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HELOCs
Q: How much cash could I get access to if I'm approved for a HELOC?
A: We can Cash out up to 90% of the value of your home, if qualified.
Q: Which documents will best help my chances of approval?
A: We would need your past two years’ full tax Returns and W2’s and a copy of your most recent paystubs
Q: What kinds of payments will I need to make and when?
A: Payments are made monthly on the first of the month.
Q: Is there a credit check involved? What if my credit isn't good?
A: Yes we do a credit check, but we are able to work with all credit situations.
Q: What are the terms of this kind of loan?
A: 15-year term with the first 10 being a line of credit. The last five years are just for payback purposes.
Q: How long will the process take, from start to finish? When can I expect to have cash in hand?
A: The process usually takes about three weeks, and once you sign the documents, the proceeds will be available four business days after signing.
Land Loans
Q: How much can I expect to borrow, given my qualifications?
A: Loan amounts are based on your debt ratio and the loan-to-value ratio of the property. We can loan up to 90% of the value.
Q: To get approved, what documents do I need to have?
A: We would need your past two years’ full tax Returns and W2’s and a copy of your most recent paystubs.
Q: What if I don't have 10% to put down?
A: Unfortunately, we will need 10% down on the property, but the money can be gifted to you by a family member if necessary.
Q: Are there other terms available for a land loan than what was outlined above?
A: We can do a five-year term as well, but we cannot go any longer than a 10-year term.
Q: I don't have very good credit. Can I still qualify and expect to be approved?
A: We are able to work with all types of credit situations. Just give us a call and let us see what we can do.
Q: Even with personal service from Coosa Valley Credit Union, how long should I expect the process to take?
A: This is about a 30-day process.
Mortgages
Q: How much can I qualify for?
A: Loan amounts are based on your debt ratio and the loan-to-value ratio of the property.
Q: What documents should I have on hand to get approved on the spot?
A: We would need your past two years’ full tax Returns and W2’s, 30 days’ worth of your most recent paystubs and 60 days of bank statements.
Q: I've heard you need 20% down to be approved. Is that true?
A: No. We have several products that allow you to pay down as little as 3% for first-time homebuyers, conventional products at 5% for non-first-time homebuyers, 3.5% Down for FHA loans or even 0% Down for VA and USDA loans.
Q: What about the loan terms? What are my options?
A: We offer 10-, 15-, 20- and 30-year products.
Q: My credit is less than stellar. Can I still qualify for a home mortgage loan?
A: We are able to work with all types of credit situations. Just give us a call and let us see what we can do.
Q: Can I get a mortgage for a mobile home?
A: Yes we do have mobile home loans available under our FHA Guidelines for Doublewides.
Q: How long will the whole process take, start to finish?
A: Depending on the product, the average time for a first mortgage home loan is less than 30 Days.