Home Loans
Looking to finance—or refinance—your home? We’ve got your back.
Helping you find a place to call home, or find the value in the home you already have.
A home is a place of shelter. A place to raise your family. A place to call your own. We want to help you make having a home of your own a reality. Wherever you are in life, we have an option for you:
- Purchase or refinance your home
- Fixed, Adjustable Rate and Jumbo Loans
- Co-op Share Loans
- Home Equity Loans to help you access the value in your existing home
Reclaim your dreams for the future.
Owning my own home is indescribable. Sometimes I forget I own it and I’m like, ‘Oh my goodness, this is mine.’ This is my safe space. It’s just an indescribable feeling.
”Mortgage Forbearance
Any member who needs assistance with the repayment of a real estate loan (first and second mortgages) should submit:
- A Hardship Letter describing the financial circumstances surrounding the need and the number of months for which assistance will be needed
- Proof of unemployment or a letter/notice from employer showing decreased work hours/income
- Two most recent paystubs
- Current tax returns (if already filed)
Please email your request to loans@dccreditunion.coop. DC Credit Union will consider up to 90 days of payment relief.
Please note: Forbearance extends the final maturity of the mortgage. Escrows will continue to be due – for payments of insurance and real estate taxes. On loans serviced by a third party, a $50 fee may apply.
Home Mortgages and Refinancing
Our Loan Officers at Credit Union Mortgage Association (CUMA) offer our members a range of home loan options with fair rates and low fees.
In addition to CUMA’s personal member service, you can easily apply online to get pre-approved for a mortgage. Some loan options may give you instant online pre-qualification.
Our mortgage loans offer you the options you need to purchase a new house or refinance your current home:
- Fixed, Adjustable Rate and Jumbo Loans
- FHA (Federal Housing Administration) financing available in Virginia, Maryland and D.C.
- Conventional and VA (Veterans Administration) financing nationwide
- Down payment assistance programs may be available
Apply online or call our mortgage hotline at 855-621-5865.
What is the process for buying a home?
- Decide how much you can afford
- Decide on a loan
- Apply for pre-qualification or pre-approval
- Find your home
- Make an offer
- Go through inspections
- Closing process
Co-op Share Loans
Because housing cooperatives (co-ops) are a common and affordable form of housing in the D.C. area, we offer Co-op Share Loans as a mortgage option.
A housing co-op is a group, often organized as a corporation, that owns a piece of real estate such as an apartment building. Instead of buying a specific apartment in the building, you purchase a share of the corporation that owns it. Then you get a proprietary lease on the apartment. You become a shareholder, and are partially responsible for common areas, maintenance fees and property taxes.
When you work with DC Credit Union for your Co-op Share Loan, you can expect:
- Mortgage loan officers with co-op experience who can guide you through the process
- Reasonable rates (ask a DC Credit Union staff member for latest rates)
For more information contact our Lending Department at 202-673-3626 or loans@dccreditunion.coop
We have an established agreement with the following cooperatives in the D.C. area.
If you are looking to purchase a share in one of these co-ops, then we might be a good fit for you:
- Kenesaw Housing Cooperative
- NEW Parkchester Housing Cooperative
Home Equity Loans
Your home may be a good resource for cash. If you have owned your home for some time, it’s possible you have thousands of dollars worth of equity you can use as a source of funds.
Equity is the difference between the market value of your home and the amount you owe on your mortgage. By taking out a loan on that equity, you can pay for college tuition, make home renovations, purchase a car, or take care of other major expenses.
- Borrow from $15,000 to $250,000
- Borrow up to 80% loan-to-value (LTV)
- No prepayment penalties and annual fees
- Available on primary residences
We offer closed-end home equity loans and a home loan line of credit. Both offer the following advantages:
- Ability to borrow larger amounts for major expenditures
Low reasonable rates - Interest may be tax-deductible (consult your tax advisor)
- Counts towards CU*Perks eligibility
Which home equity option is right for me?
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Best if you want
Best if you want
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Monthly payments
Monthly payments
Home Equity Loans
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Best if you want
A single lump-sum that is paid off over a set amount of time.
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Monthly payments
Fixed for the entire loan term.
Home Equity Line of Credit
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Best if you want
An open-ended source of funds that you can withdraw from as you need over time.
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Monthly payments
Vary with the amount of the loan, and as you repay it the amount of funds available to you is replenished.
Calculators to help get into the right home, and get value out of the home you have
What Should I Know Before Getting Started?
- Your current addresses for the past two years
- Social security numbers for all borrowers
- Your employment history for the past two years. (Employer(s) name, address and phone number.)
- Income information for all borrowers. You’ll be asked to include salary, overtime, bonuses, commissions, interest/dividend, retirement income and any other regular source of income.
- The price of the home you are buying, and how much you’d like to borrow toward the purchase.
- The address of the property you are planning to purchase.
- Bank and brokerage account information, including the institution name and current balances.
- If you own any real estate, we’ll have some basic questions including, address, current market value, the amount you owe, the rental income you receive (if any), and what your monthly payment is.
- Information about your current debts. We’ll ask for the name of the creditor, the account number, the current balance owing and the amount of your monthly payment.
It will take between 20 and 30 minutes to fill out the online application. Be sure you have gathered all of the necessary information (see question above) to streamline the process.
The interest rate depends on the program you will use to purchase or refinance. Check out the latest rates.
We do not. But we’ll help you save for a 5% down payment, which protects ownership of your home should property values decrease. We can also connect you with down payment assistance programs.
Need help with your first time home purchase?
Check out our “Make a Major Purchase” guide for helpful tips about going through the home buying process.
