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.

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 ^*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

The NC Home Advantage Tax Credit enables eligible first-time homebuyers, military veterans, or members purchasing a home in a targeted census tract to save on their federal income taxes with a Mortgage Credit Certificate (MCC). This tax credit program is available subject to income and sales price limits. If a member qualifies, 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. 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 paid to NCHFA.

FHLBA First-time Homebuyer Product

The Federal Home Loan Bank of Atlanta’s (FHLBA) First-time Homebuyer Product provides grants in the form of forgivable second mortgages in amounts up to $12,500 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 and ask to speak to a Mortgage Loan Specialist.

FHLBA Community Partners Product

The Federal Home Loan Bank of Atlanta’s Community Partners Product provides up to $15,000 in home purchase assistance to current or retired law enforcement officers, educators, health care workers, firefighters, and other first responders; veterans or active-duty members of the U.S. military or their surviving spouse; and COVID-related essential workers. Funding is available to both first-time homebuyers and non-first-time homebuyers that meet product eligibility requirements and apply for funding through a participating member financial institution.

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.

For members that are first-time homebuyers, the FHLBA Community Partners Grant can be used in combination with the Mortgage Credit Certificate (MCC) program offered through the North Carolina Housing Finance Agency (NCHFA).

The FHLBA Community Partners Grant cannot be used in conjunction with SECU’s First Time Homebuyers' Mortgage Program. For assistance with the FHLBA program, contact your local branch or Member Services at (888) 732-8562 and ask to speak to a Mortgage Loan Specialist.