Special Mortgage Programs
The Credit Union offers several different mortgage program. They have partnered with the North Carolina Housing Finance Agency and Federal Home Loan Bank of Atlanta to offer additional programs to assist First-Time Homebuyers. SECU’s programs are available to members who reside in and for properties located in North Carolina, and Georgia.
- Financing of up to 100% of the purchase price of a home is available with a maximum loan of $400,000.
- An additional $2,000 may be advanced to assist you with closing costs.
- This product is available under SECU 5-year ARM program.
- No application fees or credit report fees
- Home must be primary residence for the borrower
- Private mortgage insurance not required
- Available for terms up to 30 year
Mortgage Credit Certificates:
- Mortgage Credit Certificates (MCC) are issued through the NC Housing Finance Agency for mortgages used to purchase a member’s first home. A federal income tax credit for 30% of the mortgage interest payment is provided each year (up to a maximum benefit of $2,000 per year), effectively reducing the tax liability for a home purchase. Income and sales price limits apply. More information is available at www.nchfa.com. MCC is only available to individuals residing in and for properties located in North Carolina. Members may take advantage of the MCC with most of our mortgage products. The Credit Union will process the MCC request at the time of the mortgage financing request for a non-refundable fee of $475.
FHLBA Grant Program:
- The Federal Home Loan Bank of Atlanta’s (FHLBA) First-time Homebuyer Program provides grants in the form of forgivable second mortgages in amounts up to $5,000 to assist members with down payment and closing costs needs.