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Mortgage & Real Estate Loan Guidelines

 Land Purchase of Land Secured Loan:

MAXIMUM AMOUNT: $35,000.00
MAXIMUM TERM: 5 YEARS at 8.9%

Current Rate: (This can be changed without notice by the CU Board. No rate is guaranteed unless the loan is ready to close by all parties).

The loan amount will not be greater than 55% of the appraisal.

Land purchases are required to have a 10% down payment. The Credit Union will finance 55% of the sales price or 55% of the appraised value whichever is lower. A copy of the sales contract must be presented to the Credit Union prior to the Credit Committee’s review of the loan.

A $760.00 application fee is required with the application to cover the cost of an appraisal and credit report. A survey is also required.

The Credit Committee reserves the right on an individual basis to override the appraised value or require greater than 10% down payment.

Additional fees will be charged at the time of closing. These fees will be estimated at the time the application is received. They include escrow fees, title search and title insurance.

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 Mortgage - Home, Purchase or Refinance:

MAXIMUM AMOUNT: $200,000.00
MAXIMUM TERM: 15 YEARS at APOR

Current Rate: (This can be changed without notice by the CU Board. No rate is guaranteed unless the loan is ready to close by all parties).

The loan amount will not be greater then 80% of the appraisal.

Home purchases are required to have a 20% down. The Credit Union will finance 80% of the sales price or 80% of the appraised value whichever is lower. A copy of the sales contract must be presented to the Credit Union prior to the Credit Committee’s review of the loan.

An $810.00 application fee must accompany the application to cover the cost of an appraisal and credit report. The property must be surveyed at the applicant’s or seller’s expense.

Additional fees will be charged at the time of closing: which include escrow fees, title search and title insurance. Fees will be estimated at the time the application is received.

Home owners insurance must be purchased prior to closing. Proof of insurance must be given to the Credit Union prior to closing.

The Credit Committee reserves the right on an individual basis, to override the appraised value and require greater than 20% down payment.

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 Second Mortgage Loans:

MAXIMUM AMOUNT: $15,000.00  
MAXIMUM TERM: 5 YEARS at 10.9%

Current Rate: (Rates are not guaranteed and can be changed by the CU Board without notice).

10 Years
The loan amount can not be greater than 70% of the appraisal minus the balance of the first mortgage.

A $985.00 application fee must accompany the application to cover the cost of an appraisal and credit report. The application may be required to have the property surveyed at his/her expense.

Additional fees will be charged at the time of closing: which included escrow fees, title search and title insurance for the lender. Fees will be estimated and disclosed at the time the application is received.

Home owners insurance must be amended to include the Credit Union as the second mortgagee. Proof that this amendment has been done must be provided to the Credit Union prior to the loan closing.

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 Construction Loan:

MAXIMUM AMOUNT: $125,000.00
MAXIMUM TERM: 2 YEAR Draw and 10 year repayment at 15.9%

Current Rate: (Rates are not guaranteed and can be changed by the CU Board without notice).

10 Years
The loan amount can not be greater than 80% of the appraised value.

$1,185.00 application fee must accompany the application to cover the cost of an appraisal, credit report, inspection fees, and copy fees.

Draws are recommended for construction loans. Each draw the CU will need all receipts for that draw amount and a CU employee will come inspect the home, before the next draw.

Additional fees will be charged at the time of closing: which included escrow fees, title search and title insurance for the lender. Fees will be estimated and disclosed at the time the application is received.

Construction Home owners insurance must be purchased prior to closing. Proof of insurance must be given to the Credit Union prior to closing.

NMLS ID                                                              email

Gary Alan Onnen        #857796                       goco@frontiernet.net

Debra Perkins             #817757                      debra@snowflakemillsfcu.com

Richard Kay Perkins   #857543                     kay@rimcountryfcu.com

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