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In order to communicate electronically with your Mortgage Loan Officer, you will need to give your consent. Follow the instructions listed below, and contact your Mortgage Loan Officer if you have any questions during this process.
Select "Solarity Credit Union" as your institution, and "Main Page" as your first page.
Don't have an application? Click "Apply Now" instead.
This allows Solarity to send you emails during the home buying process.
Unable to download the file? Check your downloads file on your computer, and make sure pop-up blockers are turned off for this process.
This is located in the top right corner of the EConsent PDF. It will look like this:
If you aren’t being assisted by a Mortgage Loan Officer, or do not see them listed, leave the option blank.
You're all done!
A standard homeowners policy (HO-3 policy) will protect you in the event of fires, theft, accidents, or other disasters (flood and earthquake coverage requires additional coverage). Homeowners are often required by their lender to carry a standard policy to protect the mortgage company’s investment. It’s important to note that a standard policy is not a blank check—there’s a limit to how much you’ll be compensated.
Easy, right? It’s a loan for your house. Well, not quite. While most people think of a mortgage as the money you borrow to buy a home, that’s technically not correct. A mortgage is a document you give a lender that essentially says the lender has the right to use your home as collateral in the event you don’t repay the loan. As such, once the loan is paid in full, the mortgage vanishes, and you own your home outright.
First time home buyers can buy a home with less than ideal credit.
Borrowers who have filed for bankruptcy in the past would have to wait at least four years from the date of discharge. Borrowers who have had a short sale or foreclosure would also need to wait seven years to qualify for a conventional mortgage loan. There are exemptions to allow borrowers to qualify in a shorter period of 4 years. However, there would have to be extenuating circumstances for the bankruptcies or foreclosures. The borrower would still be required to have at least a 620 minimum credit score to qualify.
First-time homebuyers can build a home and have several options available to finance the build. They can get a land and build package to both purchase the land they want to build on and then to build their home. The down payment can be as low as 5% of the total amount needed to complete the project. If the borrower already owns the land, then we can finance just the amount needed to build their home and then use the final appraised value for their loan to value calculation. In this scenario, there might not be a down payment required if the appraised value comes in high enough.
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