Whether you’re shopping for your first home or have been through the process before, buying a home can be overwhelming. Your TCU family is here to help you through each step.

Getting started

When purchasing a home, you will need:

• Most recent two years of W2 forms and the previous two year’s 1040 Federal tax returns
• A completed and signed mortgage application
• Two most recent pay stubs reflecting 30 days and year-to-date earnings
• Copies of your last two months’ bank statements

Types of Home Loans

Depending on your specific situation, certain home loan products might make more sense for you than others.

5 Year Adjustable Rate Mortgage (ARM)

This type of mortgage loan is an ideal option for a buyer who:

• Knows he/she is not buying your “forever” home.
• A first-time home buyer or individual who values lower closing costs than a conventional “fixed” mortgage rate usually offers.
• Someone new to an area learning which part of town is closest to work/school/church/medical offices, etc.

Provides for a loan up to 80% of the value of the home. Rate is fixed for 5 years with the possibility of the rate adjusting up to no more than 2%, then fixed for another 5 years. Payments set up over a maximum term of 30 years. The maximum the rate can adjust over the life of the loan is 8%. No pre-payment penalty.

15/20/25/30 Year Conventional Fixed Mortgage

These types of home loans are best suited to members who:

• Are able to comfortably afford closing costs
• Those who feel relatively certain they will be staying in the home for 5+ years

FHA Mortgage

Less rigorous lending standards and lower down-payment requirements make FHA loans popular with mortgage borrowers.

What is an FHA loan?

An FHA loan is a mortgage insured by the Federal Housing Administration. The FHA is an agency within the U.S. Department of Housing and Urban Development. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan.

More details are available here: Hud.gov

VA Mortgage

The U.S. Department of Veterans Affairs helps Service members, Veterans, and eligible surviving spouses become homeowners. VA provides a home loan guaranty benefit and other housing related programs to help you buy, build, repair, retain or adapt a home for your own personal occupancy. VA Home Loans are provided by private lenders and the VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

For more information about VA home loan options please click here: VA Home Loans

USDA Mortgage

The United States Department of Agriculture offers Housing Assistance to rural Americans as well as home renovation and repair programs.

For more information about rural housing opportunities please click here: USDA.gov

TelComm is also happy to help you refinance your First Mortgage. Reduce your interest rate or monthly payment.

To refinance, you’ll need:

• A completed and signed mortgage application
• Copy of one of your most recent pay stubs, reflecting year-to-date earnings
• Copy of the previous year’s 1040 Federal tax returns and W2s
• A copy of your homeowner’s insurance policy (must show coverages of dwelling)
• A copy of your most recent mortgage statement

Rental Home

TelComm Credit Union is ready and able to assist you with a purchase or refinance your 1–4 unit rental properties.

• Available for dwellings with 1–4 units
• 75% loan-to-value for purchases or refinances
• 5 year ARMs (Adjustable Rate Mortgages) which do not require member to re-qualify & can be amortized up to 30 years
• 60% “cash-out” available on 1–2 unit dwellings
• Much lower closing costs than conventional Fannie Mae/Freddie Mac loans
• Local Servicing

Questions about Rental Home Loans? Please contact Chris at 417.886.5355.