Consider your current and future financial situation to evaluate the options that best fit your needs. We’ll be glad to help you.
Local servicing - For most new mortgages, you'll make your payments to Virginia Credit Union. Over the life of your loan, we remain your point of contact for all your mortgage questions.
Personal assistance - Our mortgage representatives are available by phone or e-mail to answer your questions, offer advice and help you in any way possible during the application process.
Multiple loan options for property located in Virginia - primary residences, second homes and land only.
Fixed rate conventional loan
- Good option if you plan to stay in your home for a while
- The principal and interest portion of your payment stays the same for the term of the loan (but of course, escrowed amounts such as for property taxes and insurance may change)
- Virginia Credit Union will retain the servicing of most of these loans, so you'll make your payments to VACU.
First-time homebuyer program (Flex 97)
- Good option if you have qualifying credit and have not owned property in the past 3 years
- Borrow between 95.01% and 97% of the value of your first home
- The principal and interest portion of your payment stays the same for the term of the loan (but of course, escrowed amounts such as for property taxes and insurance may change)
- Virginia Credit Union will retain the servicing of these loans, so you'll make your payments to VACU
6/2 adjustable rate mortgage loan (6/2 ARM)
- For purchase transactions
- No private mortgage insurance (PMI) is required, unlike most loans with a downpayment less than 20%
- Initial rate that's set for the first 6 years, longer than most ARMs
- After the initial period, rate can adjust every 2 years but can’t go up more than 1% every two years or 5% over the life of the loan
- Rate changes will affect your monthly payment
- Virginia Credit Union will retain this loan and you'll make your payments to VACU
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5/1 adjustable rate mortgage loan (ARM)
- Good option if you want a lower initial monthly payment or think you won’t be in the home for many years
- May also be a good choice if rates are expected to go down in a few years, and you could then refinance with a fixed-rate loan
- Attractive initial interest rate that’s set for 5 years and then adjusts each year thereafter
- At the initial adjustment, the rate can increase as much as 2%. After the initial adjustment, the rate can adjust each year but can’t go up more than 2% annually or 6% over the life of the loan.
- Rate changes will affect your monthly payment
- Virginia Credit Union will retain the servicing of most of these loans, so you'll make your payments to VACU.
Traditional adjustable rate mortgage loan (ARM)
- Good option if you want a lower initial monthly payment or think you won’t be in the home for many years
- May also be a good choice if rates are expected to go down in a few years, and you could then refinance with a fixed-rate loan
- Initial rate that’s set for 1 or 3 years, depending on the type of ARM you get
- After the initial period, rate can adjust each year but can’t go up more than 2% annually or 6% over the life of the loan
- Rate changes will affect your monthly payment
- Virginia Credit Union will retain the servicing of most of these loans, so you'll make your payments to VACU.
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VA (Veterans Administration) loan
- Available to eligible veterans as defined by the Administrator of Veterans Affairs
- May be used more than once in a lifetime
- Additional details from the Veterans Benefits Association
FHA (Federal Housing Administration) loan
- Smaller and more flexible down payment options than some other loans
- Higher debt ratios permitted
- Insured by the FHA
- Mortgage insurance Premium (MIP) required
Land only loan (for unimproved property)
- Adjustable-rate mortgage for purchase of land or a lot of 10 acres or less
- 15 year maximum term
- Rate may adjust annually, but can’t go up more than 2% annually or 6% over the life of the loan
Please contact us if you have questions or we can help you in any way.
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