![]() Home must be listed with the tax office as real property.Home must have a pitched roof of either shingles or metal.Home must be on a permanent foundation (brick or block) with the tongue, wheels, and axle removed.Home must be placed on property owned by the borrower with deeded access or access directly to a state-maintained road.Cash out is defined as any funds that exceed the balance owed on the first or second mortgages being paid off. Cash-out refinance up to a maximum of 65% loan-to-value (LTV).Member is responsible for appraisal costs. For purchases, maximum financing and loan-to-value financing tier determined based on the lesser of the sales price or appraised value.Manufactured homes must have been manufactured on or after Jto be considered for financing. The Credit Union finances single and double wide manufactured homes through our 5-year ARM ( adjustable rate mortgage), fixed rate mortgage or through ourįirst Time Homebuyer's Mortgage programs. Private mortgage insurance not required.Home must be primary residence for the borrower.No application fees or credit report fees.Origination fee 1.00% of loan amount (cap of $2,500).Amount financed limited to the lesser of the sales price or appraised value, plus up to $2,000 for closing costs 1.*Expand for additional information specific to this program and to calculate payment and APR 2. SECU ARMs can increase or decrease a maximum of 2% every 60 months up to 6% over your initial interest rate during the life of the loan.Ĭontact your local branch for additional information. This is a variable rate loan, and the interest rate can increase over the life of the loan. Future interest rates and payments determined based on adding a margin of 2.50% to the future index (5-Year Constant Maturity Treasury Yield rounded up to the next highest one-eighth of one percentage point) at the time of the future index. Your actual monthly payment will be greater.įuture interest rates are subject to change, so the rates for months 61 through the end of loan term are estimated by adding the margin to the current index rate. Taxes and insurance are not included in the estimated monthly payment amount. 1 This product is available under our 5-year ARM program. An additional $2,000 may be advanced to assist you with closing costs. Financing of up to 100% of the purchase price of a home is available with a maximum loan of $500,000. Members who are considered new employees or have relocated to accept a new position must finance their new home within 12 months of their change. Members who have not owned a home in the past three years, new employees of a North Carolina state agency or North Carolina public school system, and existing employees who are relocating to accept a new position with the state of North Carolina are eligible for the First Time Homebuyer’s Mortgage Program. This special mortgage is designed to assist members who wish to realize the dream of owning their first home. SECU's lending programs are available for properties located in North Carolina, South Carolina, Virginia, Georgia, and Tennessee unless further restricted as outlined below. The Credit Union offers several special mortgage programs and has partnered with the North Carolina Housing Finance Agency and Federal Home Loan Bank of Atlanta to offer additional programs to assist first-time homebuyers.
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