CUFS
Why a Credit Union Mortgage? Mortgage Options Rates PREQUALIFY Rates Ratewatch Closing Costs

Mortgage Options

We can assist you with purchasing a home; or refinancing an existing mortgage.

Our options include Conventional, FHA, VA & USDA loan programs. See below for more details for each type of residential property.

Primary Residences

Home Purchase Options:

(FHA) - 3.5% Down Payment Purchase

  • This loan offers terms of 15, 25 and 30 years.

  • The Down Payment can be a gift from a relative.

  • The seller may contribute up to 6% for closing costs and prepaid expenses.

  • The minimum acceptable Credit Score is 620.

  • Maximum loan amounts apply and vary by county.

Conventional Loans - 5% Down Payment Purchase

  • This loan offers terms of 10, 15, 20 and 30 years.

  • Rates can be either Fixed or Adjustable.

  • The minimum acceptable Credit Score is 640.

  • Credit Union Members receive a lower monthly PMI (Private Mortgage Insurance) payment.

  • 3% down first time homebuyer program available.

ARM Loans - 10% Down Payment Purchase

  • Interest rate and monthly payment only adjusts every 5 years, 7 years, or 10 years depending on which adjustable rate program is best for you situation

  • The maximum your interest rate can increase after the first fixed period is 2%

  • Your interest rate will never exceed 6.95% regardless of current fixed rates

  • NO Private Mortgage Insurance

  • NO Georgia Intangible Tax

  • Loan terms of 10, 15, 20 or 30 years

  • 680 credit score requirement

  • Must meet program guidelines

USDA - Zero Down Payment

  • Property must be in USDA's eligible area (generally outside Metro Atlanta)

  • Income restrictions apply (ask our loan officers if you meet guidelines)

  • One-time 2% Guarantee Fee which can be financed into loan amount

  • Market rates

VA - Zero Down Payment

  • For Veterans Only (must have DD-214 Certificate)
  • Loan terms of 15 and 30 years

  • 620 minimum credit score

  • No Monthly Private Mortgage Insurance

  • Funding Fee which can be financed into loan amount; 2.15% for 1st time use & 3.3% for subsequent use

  • Maximum loan limits apply - varies per Veteran

Primary Residence

Home Refinance Options:

FHA

  • The maximum loan amount is up to 97.75% of the appraised value of your home when you refinance your First Mortgage only.

  • The maximum loan is up to 85% of the appraised value of your home when you refinance your First Mortgage and also include your Second Mortgage, pay-off other debt and/or receive cash-out.

Conventional

  • The maximum loan amount is up to 95% of the appraised value of your home when you refinance your First Mortgage only. A minimum Credit Score of 640 is required.

  • The maximum loan is up to 80% of the appraised value of your home when you refinance your First Mortgage and also include your Second Mortgage, pay-off other debt and/or receive cash-out. A minimum Credit Score of 640 is required.

ARM Loans

  • Borrow up to 90% of your home's appraised value

  • Interest rate and monthly payment only adjusts every 5 years, 7 years, or 10 years depending on which adjustable rate program is best for your situation

  • The maximum your interest rate can increase after the first fixed period is 2%

  • Your interest rate will never exceed 6.95% regardless of current fixed rates

  • NO Private Mortgage Insurance

  • NO Georgia Intangible Tax

  • Loan terms of 10, 15, 20 or 30 years

  • 680 credit score requirement

VA

  • Interest Rate Reduction Loans (IRRLs) allow a Veteran to refinance his/her First Mortgage balance and include closing costs and funding fee up to the Verteran's loan eligibility limit - regardless of appraised value.

  • Cash-out Refinances are limited to 95% of appraised value.

  • Minimum credit score is 620.

  • Loan terms of 15 or 30 years.

  • Max loan amount: $453,100

Second Homes

Purchase Options:

Second Home Mortgages For Soon-to-Retire or Vacation Home Buyers

  • This loan offers terms of 10, 15, 20 and 30 years.

  • Requires as low as a 10% down payment.

  • Fixed and Variable rates are available at the same rates as for primary residences.

  • To qualify as a Second Home, the property must be located at least 60 miles from primary residence.

Refinance Options:

Second Home Mortgage Loans

  • The maximum loan amount is up to 90% of the appraised value of your second home.

  • Cash-Out option is available up to 75% of appraised value.

Investment Properties

Home Purchase Options:

Investment Property Mortgages - For the purchase of Rental Properties

  • This loan offers terms of 10, 15, 20 and 30 years.

  • A down payment of 20% of the sales price is required.

  • The loan is for Single Family Properties only.

  • Interest rates for this Mortgage Loan will typically be 1/2 - 3/4% higher than for a Primary Residential Property.

  • Requires 6 months Principal, Interest, Taxes and Insurance (PITI) in reserves.

  • Minimum credit score of 720 required.

Home Refinance Options:

Investment Property Loans

  • The maximum loan amount is 80% of the property's appraised value if paying off 1st Mortgage only.

  • The minimum acceptable credit score is 720 or above.

  • Cash-Out option is available up to 75% of appraised value.

  • Borrower may have no more than four financed properties including the primary residence and the current property being financed.