Investment Property Loans

Rental income can give your finances a new lease on life.

A low-cost loan could punch your ticket to checks from tenants

Here’s how a Coastal Investment Property Loan could help you bank better:

  • You can borrow up to $484,350 to purchase condos, single-family homes or other investment properties.
  • Flexible terms allow you to borrow up to 85% of the property value. That means a down payment of only 15%.
  • Choose from 10-, 15-, 20- and 30-year fixed-rate mortgages. A fixed rate means your rate will never increase over the life of the loan.
  • The rental income from the property being purchased may be used for loan qualifying purposes under certain circumstances.
  • Coastal charges a low underwriting fee of $400. You receive substantial savings because there are no charges for document prep or credit reports.
  • Your loan will always be serviced by Coastal. If you have questions in the future, you’ll never have to deal with a far-off megabank.
  • This loan is eligible for an annual Loyalty Bonus payout.

Just the Facts

Rent checks are no fun to write. But you might like them more if you’re on the receiving end.

Across North Carolina, people are looking for more financial security for their families. But there are only so many hours a day that anyone can work. That’s why many of our members are warming to the idea of buying investment properties in North Carolina and elsewhere.

The concept is simple. You borrow money, buy a property, fix it up if it needs work, and then rent it out. The monthly checks from your tenants cover the loan repayment costs and net you a tidy profit. Coastal can start you off on the right foot, offering low interest rates, low fees and low down payment requirements. From there, the success of the venture is up to you. When it comes to generating new income, we wish you the best outcome.

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 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.

For a $250,000 loan for a tem of 30 years with a 4.50% APR, the monthly payment is $1,267.00.  Taxes and insurance are not included in this payment example and that the actual payment obligation could be greater.  All loans are subject to approval.

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