the following links to the Mutual Redevelopment Houses Inc. (Penn South) website showing the various building locations thoughout the co-op and the apartment layouts within the different buildings.