Contemplating buying, building, or remodeling your home? Perhaps it is time to consider refinancing your existing mortgage? Your credit union is the place to start. SouthPoint Federal offers 1st and 2nd mortgages, First Time HomeBuyer Loans, along with Home Equity Lines of Credit all at competitive rates and with low closing costs. Because you are a member/owner weknow you and will help you make educated decisions.
Click here to check out our current rates!
*First Time Home Buyer Special* - If you take advantage of our great First Time Home Buyer Program, you could also qualify for a $2,000, 24 month, 0% APR loan for appliances, home improvements, moving expenses, etc... Ask a Mortgage Specialist for details.
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TERMS |
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15 or 30 year fixed interest rates. See our rates page for our current rates. |
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5% down payment* |
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No PMI required for loans with a 10% down payment |
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Closing cost of $600 or 1.00% of the loan amount, whichever is greater** |
**This covers: Title Opinion, Appraisal, Recording Fees, Mortgage Registration Tax, Flood Certification, Closing Fees
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REQUIREMENTS |
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Member and/or member's spouse has not owned a home in the past |
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Normal underwriting standards for members on 90% LTV loans |
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Loans with mortgage insurance will have to meet criteria of the insurance company |
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SouthPoint checking account required |
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Automatic payments from SouthPoint checking account required |
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1 - 4 family, owner occupied |
*The 2009 stimulus package tax credit for first time home buyers: Qualifying buyers can receive a tax credit equal to 10% of a home purchase up to $8,000 if they purchased a home between January 1, 2009 and December 1, 2009. A similar tax credit was passed last year but had to be paid back over 15 years, this one you don't have to pay back. This credit starts to phase out if your AGI is over $75,000 for individuals and $150,000 for married couples.
