Consider your current and future financial situation to evaluate the options that best fit your needs. We’ll be glad to help you.
Conventional Mortgages
Government Mortgage Programs
Specialty Mortgage Programs
Local servicing — For many 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 consultants are available by phone or email 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.
Conventional Mortgages
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)
- Borrow up to 97% of your home’s value
- Purchase, refinance and cash-out refinances are available
- Primary residence, investment property, and second home financing is available
- Multiple term options are available
- Private Mortgage Insurance (PMI) required for loan to value ratios greater than 80%
- Virginia Credit Union will retain the servicing of most of these loans, so you'll make your payments to VACU
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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
- You may be able to borrow up to 97% of your home’s value
- Rate changes will affect your monthly payment
- Purchase, refinance and cash-out refinances are available
- Primary residence and second home financing is available
- Virginia Credit Union will retain the servicing of most of these loans, so you’ll make your payments to VACU
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Government Mortgage Programs
FHA (Federal Housing Authority) mortgage loan
- Good for first-time homebuyers, with down payment as low as 3.5%
- Offers more flexible qualification and credit requirements
- Gift funds for down payments and closing costs are allowed
- Sellers can contribute up to 6% of the sale price toward closing costs
- Purchase, refinance and cash-out refinances are available
- Multiple term options are available
VA (Veterans Administration) loan
- Available to eligible veterans as defined by the Administrator of Veterans Affairs
- No down payment required
- No private mortgage insurance required
- More flexible qualification and credit requirements
- Sellers can contribute up to 6% of the sale price toward closing costs
- Purchase, refinance and cash-out refinances are available
- Multiple term options are available
- Additional details from the Veterans Benefits Association
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Specialty Mortgage Programs
Jumbo mortgage loan
- Available for mortgage balances greater than conventional or government thresholds
- Primary residence and second home financing is available
- Multiple term options are available
Land only loan (for unimproved property)
- Adjustable-rate mortgage (ARM) for purchase of land or a lot of 10 acres or less
- Rate may adjust annually, but can’t go up more than 2% annually or 6% over the life of the loan
Manufactured homes mortgage loan
- Available for doublewide manufactured homes on permanent foundation
- Available for primary residences
- Purchase, refinance and cash-out refinances are available
- Multiple term options are available
Please contact us if you have questions or we can help you in any way.
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