Home Mortgage Loans

Want to learn more? View our Home Loan Toolkit — a step-by-step guide to the home buying process — and our Glossary of Terms. Also, be sure to check out our Home Buyer Handbook and our Housing Topic Collection to help guide your journey.

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First Time Home Buyer

Down payment assistance program - the Headstart to Home Ownership ("H2H") Program offers financial assistance up to $50,000 to provide down payment and closing costs assistance to eligible individuals or families interested in purchasing a home.

Click here to view the program flyer. Give us a call at 904-296-1292 ext. 7493 or email [email protected] to learn more.

View Application Check-list

FAQs

Are we right for you?

Whether you're purchasing or refinancing, we're certain you'll find we have your best interest in mind!

If you'll be purchasing but haven't found the perfect home yet, complete our application and we'll issue an approval for a mortgage loan now with no obligation!

What is the maximum percentage of my home's value that I can borrow?

The maximum percentage of your home's value depends on the purpose of your loan, how you use the property, and the loan type you choose, so the best way to determine what loan amount we can offer is to complete our online application!

Can I apply for a loan before I find a property to purchase?

Yes, applying for a mortgage loan before you find a home may be the best thing you could do! If you apply for your mortgage now and are approved, we'll issue an approval subject to you finding the perfect home and provide a pre-qualification letter on-line for you to print. You can use the pre-qualification letter to assure real estate brokers and sellers that you are a qualified buyer and ready to purchase a home. Having a pre-qualification letter gives you more weight in negotiating with sellers as you make an offer.

What is a credit score and how will my credit score affect my application?

A credit score is one of the pieces of information that we'll use to evaluate your application. Financial institutions have been using credit scores to evaluate credit card and auto applications for many years, but only recently have mortgage lenders begun to use credit scoring to assist with their loan decisions.

Some of the things that affect your credit score include your payment history, your outstanding obligations, the length of time you have had outstanding credit, the types of credit you use, and the number of inquiries that have been made about your credit history in the recent past. Credit scores used for mortgage loan decisions range from approximately 300 to 900. Generally, the higher your credit score, the lower the risk that your payments won't be paid as agreed.

Can I really borrow funds to use towards my down payment?

Yes, you can borrow funds to use as your down payment! However, any loans that you take out must be secured by an asset that you own. If you own something of value that you could borrow funds against such as a car or another home, it's a perfectly acceptable source of funds. If you are planning on obtaining a loan, make sure to include the details of this loan in the Expenses section of the application.

What is a rate lock and how do I lock my rate?

A rate lock is a means for the borrower to lock in the lender's current interest rate. Typically, a rate lock will last 15, 30, 40, or 60 days. You may lock in at the time of application, or you may choose to wait until later in the process to lock as long as you are either refinancing your home, or if you are purchasing the home you have an executed contract with the seller. Your loan officer will discuss the best lock period option for you.

If my property's appraised value is more than the purchase price can I use the difference towards my down payment?

Unfortunately, if you are purchasing a home, we'll have to use the lower of the appraised value or the sales price to determine your down payment requirement. It's still a great benefit for your financial situation if you are able to purchase a home for less than the appraised value, but our investors don't allow us to use this "instant equity" when making our loan decision.

I am selling my current home to purchase this home. What type of documentation will be required?

If you're selling your current home to purchase your new home, we'll ask you to provide a copy of the settlement or closing statement you'll receive at the closing to verify that your current mortgage has been paid in full and that you'll have sufficient funds for our closing. Often the closing of your current home is scheduled for the same day as the closing of your new home. If that's the case, we'll just ask you to bring your settlement statement with you to your new mortgage closing.

What is Private Mortgage Insurance?

Private mortgage insurance is a type of financial guaranty that helps protect your credit union against the costs of foreclosure. With private mortgage insurance, your credit union can accept a lower down payment than would normally be allowed. The credit union is, in effect, substituting the insurance coverage for your equity that would available to cover their losses in the unfortunate event of foreclosure.

What is covered?

Private mortgage insurance protects the credit union in the event of borrower default and subsequent foreclosure on the home. That's why even when you have an excellent credit record and the capability to meet mortgage payments, private mortgage insurance is generally required for any loan with a down payment of less than 20% of the purchase price of the home.

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