HomeReady Mortgage

Going the extra mile to help home buyers

Flexible terms jumpstart your journey toward the joys of home ownership

Here's how a HomeReady® Mortgage from Coastal could help you bank better:

  • Helps low- and moderate-income families get mortgages from the government-backed Federal National Mortgage Association (Fannie Mae)
  • Requires a down payment of only 3% of the home’s cost
  • Roommates' or extended family's income can help you qualify
  • Friends and relatives who don’t live with you can serve as co-borrowers to help you qualify
  • Gifts and grants are permitted as a source of funds for a down payment and closing costs
  • Includes online education that prepares you to buy and own a home
  • This mortgage is eligible for an annual Loyalty Bonus payout 

Just the Facts

Sometimes home ownership seems like nothing more than a distant dream.

When you're thinking about taking the first steps to homeownership, the process can make you pause.After all, it takes $20,000 or more to put a 10% down payment on a typical North Carolina home, and you need to hit certain income thresholds to qualify for a standard mortgage.

At Coastal Credit Union, we’re removing the barriers to homeownership by teaming with the government-backed lender Fannie Mae to offer HomeReady® Mortgages. It's a flexible option for qualified borrowers, with only a 3% down payment. First-time buyers and those looking to upgrade can qualify. The mortgage can be applied to your primary residence. Whatever you need, the HomeReady® Mortgage can meet it. At Coastal, we do more than care about where you bank. We care about where you live.

Earn more cash back when you shop.

I was able to buy my first home on my own without using all of my savings.
Margaret H.

Frequently Asked Questions

The primary savings is considered the membership account which provides our members with voting rights at the credit union and will always need to remain open and active as long as there are share products or loan products listed under the housing account.

There are two options to make principal only payments. (Excludes first mortgages and VISA Credit Cards)

You can pay an extra amount at the same time you make your regularly scheduled payment. The extra amount paid will automatically be applied to the principal balance. The regular payment and the extra amount must be applied on the same date with this option.

You can make principal only payments at other times as long as your loan is current. Please note, a principal only payment will not advance your due date, and will not take the place of normal monthly payments.

When mailing a check for principal only payments, clearly indicate in the memo section of the check, "PRINCIPAL ONLY" and the account number. Any payment applied as principal and interest, that is not notated "PRINCIPAL ONLY", cannot be reversed and reapplied later.

Please send payment to:
Coastal Federal Credit Union:
ATTN: Payments/Deposits:
PO BOX 58429, Raleigh NC 27658-8429

Please email loanservicing@coastalfcu.org with any questions.

Yes, if you wish to add more funds to your loan or increase it in anyway a new application will need to be submitted

You do not need to have a first mortgage with Coastal to obtain a HELOC.

Coastal only issues 1098 Mortgage Interest Statements for accounts that paid $600 or more in interest during the calendar year. The exact amount of interest paid on your mortgage loan is listed on your December statement.

All loans are subject to approval.

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