A conventional mortgage requires a minimum credit score of 620. Other home loans may have different requirements. If you would like to discuss your situation, contact us and we'll be happy to help.
What rate do I qualify for?
Rates are based on multiple factors including your credit score, the loan amount you’re requesting, and the type of property you’re purchasing.
What does my debt to income ratio need to be to qualify?
Ideally, your debt-to-income (DTI) ratio would be 43% or below. A higher DTI might be ok in some situations.
What are the minimum down payment requirements to purchase a home?
Although down payment requirements vary based on the property and transaction type, in general our minimum down payment requirements for purchasing a home are:
Conventional: 3% for first time homebuyers or 5% for all others
FHA: 3.5%
Manufactured homes: 20%
Submit your application and a Mortgage Loan Officer will contact you with your best options.
How much are closing costs?
Your closing costs are determined by your loan amount, transaction type, and other factors. We can give you an estimate after reviewing your application and learning about the home you're purchasing.
Do I need an appraisal?
In most cases, yes. $500 is collected prior to ordering the appraisal.
What is Private Mortgage Insurance (PMI)?
PMI is required when borrowing more than 80% of a home’s value or purchase price, whichever is less. This protects the lender in case a borrower defaults on their mortgage payments.
One exception: FHA mortgages require PMI for the life of the loan, regardless of down payment.
What is a point? Do I have to pay it?
You can lower your interest rate by paying points. Typically, one point equals 1% of the loan amount. For example, for a loan amount of $100,000.00 one point would equal $1,000.00. You can choose to pay the point either out of pocket or by rolling it into the loan amount, if the appraised value allows for it.
What is escrow?
If you will have less than 20% equity in your home, you may be required to set up an escrow account for payment of your property taxes and homeowner’s insurance. When you make your monthly loan payment, the portion earmarked for property taxes and homeowner’s insurance will be diverted to your escrow account. From there, the money will be sent to your city or town and insurance agent when your payments are due.
Do you offer programs for first-time homebuyers?
Yes! Contact one of our mortgage loan officers to learn about the options we provide.
Do you finance mobile homes?
Yes, we finance mobile homes on owned land. A 20% down payment is preferred, but smaller down payments are sometimes possible.
Do you finance large home renovations?
A construction line of credit may be just what you need. By tapping into your home's anticipated equity after project completion, you'll have the cash you need to take your home renovation to the finish line. When your home is finished, your construction line of credit is closed and the mortgage process begins.
What information or documentation do I need to provide for a
Home Equity Loan (line of credit or fixed)?
We'll need your income verification and a property appraisal or tax assessment.
What information or documentation do I need to provide for a Home Improvement Loan?
We'll need your income verification and a project estimate.
If I want to refinance an existing property how much can I borrow?
It's based on multiple factors including your credit score, property type, and the loan option you choose.
Reward Education and Choose Homeownership (REACH)
What are the application requirements?
Applicants must:
Be college graduates
Have made at least 12 months of consecutive on-time payments on student loans
Be first time homebuyers
Finance their first home through NorthCountry
Do any limits apply?
Borrowers can refinance up to $100,000 in student loan debt per household, with a repayment term of up to 10 years.
How does it work?
It's a three step process:
Apply
for a mortgage online, through the credit union's mobile app, or in person
When approved, notify the mortgage officer of your interest in REACH
Your mortgage officer will help you refinance your student loans
Does the credit union refinance guaranteed student loans or private student loans?