Mortgage & Home Equity


While buying a home is one of the biggest decisions you’ll ever make, selecting the right mortgage loan can be just as important as your lifestyle, your budget, or your comfort level. These are the types of personal factors that will help us target your best mortgage solution.

Whether you’re about to purchase or refinance a home, the Ouachita Valley Mortgage department can offer you the expert guidance and choices you need. We make home buying more comfortable, more personalized and more affordable than you’ve ever thought possible.

Type
Details
Apply
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Conventional Mortgage

  • Obtained without guarantees from federal government
  • Minimum down payment is typically between 3% and 5%
  • 20% down payment to avoid PMI

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FHA Mortgage

  • Insured by the Federal Housing Administration
  • Minimum down payment is 3.5%
  • Requires “Upfront Mortgage Insurance” (may be financed in loan)
  • Fixed terms of 15 or 30 years

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USDA Rural Development

  • Established by the USDA to service low to moderate income households
  • 100% financing available based on appraised value
  • A “Guarantee Fee” is required (can be included in loan amount)
  • No down payment required
  • Fixed term of 30 years

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VA Mortgage

  • Established by the Department of Veteran’s Affairs
  • 100% financing available
  • No down payment required

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Construction

  • New construction
  • One time close
  • 10% minimum down payment for primary residence
  • Interest only loan during construction
  • Modifies to 15 or 30 year fixed rate loan (once home is complete)
  • Loan amount up to $453,100

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Homestyle Renovation

  • Renovation and repair
  • One time close
  • 3% minimum down payment for primary residence
  • 10% minimum down payment for second home
  • 15 or 30 year fixed rate loan

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Home Equity Loan

  • Loan up to $200,000
  • Fixed rate terms ranging from 1-15 years

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Home Equity Line of Credit

  • 5 year draw period
  • Minimum payment based on balance owed (1% or $100 – greater of the two)
  • Loan up to $200,000
  • Variable rate

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Lot/Land Loans

  • Residential properties only
  • Terms ranging from 1 – 15 years
  • Can finance up to 85% of sales or up to 85% of appraised value (whichever is less)
  • Loan up to $100,000

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Mobile Home Financing

  • With land – loan up to $100,000
  • Mobile home only – loan up to $60,000
  • 10% minimum down payment on new purchases
  • Terms ranging from 1 – 15 years


Application Checklist:

  • Purchase Agreement

  • Legal description of property

  • Employer’s names, address, and phone number

  • Pay stubs covering the past 30-day period for each borrower

  • Valid Driver’s License or State Issued ID

  • W-2 and/or 1099 forms from all employers for the last 2 years

  • Tax return forms for the last 2 years

  • Bank statements for the last 2 months

  • List of all assets

  • List of creditors

  • Addresses for the past two years

Ouachita Valley Federal Credit Union is not acting on behalf of or at the direction of HUD, FHA, USDA, the Department of Veterans Affairs, or the federal government.