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Served your country? Get a VA home loan.

If you have served your country, Service Credit Union wants to help you get into a home. Veterans Affairs Home Loans are privately issued but government-backed mortgages for active and retired military members—which means they have low or no down payments, and lower interest rates. Service Credit Union provides VA loans for our veteran members. They’re only for a primary residence, and your eligibility will depend on your credit score and income. Another advantage of a VA Loan compared to a conventional loan is that there is no monthly mortgage insurance.

Search for your home anywhere in the U.S., before your boots hit the ground.

Learn more by contacting one of our mortgage specialists today, or apply now.

Mortgage/Home Equity Rates**

Rates effective as of: 2/3/2023 9:17:13 AM (ET).

30 Year Fixed Rate Mortgage5.875%06.036%
15 Year Fixed Rate Mortgage5.000%0.1255.282%
30 Year Fixed VA5.625%05.784%
30 Year Fixed Mortgage Construction Single Close6.125%06.240%
Home Equity Line of Credit 12 Mo Fixed Rate Promo*3.990%03.990%

Before you start house hunting, you’ll want to put together a budget and calculate short and long-term costs to understand how much home you can afford. Upfront costs may include 0-20% for a down payment, 2-5% for closing costs and $200-600 for inspections. Ongoing costs include monthly mortgage payments, utilities, possible maintenance, and homeowners’ association or condo fees, if applicable.

Learn more about the homebuying process, and try out our savings calculator and many more tools to help you plan your savings goals here.

Ready with a price range, and all your financials in order? A prequalification letter from a mortgage provider will help expedite the homebuying process and let you know how much a financial institution may be willing to lend you. To apply, you’ll need to go through the standard mortgage application process, which includes questions about your income and employment, current debts, assets, and borrowing history.

Your prequalification letter will show how much you can afford to borrow, what your interest rate could be, and an estimate of your monthly payment based on assumed taxes and insurance. You may be able to lock in the rate you’ve been offered for up to several months while you’re shopping for a home, and your prequalification will help your offer stand out against other prospective buyers.

At Service CU, we’ll lock your rate for up to 90 days with no additional fee or rate adjustment.

Ready to apply? Get prequalified now.

How long does the process take?

We routinely process and close mortgage applications within 30 days.  However, there are many variables that determine the length of the process, including how fast you respond to our requests for documentation.

What is your minimum credit score?

It depends on many variables, including the down payment amount, loan program, and property type. We do not have a published minimum credit score, however, if you are putting down less than 20%, and are not using the VA loan program, the minimum credit score is typically 620. 

Do you do loans outside of NH/ME/VT/MA?

Yes, we are a national lender!  We do mortgages in all states with the exception of Alaska, Texas, and Hawaii.  Not all programs are available in all states. Construction loans are available only in NH and MA.

Will my loan be sold?

While it is possible that your loan will be sold (the standard Fannie Mae promissory note gives the lender the right to sell the loan), it is important to understand that we will still be servicing your loan.  We generally do not sell our loans (there are some exceptions), and even if we do, you will still be making your payments to Service Credit Union and we will still be handling your escrow account (if you have one).

Do I get a discount for being a member and/or having automatic payments?

Yes; if you have a direct deposit of your net pay into a Service Credit Union checking account, and set up an automatic payment of your new mortgage from your Service Credit Union checking account, you will be offered a $500 credit toward closing costs.**

Can I have a co-signer?

In certain circumstances, a co-signer is permitted.  However, we will require that the occupant borrower be qualified from a credit and ability to repay perspective. Generally, we require a co-borrower vs. a co-signer.  A co-borrower has the same liability as to the primary borrower.

Do you offer bridge loans?

We do not have a specific bridge loan program.  However, we may be able to achieve a bridge loan through the use of a home equity line of credit on the house you will be selling.  This will depend on the amount of equity you have and your ability to qualify to carry the debt for your existing mortgage (if any), the home equity line of credit, and the mortgage on your new home.

Do you finance mobile homes?

We do not offer loans for manufactured housing (mobile homes) regardless of whether or not they are permanently attached to a foundation.

Do you finance investment properties?

 We do not offer loans for rental properties

*Rates shown are Annual Percentage Rate (APR). HELOC promotional rate of 3.99% APR is fixed for the first 12 months. After the promotional period, the rate will vary based on the Wall Street Journal Prime “Prime” rate published on the last business day of the month, 6.25% APR as of 09/22/2022. APR may increase after the loan is closed; maximum APR is 17.125%. Minimum line of credit is $10,000. Property insurance is required. During the 10-year draw period a Home Equity Line of Credit with a balance of $10,000 and APR of 3.99% for the first 12 billing cycles will result in 12 interest only payments of $33.25. After the promotional period a balance of $10,000 and variable APR of 6.25% will result in 108 interest only payments of $52.08, followed by 180 payments of $85.74 and one (1) final payment of $85.97 during the repayment period. Payment example does not include taxes and insurance; actual payment obligation will be greater. During draw period minimum payment required is interest only. Closing costs will apply to home equity lines of credit secured by properties that are listed for sale. Properties currently on the market will be subject to credit report, title, recording, settlement, and appraisal fees (approximately $900). Existing Service Credit Union HELOC’s are not eligible for this promotion. An early termination fee of $400 applies if paid off and closed within 36 months of opened. The fee will be waived if refinanced with Service Federal Credit Union, increasing the original line of credit amount by at least $10,000, or if the borrower paid closing costs for the home equity line of credit. Subject to credit worthiness and dwelling requirements. Must be an existing member or eligible for membership. Promotion runs from 10/25/2022-11/30/2022 and is subject to change or be discontinued without notice.

**The displayed rates for conventional loans assume a loan amount of $250,000 for a single-family, owner-occupied purchase transaction with a down payment of 40% and a credit score of 740 or higher.  VA rates assume a loan amount of $250,000 and no down payment.  Conventional jumbo loans assume a loan amount of $726,200 and a 40% down payment. VA jumbo assumes a loan amount of $726,200 with no down payment.  Payment examples can be obtained by clicking the calculate payments button above and do not include taxes or insurance premiums.  Payment obligation will be higher. Appraisal rebate of up to $695 will be applied for purchase loans only. A purchase loan is the financing connected to the purchase of a property involving the transfer of title from seller(s) to buyer(s). Applicant(s) will be required to pay estimated cost of the appraisal up front. Rebate will be applied as a credit at closing towards the total amount paid for the appraisal associated. Credit will not exceed amount paid and cannot be transferred or exchanged for cash equivalent. Subject to change or be discontinued at any time.