Looking into buying a home can be one of the most exciting experiences of your life. However, problems with funding can take that excitement away in a heartbeat. If you’re in this situation, don’t worry–Section 705 FCU is here to help with our mortgage loan.
Section 705 will finance up to 90% of the appraised value of the property up to $350,000, with a minimum financing term of 10 years (120 months) for vacant land only and a maximum financing term of 30 years (360 months) available on conventional land and home mortgages.
- All real estate loans are closed end. The member must carry full coverage insurance listing the credit union as loss payee until the mortgage is completely satisfied, including Flood insurance if a flood certificate shows the mortgaged property lies in a flood zone. Proof of all necessary insurance must be on hand and reviewed prior to closing/funding. We now require a title policy on all property loans.
- Appraisals: The credit union will finance up to 90% of the Appraised value of the property. Members cannot choose their own appraiser, mortgage credit check and flood certification in the amount of $497.00 is required.
- Mortgages are available for homes lying in the state of Louisiana, which will be occupied as the member’s primary residence or vacation/camp home. Additionally, purchases or refinances are welcome on either existing structures or vacant land. (Please note that this loan type does not include condominiums, mobile homes or investment properties and that Section 705 FCU does not currently participate in construction lending).
- Mobile homes must be attached to land in order to get a mortgage with the credit union.
As always, we want your experience to be relaxed and worry-free, so that you can sit back and enjoy all the benefits your home can give you. For more information on our First Mortgage Program, please contact us at your convenience. We can’t wait to help get you into your new home.
Posted in: Mortgage Loans