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
• 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
• 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.

Learn More:

Check out our Home Loan product overview ►

Get Started:

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

Welcome to the Beginning of Your Journey!