Home Loan FAQs
Mortgages
How much can I qualify for?
Loan amounts are based on your debt ratio and the loan-to-value ratio of the property.
What documents should I have on hand to get approved on the spot?
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.
I've heard you need 20% down to be approved. Is that true?
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.
What about the loan terms? What are my options?
We offer a variety of term options.
My credit is less than stellar. Can I still qualify for a home mortgage loan?
We are able to work with all types of credit situations. Just give us a call and let us see what we can do.
How long will the whole process take, start to finish?
Depending on the product, the average time for a first mortgage home loan is less than 30 Days.
HELOCs
How much cash could I get access to if I'm approved for a HELOC?
We can Cash out up to 90% of the value of your home, if qualified.
Which documents will best help my chances of approval?
We would need your past two years' full tax Returns and W2's and a copy of your most recent paystubs
What kinds of payments will I need to make and when?
Payments are made monthly on the first of the month.
Is there a credit check involved? What if my credit isn't good?
Yes we do a credit check, but we are able to work with all credit situations.
What are the terms of this kind of loan?
15-year term with the first 10 being a line of credit. The last five years are just for payback purposes.
How long will the process take, from start to finish? When can I expect to have cash in hand?
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
To get approved, what documents do I need to have?
We would need your past two years' full tax Returns and W2's and a copy of your most recent paystubs.
I don't have very good credit. Can I still qualify and expect to be approved?
We are able to work with all types of credit situations. Just give us a call and let us see what we can do.
Even with personal service from Coosa Valley Credit Union, how long should I expect the process to take?
You should plan on a 30-day process. However, we are often able to complete everything more quickly.