Mortgage FAQs

We're committed to making the mortgage process as clear and straightforward as possible. Whether you're buying your first home, refinancing your current mortgage, or exploring your financing options, you'll find answers to some of the most common mortgage questions below.

Is there a minimum credit score to obtain a mortgage?

Our flat minimum for standard products is 620, with products like our Community Hero and Investment transactions needing a 680 minimum.

What if my spouse/co-applicant has above the minimum requirement and I don’t?

All borrowers will need to meet the minimum required credit requirements.

Do all mortgage loans require closing costs?

Yes, the total closing costs vary by product. Products like rate/term refinances and home equity loans allow you to roll the closing costs into the loan.

Can I utilize gift funds for down payment and closing costs?

Gift funds can be used so long as they can be sourced and properly documented.

Can I utilize my retirement for down payment and closing costs?

Retirement funds can be so long as they are sourced and properly documented.

Can I utilize cash for down payment and closing costs?

Cash is not an acceptable form of payment for down payments and closing costs.

What is PMI (Private Mortgage Insurance)?

PMI is insurance required on mortgages with less than a 20% down payment to protect the lender in the event of default. PMI is borrower-paid until the loan-to-value meets the required threshold to fall off for conventional products.

Are student loans included in my liabilities?

Yes, student loans are considered during the mortgage qualification process. Student loans are even considered if they are deferred. The credit union typically utilizes the payment listed on the credit report or 1% of the balance. Other amounts can be used if the provided documents comply with agency guidelines.

Are my homeowner’s association dues (HOA Dues) included in my monthly mortgage payment?

No, we only collect for principal, interest, and insurance property taxes with loans with escrow. HOA Dues will need to be paid outside of your monthly mortgage payment.

I want to apply a tax exemption to my property taxes, how do I do this?

Please contact the county appraisal district where you reside for further information on tax exemption applications, such as general residential homestead, disabled person exemption, over 65, etc.

Once you have completed your application and the exemption has been approved with the county, you may provide the documentation to mortgages@crcu.org.

How do I know if I will qualify for a mortgage?

Qualifying for a mortgage starts with speaking with one of our mortgage officers. Our team of loan officers can help review your credit, budget your monthly payment, and more.

I have submitted my application, now what?

Once you have submitted your application with CRCU, it will be assigned to a loan officer to review. In the meantime, you can collect and provide the basic needed documentation:

30 days worth of paystubs
2 years worth of W2s
2 years of tax returns (if applicable)
2 months of bank statements
Format(s) of government ID (per applicant)
Documents reflecting retirement income, benefit letters, 1099s, etc. (if applicable)