If you are ready to buy a home, we have the program for you!
Thank you for expressing interest in Lower Valley Credit Union’s Home Mortgage Program. Buying a home can be a complicated and intimidating process, but LVCU is here to help you through every step. In order to start the process, we ask that you fill out an application either online at www.lvcu.org or by setting up an appointment with one of our branch managers. LVCU offers a 30-year fixed rate conventional mortgage. In order to simplify your qualification, it is preferable that you already have a property that you are interested in purchasing. However, if you are simply interested in finding out whether or not you qualify or how much you qualify for you may still fill out an application. If you do not have a Social Security Number, but instead use an ITIN, you can still qualify!
Minimum Credit Score
Once you turn in a completed application, we will run a credit report. You must have a 620 credit score or higher in order to qualify. If you apply with a co-applicant, we will use the lower of your two credit scores to determine whether or not you qualify.
The maximum loan amount you can receive is determined as a percentage of the value of the property you are seeking to buy. The chart below shows what your estimated down payment will be based upon you taxpayer identification status.
|ITIN or SSN?||Property Value||Minimum Down Payment %||Estimated Down Payment|
YOUR NEW HOME IS ONLY 12 STEPS AWAY!
What are the steps when purchasing a home?
In addition to completing an application, we will require you submit the following documents:
- Copies of last two years of tax returns
- Two months complete bank statements which show your funds available for the down payment
- Last two years of W2’s
- Two current pay stubs
We also require the following in order to qualify:
- At least two years of continuous employment at your current or a similar job
- An active Savings Account with LVCU
- Proof of Washington residency for at least two years
- Completion of a Home Buyer Education Class
- A valid Social Security Number or ITIN
- You cannot have filed for bankruptcy within the last
- Your debt-to-income ratio should be below 45%. This ratio is calculated by adding all of your monthly debt payments (credit cards, auto loans, your new mortgage payment, etc.) and dividing by your monthly income. This process will take up to 1 week.
STEP 2 – Qualification Letter
Once requirements are met, you will receive a pre-qualification letter from LVCU. Up to 3 days
STEP 3 – Contact a Realtor
Contact a Realtor of your choice to help you with the process. Up to 1 week
STEP 4 – Search for a Home
Search for homes in the communities you are interested in living in. Up to 1 – 2 months
STEP 5 – Make an Offer
Submit an offer with the help of your Realtor and await the seller’s response. Up to 3 days
STEP 6 – Sale Agreement
If one offer is accepted, submit your Purchase and Sale Agreement to LVCU to receive a Loan Estimate. Up to 1 day
STEP 7 – Home Inspection
Order an inspection of your home (optional but strongly recommended). Up to 1 week
If steps 5 to 7 are unsuccessful, you would go back to step 4
STEP 8 – Home Appraisal
Upon receiving your intent to proceed, LVCU will order an appraisal for your home. Up to 4 weeks
STEP 9 – Loan Processing
Your loan will be processed by LVCU. Up to 3 weeks
STEP 10 – Insurance
Select a Home Owner’s Insurance company and submit proof to LVCU. Up to 1 week
STEP 11 – Closing Appointment
Set up an appointment for closing with LVCU and an appointment with the title company. Up to 2 days
STEP 12 – Move in!
Sign documents, move in! Up to 1 day
Since we are a local member-orientated credit union, we strongly believe that we offer superior one-to-one member service for everyone that we work with. Please feel free to follow up with us at email@example.com or by calling 509-836-2188. Thank you very much and we look forward to hearing from you.
NMLS ID #431452