Mortgage Loan
Are You In The Market, or Looking To Refinance Your Current Mortgage?
Whether you just want to do some research, or you are ready to purchase, refinance or break ground for your new home, we invite you to do more with your money, and contact our mortgage professionals today.
Before you shop, let us pre-qualify you so you can make an offer quickly and find your perfect home. Your realtor will likely ask if you’ve been pre-qualified before they are able to show you available properties- let us help you with this important step!
Apply Today!
We have local competitive rates, personalized local service and can help you find the best type of mortgage tailored for you.
Why Get Your Mortgage From NC Community Credit Union?
Competitive Rates
Our rates are highly competitive in the local market.
Truly Local Service
You’ll work with one mortgage loan officer and your application will stay in one place!
Secondary Market Loan Programs
We’ll work with you to determine the best type of mortgage for you.
We offer a multitude of mortgage products for everything from primary and secondary homes to investment properties – which means more power to you! Whether you are purchasing, refinancing or building, our team can work with you to determine the type of mortgage that best fits your needs. We offer 30-year, 20-year and 15-year term options with Fixed Rates.
Loan Types Offered
- Conventional Loans – 3% down payment for first time buyers; 5% down for all others
- VA Loans – 100% financing available for eligible service members
- FHA Loans – 3.5% down payment
- USDA Loans – 100% financing for qualified buyers in designated rural areas
- Construction to Permanent Loans – 5% down payment; can use equity from land if owned prior to loan. Build on your own land or purchase a lot
- Renovation to Permanent Loans – 5% down payment; used to renovate an existing home
- Home Equity Lines of Credit – Ideal for home improvements; use existing equity in your home. Apply for HELOC here.
More About Our Loan Types
Purchase
- 3% down for first-time buyers
- 5% down for all others
Refinance
- No-Cash Out/ Streamline- up to 95% of appraised value
- Best for reducing interest rate and payment
- Cash-Out -up to 80% of appraised value
- Best for pulling equity out of your home to pay off other debts, make needed repairs, etc.
Must be a qualified service member or veteran.
Disabled veterans (20% or more) do not pay the VA funding fee (similar to Private Mortgage Insurance).
Purchase
- 0% down payment
- Minimum credit score 620
Cash-Out Refinance
- Minimum credit score 640
- Borrow up to 90% of home’s value
- Best for pulling equity out of your home to pay off other debts, make needed repairs, etc.
IRRL Refinance
- VA Loan to VA Loan refinance only
- Streamlined loan to reduce interest rate
Purchase
- 3.5% down payment
- Minimum credit score 620
Refinance
- Minimum credit score 640
- No-Cash Out/Streamline – up to 97.75% of appraised value
- Best for reducing interest rate and payment
- Cash-Out – up to 80% of appraised value
- Best for pulling equity out of your home to pay off other debts, make needed repairs, etc.
Income guidelines apply – low to moderate income product
Property must be in an USDA eligible area.
Purchase
- 0% down payment
- Minimum credit score 640
Rate-Term Refinance
- Minimum credit score 640
- For reducing rate only, no-cash out
Used to construct primary residence or second home with credit approval prior to the start of construction.
For ground-up construction only, no renovations.
Can own your land before loan, but you can also purchase it as a part of the loan.
Purchase
- 5% down payment
- 5% of the total cost to build PLUS cost to buy land OR
- If land is owned, 5% of the “as completed” appraised value of the land and cost to build
- Builder must be a licensed general contractor
- Option to :cap” interest rate upfront
- 1 closing up front, then the loan is modified in our office at the end to save on closing costs
Used to renovate an existing home, must be primary residence or second home (no investment properties)
Can own the home before the loan, but can also purchase it as part of the loan, then renovate
Purchase
- 5% down payment
- Builder must be a licensed general contractor
- Option to “cap” interest rate upfront
- 1 closing up front, then the loan is modified in our office at the end to save on closing costs
Home Equity, by definition, is the difference between what you owe on your home and what your home is worth.
Home Equity Line of Credit extends you credit by using that equity as collateral for the loan.
Frequently Asked Questions
Every individual or family comes to us at a different phase in their building, buying or refinance process. So we can create customized options just for you, it is best to start with the pre-qualification form.
You will need to gather the following preliminary information for each borrower.
- Most recent 2 years of tax returns, signed (3 years if self-employed)
- Most recent 2 years of W2’s
- 30 days of pay stubs (one if paid monthly, two if bi-monthly)
- Most recent 2 months of bank statements for ALL deposit accounts (checking, savings, IRA’s and other investments you plan to use as assets)
- Valid ID
It depends on the type of loan you pursue. Down payment amounts range from no money down (for VA and USDA loans) to 3.5% (of the purchase price) down for FHA loans and 5% down for conventional loans (only 3% if you are a first-time buyers!).
There is no set income requirement to get pre-qualified or pre-approved for a mortgage. However, your debt-to-income (DTI) ratio is a very component of your loan. You will be asked to provide your income information and we will pull your credit during pre-qualification to determine your DTI before and after your proposed new home payment.
Mortgage underwriters require a minimum of 2 years of job history in the same job or a related line of work. An exception to this would be earning a degree and working in that field upon graduation/certification. Other exceptions include those who are retired or permanently disabled.
We’ve got a loan for that! Our Construction to Permanent Loan has just one closing – saving you fees! If you own your own lot/land prior to construction, you can use its value as equity and effectively reduce or eliminate your down payment.