- Maximum term of 20 years. For purchases, maximum financing and loan-to-value financing tier are determined based on the lesser of the sales price or appraised value. Member is responsible for appraisal costs. Cash-out refinance up to a maximum of 65% loan-to-value (LTV). Cash-out is defined as any funds that exceed the balance owed on the first or second mortgages being paid off, plus closing costs. The home must be placed on property owned by the borrower with deeded access or access directly to a state-maintained road. Home must be on a permanent foundation (brick or block) with the tongue, wheels, and axle removed. The home must have a pitched roof of either shingles or metal. Home must be listed with the tax office as real property. Origination fee 1.00% of the loan amount (cap of $2,500). No application fees or credit report fees. The home must be the primary residence for the borrower.
- FHLBA Community Partners Product can also be used with the Mortgage Credit Certificate (MCC) program offered through the North Carolina Housing Finance Agency (NCHFA) when the member is a first-time homebuyer. The FHLBA Community Partners Grant cannot be used with SECU’s First-Time Homebuyer's Mortgage Program.
Financing for specialized homes
Put your home goals into focus with special programs tailored to funding manufactured and historic preservation homes, as well as assistance from community partners.
To be eligible for the grant funds:
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The member must contribute a minimum of $1,000 toward the down payment and closing costs.
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Your total household income must be either:
- Less than or equal to 80% of the county area median income.
- Less than or equal to 80% of the state median family income for the area where the home is being purchased.
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Additional requirements apply.
Getting pre-qualified can help you:
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Understand the home loan amount you can afford.
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Shop with confidence knowing what price range you can afford.
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Demonstrate your creditworthiness in your offer.
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Reduce timelines and potentially close on your dream home faster.