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Home Buyers

Conventional Loan Programs

  • A conventional loan is not guaranteed by the government, but is guaranteed through the private sector, which can include credit unions, banks, and online lenders.
    • Program Highlights
        • Down payment as low as 3%
        • Seller credit from 3% to 9%
        • Gift funds may be used for the down payment and closing cost
        • Low private mortgage insurance (PMI)
      • PMI is cancelable when home equity reaches 20%
      • Primary occupancy, second homes and investment
      • Credit score of 620 or higher
      • Competitive rates
      • 10, 15, 20, 25, 30 year terms available
      • HomeReady for qualified borrowers offers reduced PMI

Government Loan Programs

  • VA Loans
    • The VA loan program is becoming an increasingly attractive home financing option for many veterans, service members and military families. These flexible, government-backed loans come with significant benefits that can open the doors of homeownership to veterans, providing an opportunity to obtain affordable financing.
      • Program Highlights:
        • No down payment
        • No private mortgage insurance
        • Extremely competitive interest rates
        • Can use basic housing allowance as income (Basic allowance for housing (BAH) is a significant benefit for qualified active military members)).
        • Seller can pay closing cost
        • Higher DTI ratio approvals
        • 620 minimum FICO
  • USDA Loans
    • The USDA Rural Housing Service product is offered by CorePlus and is designed to help families achieve homeownership in eligible communities.
      • Program Highlights
        • Maximum LTV - Max 100% LTV based on the appraisal value
        • Eligible Properties - Attached and detached SFRs, PUDs, Condos
        • Eligible Terms - 30 year fixed rate only
        • Funds - No down payment required, No reserves required, Gift funds permitted
        • Eligibility - Not limited to first time home buyers
        • Loan amounts as high as $118,150-$155,950 depending on household
  • FHA Loans
    • Products that feature low and competitive rates. These loans allow higher debt ratios than conventional loans.
      • Program Highlights
        • As low as 3.5% down payment required
        • Gift funds may be used for100% of the down payment and closing cost
        • Higher DTI ratio approvals
        • Allows for non-occupant co-borrower
        • Allows use of rental income for owner occupied multi-unit properties
        • Seller can credit up to 6% for closing cost
203K Rehabilitation loans Can be used with conjunction with state bonded DAP programs

Rapid Refi Mortgage

  • Pay off an existing mortgage faster with our Rapid Refi Mortgage program, with lower fixed rates and accelerated terms saving you thousands of dollars. Be mortgage-free sooner!
    • Low Fixed Rates (Up to 120 month term)
    • Terms up to 20 years
    • LTV’s up to 80%
    • Loan amounts up to $300,000.00
    • No closing costs
    • Bi-weekly automatic payments available at no extra cost
    • Application fee may apply

Rapid Reno Refi

  • This product allows refinancing of any existing mortgage loans (if applicable) with funds out for renovation projects that will be completed by licensed contractors, allowing for up to 80% LTV of the property’s after improved value. Funds will be held by the credit union and disbursed directly to contractors as needed, final completion of work will be verified prior to final disbursement of funds. Further qualifications include the requirement of the borrower to have at least 20% existing equity in the property, prior to the renovations. Limited to 1-4 unit, owner occupied homes not listed for sale, residentially zoned properties located in Connecticut or Rhode Island, with a maximum loan amount of $300,000 and maximum renovation limit of $175,000. Rates listed above are for 750 minimum credit score. No traditional first mortgage closing costs and no tax escrow required. This loan requires a $500 upfront appraisal fee, $500 processing fee, and for the mortgage to be in 1st lien position at closing.
    • Refinance & borrow up to 80% of your home’s “after-improved value” Low Closing Costs
    • Low Fixed Interest Rates
    • Renovation Limits up to $175,000
    • Flexible Terms up to 20 years
    • Locally Processed & Serviced

Equity Builder Loan

  • This product allows for funds to be taken out for renovation projects that will be completed by licensed contractors, allowing for up to 90% LTV of the property’s after improved value. Funds will be held by the credit union and disbursed directly to contractors as needed, final completion of work will be verified prior to the final disbursement of funds. Further qualifications include the requirement of the borrower to have at least 10% existing equity in the property, prior to the renovations. Limited to 1-4 unit, owner occupied homes not listed for sale, residentially zoned properties located in Connecticut or Rhode Island, with a maximum loan amount of $75,000. Rates listed above are for 800 minimum credit score. This loan requires a $500 upfront appraisal fee, with no other fees or costs, it can be in either first or second lien position.
    • Take a Home Equity Loan against your home for up to 90% of its “After-Improved Value”
    • Low Closing Costs
    • Low Fixed Interest Rates
    • Renovation Limits up to $75,000
    • Flexible Terms up to 20 years
    • Locally Processed & Serviced

Home Equity

  • Our Fixed Rate product helps you access the equity that you’ve built up in your home. Use your home’s equity for any of your home improvement needs, as well as other personal expenses such as education, weddings, travel etc.
    • Low Fixed Rates
    • Flexible Terms up to 20 years
    • LTV’s up to 90%*
    • Loan Amounts up to $200,000
    • No Closing Costs

Home Equity Lines of Credit

  • This program can meet your needs and provide for immediate accessibility of your home’s equity, when you need it. With an extended draw period, once your HELOC is opened, you can access your line whenever you need it for up to 10 years! You write checks directly from your HELOC checkbook as you need funds. See the Rates Page for today’s HELOC Rate.
    • No Application fees
    • No Closing Costs
    • No Annual Service Charge
    • No Teaser Rates
    • No Minimum balance requirements
    • Quick Closing!

Construction Loan

  • A portfolio loan that allows 12 months building process at interest-only payments and with 30 years repayment at P & I with one closing. 12 month interest-only payments at 1% higher than market and moves back down to market rate once 30 year loan takes over.

First-Time Buyers:

 


Click this link before beginning on your home buying journey.
Fannie Mae has broken the process down into seven steps, providing you with all of the information you need, one fact at a time.

Click the link above to view your home loan toolkit (published by the CFPB)


 


Kimberly Tondreau

Senior Home Loan Specialist
NMLS# 1739761
860-917-3113 (Call or Text)

[email protected]

Kimberly began her career at CorePlus in 2014. She has over 5 years of mortgage origination experience and specializes in working with first-time home buyers and credit counseling. Outside of her work with CorePlus, Kim is a member of the Coastal Chapter of BNI, which meets in East Lyme to practice the Givers Gain® philosophy which is rooted in the reciprocity of business networking. As a local lender in CT’s shoreline area who is available 24/7, she encourages all credit union members and potential members to contact her today!

Elizabeth Williams

Mortgage Originator
NMLS# 1201738
860-333-0087 (Call or Text)

[email protected]

Elizabeth joined the CorePlus team in 2021. She has over 15 years of experience in financial services, starting her career as a bank teller, working up to branch management, and now mortgage lending. She offers buyers pre-purchase counseling and quick pre-approvals. As a first-time homebuyer specialist, she understands that changes to the housing market often raise questions that require clear answers. For that reason, she maintains weekend and evening availability to ensure that buyers truly understand the home buying and ownership process. Outside of CPCU, Elizabeth's dedication to the community can be seen as she is actively involved with the Putnam Rotary Club and the Girl Scouts of Connecticut.


Click the link above to view today’s rates


Click the link above to pre-qualify and to calculate how much you can afford, how much income you need, and your monthly payment

Pre-Qualified or Pre-Approved?

Pre-Qualified:

Getting pre-qualified is like getting an estimate from a mortgage institution detailing how much of a loan you can likely afford. It serves more as a guide to you of what a lender might require rather than as any official approval by them.

Pre-Approved:

Pre-approval means that you fill out a loan application and provide all your salary and credit information. The lender then checks your assets and pre-approves your capability to get a loan.

Getting Pre-Qualified:


You’ll only need the following information:

  • Interested in a VA Loan
  • Loan Product
  • Purchase Price
  • Down Payment
  • Monthly Income
  • Monthly Debt Payments (excluding any loans with less than 10 payments left)
  • Balances on All Credit Cards
  • State Property Located In

Getting Pre-Approved:


When you find your dream home, you can present the seller with your pre-approved loan document, showing them that not only are you serious about buying their house, but you've already been pre-approved for financing.

It could make the difference between getting the house you want and watching another bidder step in with a pre-approved loan and snatch that house away. Pre-approval is good for 120 days and depends on the appropriateness of the property you want to purchase. Fees, like credit reports may apply.

PLEASE READ CAREFULLY
BEFORE YOU APPLY.

In order to process your application, you must answer the question below. Questions answered dishonestly will result in your application being denied.

 

 

 

Are you a current member of CorePlus Credit Union or do you live, work, or worship in New London County, Connecticut or Windham County, Connecticut?