Home Loans

More than a Mortgage
DCCU has served the Shenandoah Valley for over 40 years with a variety of loan products to provide our members with a better home loan experience. We even offer home loan products designed specifically for first time buyers! Want to check out our great rates? Click here.

Whether you’re a first time home buyer, ready for your next home, or are looking to refinance, DCCU helps you through every step. At DCCU, you’re more than a mortgage – you’re a member. As a member, you’ll experience personal service as we help you to find the home loan that’s right for you.

Not a member? If you live or work in the Central Shenandoah Valley, it’s easy to join! Click here to start the member application process or stop by any of our 10 convenient locations.

FINANCING YOUR HOME: DCCU MEMBER STORY
When Ryan decided to buy his first home, he turned to DCCU to help him finance his new house. See what a home loan from DCCU could do for you!


DuPont Community Credit Union NMLS ID# 609369 | http://nmlsconsumeraccess.org


Fixed Rate Mortgages
A fixed rate loan is a loan that maintains the same interest rate for the life of the loan, 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. To determine if a fixed rate mortgage is right for you, contact a DCCU Mortgage Originator today.

DuPont Community Credit Union NMLS ID# 609369 | http://nmlsconsumeraccess.org


Adjustable Rate Mortgage
An Adjustable Rate Mortgage (ARM) is a type of home loan in which the interest rate is fixed for a portion of the loan and then adjusts annually based on market conditions. DCCU offers 3/1 and 5/1 ARM options. With these loans, 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 loan.

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 loan. For more information about DCCU’s adjustable rate mortgages and to determine if an ARM is right for you, contact a DCCU Mortgage Originator today.

DuPont Community Credit Union NMLS ID# 609369 | http://nmlsconsumeraccess.org


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.

To determine if you qualify and if an FHA loan is right for you, contact a DCCU Mortgage Originator today.

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. Contact a DCCU Mortgage Originator for eligibility requirements.

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. Contact a DCCU Mortgage Originator today to see if a VA fixed loan is right for you.

DuPont Community Credit Union NMLS ID# 609369 | http://nmlsconsumeraccess.org


140 Lucy Lane P.O. Box 1365, Waynesboro, VA 22980


Federally insured by NCUA