Ready to Purchase a Home!
Let TEFCU help you on your journey to purchase the house of your dreams.
How can TEFCU help?
Pre-qualify for your mortgage
Get pre- approved before you start looking for your new home
- Having a pre-approved loan helps when you make an offer on the house
- Pre-approval lets the seller know you are serious
- Pre-approval allows settlement to happen sooner as there is no waiting for your loan request to be approved
- Get pre- approved before you start looking for your new home
- Compute your price range
Determine your credit score
- The credit score determines if you qualify and which interest rate you will qualify for under our multiple mortgage products
What do you need to know about the qualification requirements?
The amount required for a down payment
- FHA is 3% of the purchase price
A credit score of 626 or higher (the higher the score, the lower the interest rate)
- A mortgage loan officer can assist in ways to improve your credit score
- The price range you qualify for based upon your credit score, Loan To Value, and/or your down payment
Before you Purchase what steps should you take?
Use the services of a licensed real-estate agent
The realtor can assist with programs in the county and/or state
- First time home buyer programs in various counties/states
- H-pack in DC
- The realtor can find homes in your price range
- The realtor provides guidance on placing an offer on the home
- The legal contract offer is completed by the realtor
- The realtor can assist with programs in the county and/or state
- Notify your mortgage loan officer of the acceptance of your contract
Ensure that your contract has a provision for the completion of an inspection
- This is a necessity, you need to be aware of any items that need to be replaced and/or repaired such as the roof, electrical work, plumbing, etc.
All you need to do is log onto our Online Mortgage Center at CUMA's website . Then simply click "Apply" from the left hand side of the page. Or, if you would like to speak with a Member Services Mortgage Specialist, call (800) 231-8855.
First Time Home Buyers click here