Home Loans

Popular Questions

The credit union has several programs for homebuyers with a limited amount of funds for both a closing payment and down payment. These programs are open to all homebuyers, not just first time owners. For more information, contact Unitus Mortgage.

Private mortgage insurance is a financial guarantee that protects the lender in the event a borrower defaults on a mortgage. To purchase a home without mortgage insurance, borrowers generally need enough money to make a down payment that’s at least 20% of the price of the home. To put 20% down on a $200,000 home, a borrower would need to come up with $40,000! This is quite a hefty down payment.

With private mortgage insurance, you’ll reduce or eliminate the need for accumulating a down payment, which will allow you to purchase that $200,000 home sooner!

Self-employed members need loans too! Typically, we ask that self-employed borrowers have at least a two-year history in their current business. However, this can depend on many different factors, such as your credit worthiness. For more information, we recommend contacting one of our mortgage specialists directly at 503.471.3325 or 800.452.0900.

In general, monetary gifts can be used toward down payment. For more information, contact a first mortgage specialist directly at 503.471.3325 or 800.452.0900.

Sellers can contribute to closing costs on most of our loan programs.

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