Welcome Home Loans

DCCU's Welcome Home loans are designed to provide affordable financing options for home buyers. 

Our suite of Welcome Home Loans includes:

  • 100% financing - DCCU's 100% financing option is a 5/1 Adjustable Rate Mortgage (ARM). Closing cost credits are available with this option.
  • Low down payment options
    • 5/1 ARM with 3% down and lender-paid private mortgage insurance. Closing cost credits are available.
    • 5/1 ARM with 10% down and no private mortgage insurance is required. Closing cost credits are available.
  • Fannie Mae's Home Ready Option - Fixed rate mortgage with 3% down and private mortgage insurance required.
  • USDA Rural Development loans - A USDA home loan can be a good option for those with little or no down payment, however not all properties are eligible. 
  • FHA loans - An FHA home loan can be a good choice if you have a small down payment or difficulty qualifying for a traditional mortgage. Buyers can finance up to 97% of the home loan, and 100% of the closing costs can be a gift. There are no minimum income requirements for an FHA loan, but borrowers must meet state-specific debt ratios.

Contact the DCCU Mortgage Advisor near you to see how the DCCU Welcome Home Mortgage could be the right home loan for you.

*Closing costs credit only applies to ARMs that close and fund. No credits will be applied if your loan does not close with DCCU. ARM rates are adjustable. The 5/1 ARM rate will adjust at the end of the 5-year term and is tied to the 1 Year Constant Maturity Treasury Rate. The max rate increase at the end of 5 years is 2.50%, with a 6% increase lifetime cap. Example loan: $120,000 loan amount, 3.90% entry rate and 3.36% APR, $566.00 per month principal and interest payment. Rates, terms, index margin, and conditions are subject to change at any time and may vary based on creditworthiness, qualifications, and collateral conditions. All loans subject to credit approval and certain restrictions apply.

Fixed Rate Mortgages

Fixed Rate Mortgages

A fixed rate mortgage maintains the same interest rate for the life of the mortgage, and the payment is divided into equal payments for the duration of the loan’s term. This stability can make budgeting easier. The interest is front-loaded, so for the first few years, a large portion of your monthly payment is interest and only a small portion of the payment is applied to the principal. While the most common fixed rate mortgages offer 30 year terms, DCCU offers fixed rate mortgages with 30, 20, and 15 year terms.

Advantages of a Fixed Rate Mortgage:

  • Principal and interest payments are level for the life of the loan (monthly payments may vary based on changes to taxes, insurance, etc.)
  • A variety of terms, including 30, 20, and 15 year terms

Considerations of a Fixed Rate Mortgage:

  • Borrowers have to refinance to take advantage of lower interest rates that may be available in the future. Refinancing incurs additional expense due to closing costs
  • Borrowers do not get the benefit of a lower initial rate (in comparison to an ARM)

A fixed rate mortgage can be a good choice if you plan to stay in your home long-term or you need a fixed monthly payment over time.

Rates for Fixed Rate Mortgages APR Rate
30 Yr 4.156% 4.125%
20 Yr 3.917% 3.875%
15 Yr 3.428% 3.375%

View all mortgage rates

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Contact an Advisor

Adjustable Rate Mortgages

An Adjustable Rate Mortgage (ARM) is a type of mortgage in which the interest rate is fixed for a period of time and then adjusts annually based on market conditions. DCCU offers 3/1 and 5/1 ARM options. With these mortgages, the interest rate is fixed for the first three or five years respectively, after which time the rate adjusts annually according to an index plus a margin. Although the index is variable, the margin is fixed for the life of the mortgage.

Advantages of an Adjustable Rate Mortgage:

  • Interest rates are fixed for the first 3 years (with a 3/1 ARM) or 5 years (with a 5/1 ARM)
  • Up to 90% financing (without Private Mortgage Insurance) may be available for qualified borrowers
  • ARM’s can feature lower rates and payments early on in the loan term. Lower rates allow for the principal to be reduced more quickly

Considerations of an Adjustable Rate Mortgage:

  • Monthly payments may adjust in the future as the interest rate changes
  • Over time, the interest rate may rise above the current fixed rates

Adjustable rate mortgages can be a good option if you’re looking for low payment at the start of your mortgage.

Rates for Adjustable Rate Mortgages APR Rate
5/1 ARM 3.530% 3.375%
3/1 ARM 3.515% 3.195%

View all mortgage rates

Government Mortgages

DCCU offers a variety of government home loans. Often, these loans are attractive options for first time buyers who meet the specific eligibility requirements. However, borrowers need not be first time buyers to be eligible.

FHA Loan

With FHA loans, the Federal Housing Administration provides an umbrella under which lenders can offer loans to home buyers who may not meet the requirements of a conventional home loan. FHA loans can be a good choice if you have a small down payment or difficulty qualifying for a conventional mortgage.

With the most popular FHA home loan, buyers can finance up to 97% of the home loan, and 100% of the closing costs can be a gift from a relative, non-profit, or government agency. While it is not necessary to meet a minimum income requirement to qualify for an FHA loan, borrowers must meet state-specific debt ratios.

USDA Rural Development Loan

A USDA Rural Development loan can be a good option for those who have little or no down payment because 100% financing options are available and closing costs can be a gift or paid for by the seller. However, not all properties are eligible.

To qualify for a USDA home loan, a borrower’s monthly housing costs (including principal, interest, taxes, and insurance) must meet a specified percentage of their gross monthly income and they must have enough income to pay for additional monthly debt. 

Veteran’s Affairs Loan

Veterans with a Certificate of Eligibility (COE), or the ability to obtain a COE, may be eligible for a Veteran’s Affairs home loan. To take advantage of a VA home loan, borrows must meet eligibility requirements. Length of service, service commitment, and duty status may impact eligibility for some benefits. 

Mortgage Advisors

DCCU's mortgage team is excited to help make your dream of affordable home ownership a reality! Contact the mortgage advisor near you with questions about buying or refinancing your home or to get pre-qualified or approved for a mortgage.

Angel Fitzgerald

Angel Fitzgerald

Serving Harrisonburg and the Rockingham County Area
Phone: 540.946.3266
NMLS ID# 948511

Sherry Shafer

Sherry Shafer

Serving Waynesboro and the Augusta County Area
Phone: 540.946.3261
NMLS ID# 1197339

Kathy Perdue

Kathy Perdue

Serving Augusta and the Rockbridge County Area
Phone: 540.946.3234
NMLS ID# 759067


Tina Coffey


Serving Waynesboro and the Augusta County Area
Phone: 540.946.3260
NMLS ID# 297708

Matt Lunsford

Matt Lunsford

Serving Verona and the Rockingham County Area
Phone: 540.946.3296
NMLS ID# 311218

Diana Sample


Serving Staunton and the Surrounding Area
Phone: 540.946.3267
NMLS ID# 265398


Brieanna Coffey


Serving Harrisonburg and the Shenandoah County Area
Phone: 540.946.3277
NMLS ID# 787318

Jupie Wagner

Jupie Wagner

Serving Staunton and the Augusta County Area
Phone: 540.946.3262
NMLS ID# 1562936


Contact a Mortgage Advisor

At DCCU, we understand that purchasing or refinancing a home is one of the biggest decisions you'll make. That's why we provide both great rates and personal service to our members.

Complete the short form below to have one of our mortgage experts contact you to answer any home loan questions you may have.

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