Mortgage Loans to Serve You Better!

Your credit union is dedicated to providing you the very best products and services available.  Because of this dedication to you, Fairfax County Federal Credit Union (FCFCU) has partnered with Credit Union Mortgage Association (CUMA) to provide you a full offering of mortgage products and service.  However, most of our mortgage loans are done right here at the credit union, by the credit union!

CUMA is a full-service mortgage company that is owned by credit unions (including FCFCU), dedicated to credit union members.  When you do business with CUMA, you are working with a credit union partner you can trust.  CUMA, which began in 1978, has been approved by the following organizations to serve members:

• National Credit Union Association
• Federal National Mortgage Corporation
• Federal Home Loan Mortgage Corporation
• Veterans Administration
• Federal Housing Administration
• And, Fairfax County Federal Credit Union

Here are some of the mortgage products being offered:

• Conventional 30 Year Fixed
• Conventional Adjustable Rates
• VA & FHA
• Interest Only
• First Time Home Buyer Program
• Jumbos
• Buy-Downs
• Balloons
• Sub-Prime
• And, more!!

For personal assistance with your next (or first) mortgage loan, call your credit union at 703-218-9900 or apply online.

How to Become Mortgageable

For anyone who's dreamed of owning a home, the words "your loan is denied" can be a blow. How easy to give up, especially if you already have some debt and live on a modest income. But patience and hard work can make home ownership a reality.

The best strategy is to meet with a Fairfax County Federal Credit Union loan officer and learn about the home loan process before you start looking for a house.

Lenders size up loan applicants on whether or not they are good credit risks. In other words, will an applicant fulfill a debt obligation or fall behind on payments and eventually default? Factors that can derail a mortgage application include a debt-to-income ratio above 35%, less than two years of employment history, nonpayment of bills, and application to purchase property that's depreciating in value.

These "Three Cs" are the traditional acid test for creditworthiness:

Capacity. Do you have the income to repay the debt? Lenders review employment history, gross monthly income, housing expenses, and outstanding debt.

Character. How much debt do you already owe, do you pay your bills on time, and are you able to live within your means? Lenders also want proof of stability--how long you've lived at the same address and held your present job.

Collateral. Is the property structurally sound or a sagging shack that'll undermine your ability to repay the mortgage? A licensed appraiser helps make this determination.

Most lenders use credit scoring, an objective model that predicts credit risk. In essence, scoring uses credit report data to evaluate your credit history based on experience with other borrowers. Computerized credit scoring speeds up the loan underwriting process and eliminates human bias. But it doesn't have the human ability to detect personal issues that can affect someone's credit history. That's why we at FCFCU sometimes consider other factors in the case of low-scoring applications. We also may find situations that override a poor score.

The credit union wants to find reasons to say yes, not to say no. So call our mortgage department today at 703-218-9900 (press 3) and start learning how you can become a homeowner.

Refinancing Checklist

With mortgage rates lower than they've been in 40 years, you might have caught the refinancing bug. If you're considering refinancing your home, this checklist can help you prepare. Heres what you'll need to make the process go as smoothly as possible:

Copies of previous two years W-2 forms
Copy of two most recent pay stubs
Three months most recent statement for checking/share draft and savings accounts
Copy of title insurance policy
Copy of current homeowners insurance policy
Copy of survey done for your last closing if available
The cost of appraisal and credit report
Social Security numbers of all applicants