Secu Land Loans: What You Need To Know

State ECU (SECU) in New Mexico offers land loans, but SECU Credit Union in Maryland does not finance raw land. However, SECU Credit Union does offer a variety of mortgages for those looking to purchase an existing home.

SECU does not finance raw land

SECU, or State Employees' Credit Union, offers a range of mortgage options for eligible members. However, it is important to note that SECU does not finance raw land. While they provide lending options for various home-buying and refinancing needs, their services do not currently extend to raw land financing.

SECU caters to those seeking to buy their first home or refinance an existing mortgage. They offer adjustable-rate mortgage options, competitive rates, and no pre-payment penalties. Additionally, they provide financial counseling and assistance programs to support members in their home-buying journey. SECU also offers auto loans with flexible terms, ranging from 24 to 84 months, and refinancing options.

In certain states, such as New Mexico, SECU provides home mortgage loans for primary residences, second homes, and vacation homes. They also offer fixed-rate loans and rate discounts for auto pay and checking. However, these rate discounts do not apply to 30, 20, or 15-year fixed-rate loans. SECU requires a minimum loan amount of $10,000 and facilitates an easy application process with friendly and convenient services.

While SECU provides a comprehensive range of mortgage and loan options, they do not finance raw land. This means that their services are tailored towards existing properties rather than undeveloped land. It is essential for individuals seeking land loans to explore other financial institutions that cater specifically to this type of financing.

Land loans are available from State ECU in New Mexico

State ECU in New Mexico offers land loans to its customers. The credit union provides mortgage options for every eligible member, whether they are looking to buy their first home, refinance their current home, or tap into their home's equity.

State ECU's land loans are available for a minimum loan amount of $10,000, with a 0.15% rate discount for auto pay and a 0.10% rate discount for auto pay from a State ECU checking account. The credit union offers an easy application process, friendly and convenient service, and affordable payments.

In addition to land loans, State ECU also offers a range of other financial products and services, including home mortgage loans, auto loans, and financial counseling. They also have state-of-the-art financial centers throughout New Mexico and provide online banking services.

It is important to note that State ECU does not offer construction loans or finance raw land at this time. However, they do provide a variety of mortgage options for those looking to purchase an existing home. State ECU is known for its transparency regarding interest rates and fees, and its assistance programs and specialty mortgages provide similar terms and requirements to government-backed loans.

SECU offers a 100% financing solution

SECU offers a variety of mortgage options for eligible members. One of these options is 100% financing for first-time buyers who have good credit but lack the funds for a down payment or closing costs. This is part of the First Time Homebuyer's Mortgage program, which allows borrowers to finance 100% of their home purchase.

SECU also offers a range of other mortgage options, including fixed-rate loans, adjustable-rate mortgages (ARMs), and specialty loans such as the Medical Professional Mortgage Loan and VA Loans for active-duty military, veterans, and their spouses.

To get started with the application process, you can apply online, over the phone, or by visiting a local branch. A credit check is required, along with details on income, debt, assets, and residential and employment history.

SECU provides transparent information about its interest rates and fees. It also offers lending programs and resources tailored to first-time homebuyers, including the Federal Home Loan Bank of Atlanta's special grant, which matches a borrower's contribution of at least $1,000 toward closing costs four times up to $5,000.

SECU offers a range of mortgage options

For first-time buyers, SECU offers a 100% financing solution, meaning you can secure your dream home without a large down payment. They also offer adjustable-rate mortgage options, with no pre-payment penalty clauses, and nationally competitive rates. SECU also provides unique mortgage loans for first-time buyers, such as the First Time Homebuyer's Mortgage, which allows borrowers to finance 100% of their home purchase.

If you're looking to refinance, SECU can help you lower your monthly mortgage payments or tap into your home's equity. They offer a range of lending programs and resources tailored to your needs, including fixed-rate loans from $10,000 up to $510,400.

SECU also provides mortgage options for specific professions. For instance, the Medical Professional Mortgage Loan is designed to offer favourable terms to members of the medical community, such as doctors, nurses, and pharmacists. They also offer VA Loans, which are designed exclusively for active-duty military personnel, veterans, and their surviving spouses.

Additionally, SECU provides assistance programs for members struggling to make their mortgage payments. Through the SECU Mortgage Assistance Program, loan officers work with members to develop an individualized financial plan, which may include temporarily modifying payments, deferring payments, or adjusting loan terms.

SECU also offers a range of rate discounts and incentives, such as no application or credit report fees, and rate discounts for auto-pay and checking.

SECU does not offer construction loans

SECU's mortgage options include lending programs and resources tailored to first-time homebuyers, as well as options for those looking to buy a manufactured or historic home. They also offer unique mortgage loans for first-time homebuyers, including the First Time Homebuyer's Mortgage that allows borrowers to finance 100% of their home purchase.

While SECU does not offer construction loans, they do provide financial counseling through Accel, and members can contact them to discuss their specific needs and explore potential alternatives.

It is worth noting that SECU does offer land loans, but these are limited to New Mexico. Therefore, if you are a resident of New Mexico, you may be eligible for a land loan through SECU.

For those outside of New Mexico, alternative financial institutions may be able to provide construction loans or other relevant financing options. It is recommended to explore other lenders and compare their offerings to find the best solution for your specific needs.

Frequently asked questions