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Mortgage Products

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Whether you're shopping for your first house or moving on to something even better, CRCU offers competitive rates and a variety of mortgage options. 

Fixed Rate Mortgage Loan       
  • Good option if you plan to stay in your home for a long period of time
  • Principal and interest portion of your payment does not change
  • Borrow up to 97% of your home’s value for purchase transactions
  • 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%    

 

Adjustable Rate Mortgage Loan (ARM)      
  • Good option if you think you will be in the home for a short period of time
  • 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
FHA Loan (Federal Housing Authority)
  • First-time home buyers, down payments as low as 3.5%
  • 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
  • Purchases and refinances are available
  • Monthly mortgage insurance premium is required on most FHA loans

 

VA Loan (Veterans Administration)
  • Available to eligible veterans as defined by the Administrator of Veterans Affairs
  • No down payment required
  • No private mortgage insurance required
  • Flexible qualification and credit requirements
  • Sellers can contribute up to 6% of the sale price toward closing costs
  • Purchases and refinances are available
Unimproved Property
  • Purchase of land or lot, 10 acres or less
  • Adjustable rate mortgage (ARM), 15-year amortization
  • Rate is fixed for the first 5 years, then adjusts annually thereafter
  • Rate can not increase more than 2% annually, or 6% over the life of the loan 

 

Construction Loans
  • Up to 95% financing
  • 9 and 12 month construction terms
  • 15 and 30 year fixed rate terms
  • One-time and two-step closings
  • Flexible, local draws
  • Local servicing – make your payments to CRCU
  • Lien waiver checks issued on construction draws

 


Local Mortgage Lenders

With CRCU, you'll have knowledgeable help every step of the way.

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