Things to know before you apply:
Please note that due to the high foreclosure rate and an increase in the number of delinquent mortgages, government regulators have imposed strict guidelines for all Lenders wishing to make mortgage loans. Tighter restrictions and increased documentation requirements from Fannie Mae, Freddie Mac, FHA and VA mean that the credit union must now:
- request more documentation from our members than in previous years
- ask more questions about income, debts, assets & property to be financed
- issue several more disclosures to you during the loan process
- impose a minimum loan amount of $50,000
- require a minimum credit score of 640
**Most mortgage loans now require a down payment of at least 3.5% of the Sales Price.
Two exceptions:
VA Loans for veterans.
USDA loans - only available in Rural areas & subject to property and income eligibility.
**Specific properties that we cannot finance include:
Mobile/Manufactured Homes
Time Shares
Properties not zoned Residential
**Home Equity Lines of Credit/2nd Mortgages are handled at the Main Branch.
PROCEED TO APPLICATION
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