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Mortgage & Real Estate Loan Requirements

Mortgage Application

Proof of Income ~ Most recent check stub that has YTD GROSS or

  • Most recent 4 consecutive check stubs
  • Self employed ~ 2 Years tax returns: SIGNED
  • Copy of award letter if you receive Social Security or Disability

$ 710.00 ~ $ 1,085.00 loan fees

  • Check for appraisal
  • Legal description
  • Land Survey
  • Assessment value

Construction** same as above ~ plus

  • Floor plans/blue prints
  • Materials list

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Eligibility

You must be a credit union member with the required $25 share account balance; also, you must have had this membership for at least 60 days OR have worked for your present employer for 12 consecutive months.  Joint owners are not members and are therefore not eligible for loans except in a co-maker capacity.  (Note: most joint owners are eligible for membership.  Ask at the credit union.)  A member must be over 18 years of age in order to receive a loan on their own.

Credit reports will be done on all loan applicants (except share secured and payday loan applications.)  Credit reports will show all open accounts, paid accounts, delinquents, collections, etc.  Applicants with no credit history or poor credit history will need a co-maker (see co-maker section.)

Applicants will not be entitled to a loan if there are unpaid balances on delinquent or collection accounts.  If negative credit (delinquent) accounts have been paid, then secured loans may be issued on the decision of the credit committee, based on job security, length of employment, and present indebtedness.  No signature loans will be granted to members if poor credit history is found unless poor rating is disputed officially at the credit bureau.

Debt/Income ratio of gross income will be  used to determine eligibility for a loan ie: 
Income = less than $40,000; Ratio = 39.9 max
Income = $40,000+; Ratio = 44.9 max

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Shares Pledged are Required in

100% shares pledge are required for a Shares Secured Loan.

A minimum of 5% shares pledged will be required in the following cases:

  • Your insurance deductibles are higher than the CU’s insurance policy. OR
  • Your collateral’s value is less than the loan amount. OR
  • You have had a CU loan policy/contract default.

A co-maker will be required if applicant has no credit history OR has negative credit history.  Also, co-maker’s signature value can be used (if he/she has not already used it on a loan of his/her own) to increase lendable amount to applicant as long as it does not exceed allowable amount for loan type.

Co-makers must be members of this credit union and have good credit.  They must fill out their own application..  A credit report will be done on co-makers.

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