Mortgages & Home Loans
While buying a home is one of the biggest decisions you’ll ever make, selecting the right mortgage loan from the right mortgage lender can be just as important as your lifestyle, your budget, or your comfort level. These are the types of personal factors that will help us target your best mortgage solution.
Whether you’re about to purchase or refinance a home, Ouachita Valley Federal Credit Union’s Mortgage Department can offer you the expert guidance and choices you need. We make the home-buying process more comfortable, more personalized, and more affordable than you’ve ever thought possible.
Types of Mortgages & Home Loans We Offer
Conventional Mortgage Loans
- Obtained without guarantees from federal government
- Minimum down payment is typically between 3% and 5%
- 20% down payment to avoid PMI
FHA Mortgage Loans
- Insured by the Federal Housing Administration
- Minimum down payment is 3.5%
- Requires “Upfront Mortgage Insurance” (may be financed in loan)
- Fixed terms of 15 or 30 years
USDA Rural Development Mortgage Loans
- Established by the USDA to service low to moderate income households
- 100% financing available based on appraised value
- A “Guarantee Fee” is required (can be included in loan amount)
- No down payment required
- Fixed term of 30 years
VA Mortgage Loans
- Established by the Department of Veteran’s Affairs
- 100% financing available
- No down payment required
NEW CONSTRUCTION LOANS
- New construction
- One time close
- Eligible for primary residence or second home
- Interest only loan during construction
- Modifies to 15 or 30 year fixed rate loan (once home is complete)
- Loan amount up to $510,400
Homestyle Renovation Loans
- Renovation and repair
- One time close
- 3% minimum down payment for primary residence
- 10% minimum down payment for second home
- 15 or 30 year fixed rate loan
Home Equity Loans / Refinance
- Loan up to $200,000
- Fixed rate terms ranging from 1-15 years
Home Equity Line of Credit (HELOC)
- 5 year draw period
- Minimum payment based on balance owed (1% or $100 – greater of the two)
- Loan up to $200,000
- Variable rate
Lot/Land Loans
- Residential properties only
- Terms ranging from 1 – 15 years
- Can finance up to 85% of sales or up to 85% of appraised value (whichever is less)
- Loan up to $100,000
Mobile Home Financing
- With land – loan up to $150,000
- Mobile home only – loan up to $60,000
- 10% minimum down payment on new purchases
- Terms ranging from 1 – 15 years
Mortgage Application Checklist:
Purchase Agreement
Legal description of property
Employer’s names, address, and phone number
Pay stubs covering the past 30-day period for each borrower
Valid Driver’s License or State Issued ID
W-2 and/or 1099 forms from all employers for the last 2 years
Tax return forms for the last 2 years
Bank statements for the last 2 months
List of all assets
List of creditors
Addresses for the past two years
Ouachita Valley Federal Credit Union is not acting on behalf of or at the direction of HUD, FHA, USDA, the Department of Veterans Affairs, or the federal government.
