Special Mortgage Programs

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The Credit Union offers several special mortgage programs and has partnered with the North Carolina Housing Finance Agency and Federal Home Loan Bank of Atlanta to offer additional programs to assist first-time homebuyers. Similar to our other adjustable and fixed rate products, funds are collected with each payment, in addition to your principal and interest payment, to allow for the disbursement of the estimated annual property taxes and insurance premiums that will be due. These funds are placed in an escrow account until the tax and insurance premium payments are due and earn dividends equal to the share account rate. SECU's lending programs are available for properties located in North Carolina, South Carolina, Virginia, Georgia and Tennessee unless further restricted as outlined below.

First Time Homebuyer's Mortgage

This special mortgage is designed to assist members who wish to realize the dream of owning their first home. Members who have not owned a home in the past three years, new employees of a North Carolina state agency or North Carolina public school system, and existing employees who are relocating to accept a new position with the state of North Carolina are eligible for the First Time Homebuyer’s Mortgage Program. Members who are considered new employees or have relocated to accept a new position must finance their new home within 12 months of their change. Financing of up to 100% of the purchase price of a home is available with a maximum loan of $500,000. An additional $2,000 may be advanced to assist you with closing costs.1 This product is available under our 5-year ARM program.

5-Year Adjustable Rate Mortgage
First time homebuyer's mortgage calculation form

Current Interest Rate: %
Fully Indexed Interest Rate: %

*Expand for additional information specific to this program and to calculate payment and APR2.

  • Amount financed limited to the lesser of the sales price or appraised value, plus up to $2,000 for closing costs1
  • Origination fee 1.00% of loan amount (cap of $2,500)
  • No application fees or credit report fees
  • Home must be primary residence for the borrower
  • Private mortgage insurance not required
  • Available for terms up to 30 years

Manufactured Home Loans

The Credit Union finances single and double wide manufactured homes through our 5-year ARM (adjustable rate mortgage), fixed rate mortgage or through our First Time Homebuyer's Mortgage programs. Manufactured homes must have been manufactured on or after June 15, 1976 to be considered for financing.

  • Maximum term of 15 years
  • For purchases, maximum financing and loan-to-value financing tier determined based on the lesser of the sales price or appraised value. Member is responsible for appraisal costs.
  • Cash-out refinance up to a maximum of 65% loan-to-value (LTV). Cash out is defined as any funds that exceed the balance owed on the first or second mortgages being paid off.
  • Home must be placed on property owned by the borrower with deeded access or access directly to a state-maintained road
  • Home must be on a permanent foundation (brick or block) with the tongue, wheels, and axle removed
  • Home must have a pitched roof of either shingles or metal
  • Home must be listed with the tax office as real property
  • Origination fee 1.00% of loan amount (cap of $2,500)
  • No application fees or credit report fees
  • Home must be primary residence for the borrower

Historic Preservation Homes

The Credit Union offers financing for homes that fall under the jurisdiction of either the NC Historic Preservation Society or a local Historic Preservation Board under our 5-year ARM program or our fixed rate mortgage programs.
  • Maximum loan-to-value of 70%
  • Maximum loan amount of $400,000

Mortgage Credit Certificates

Mortgage Credit Certificates (MCC) are issued through the NC Housing Finance Agency for mortgages used to purchase a member's first home. A federal income tax credit for 30% of the mortgage interest payment is provided each year (up to a maximum benefit of $2,000 per year), effectively reducing the tax liability for a home purchase. Income and sales price limits apply. More information about the MCC program is available through the NC Housing Finance Agency. Members should consult a tax advisor for further information about their potential tax liability. MCC is only available to individuals residing in and for properties located in North Carolina.

Members may take advantage of the MCC with most of our mortgage products. The Credit Union will process the MCC request at the time of the mortgage financing request for a non-refundable fee of $475.

FHLBA Grant Program

The Federal Home Loan Bank of Atlanta’s (FHLBA) First-time Homebuyer Program provides grants in the form of forgivable second mortgages in amounts up to $7,500 in down payment and closing-cost assistance for the purchase of a home by a first-time homebuyer.

To be eligible for the grant funds, members must contribute a minimum of $1,000 of their own funds towards the down payment/closing costs. Members will not have to repay these funds if they remain in the home for at least five years. A member’s total household income must be less than or equal to 80% of the county area median income or the state median family income for the area in which the home is being purchased, whichever is higher. Additional requirements apply.

This program can also be used in combination with the Mortgage Credit Certificate (MCC) program offered through the North Carolina Housing Finance Agency (NCHFA).

The FHLBA Grant cannot be used in conjunction with SECU’s First Time Homebuyer Mortgage Program. For assistance with the FHLBA program, contact your local branch or Member Services at (888) 732-8562.
1The interest paid on the portion of the loan that is greater than the fair market value of the dwelling is not tax deductible for federal income tax purposes. Consult a tax advisor for further information regarding the deductibility of interest and charges.
2APR = Annual Percentage Rate. APR is your cost over the loan term expressed as a rate. Stated APR based on a purchase transaction with a loan amount of $150,000 for a maximum term allowed for each loan program. Please use the calculator to calculate monthly payment and APR for different loan options.