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 non-occupying coborrowers 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 rate can change periodically based on the ARM program chosen, in relation to an index. While the monthly principal and interest payments made on a fixed-rate mortgage are stable, payments on an ARM loan are likely to change.
    A pre-qualification is a basic review of your finances to determine if you would qualify for a mortgage. In general, a pre-qualification is based on unverified information you provide and does not include a credit check. This is only an estimate of the amount you would qualify to borrow based on stated income and debts and is not a firm guarantee of a loan. You will need to submit a formal application to obtain a pre-approval letter to be able to make an offer on a home.
    A pre-approval is a conditional commitment, in writing, for a specific loan amount issued by a lender. Unlike a pre-qualification, a pre-approval requires a completed loan application as part of this process for the lender to check your credit, verify your income and employment, and confirm the amount you qualify to borrow. A pre-approval can show sellers that you're serious about buying a home. Once the lender has pre-approved you for the loan, a formal letter will be provided with the terms of the loan to submit with your offer
    We offer competitive rates on all our products. Current purchase rates can be found on our Coastal 24 website at https://www.coastal24.com/Resources/Information-Tools/Rates/Mortgage-Rates. For refinance rates, please visit our Mortgage Rates page and click on Get Your Refinance Rate Quote to submit a form for a custom rate quote.
    An individual who has not owned a principal residence in the last three years is considered to be a first-time homebuyer. If there is a co-borrower, only one occupying borrower is required to be a first-time homebuyer. An individual who is a displaced homemaker or single parent also will be considered a first-time home buyer if he/she had no ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the preceding three-year time period.

    All loans are subject to approval.

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