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 

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.

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Frequently Asked Questions

With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change.

If everything seems to be in good standing on your application, you will be able to obtain a pre-qualification letter. Although it is not necessary to be pre-qualified, it is highly recommended before making an offer. It demonstrates to both you and to sellers how much house you can afford. It can be frustrating for both buyers and sellers to agree upon an offer, only to find out the buyer is unable to qualify for it.

Pre-qualification is based solely on the data you give in your loan application. From this information, your lender can provide a ballpark estimate of how much you can borrow, but your pre-qualified amount isn’t yet a definite thing. Pre-approval is a commitment in writing for an exact loan amount, after your lender has taken a closer look at, and verified, your financial situation and history.

There is no simple formula to determine the type of mortgage that is best for you. This choice depends on several factors, including your current financial picture and how long you intend to keep your house. Coastal Credit Union can help you evaluate your choices and help you make the most appropriate decision.

As a first-time buyer, the first step in purchasing a home is to determine what exactly you can afford. By using one of the several calculators on our website, you will be able to figure out affordability in relation to finances, credit score and other information.

All loans are subject to approval.

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