Programs Offered

Refinance and Purchase programs are available for personal use of Primary Residence Only. SLCCU does not lend on Investment properties, vacation/second homes, or make refinances of loans that have been previously modified.

Loans securing commercial properties are not offered under this program. Opportunities may be available through our Business Services. Please visit our Business Loan Center: https://www.stlouiscommunity.com/loans/business-loans for more information.

*USDA Loans are only available in rural Areas outside of the St. Louis Metro Area

SLCCU staff work with you to help determine what mortgage types and terms you qualify for. Once your application is submitted, credit reports pulled and other information such as income and employment is verified to determine eligibility, we will explain the available options to assist in selecting the best mortgage type for you.

On a Purchase, a rate can be locked once you have; found a property and have accepted a sales contract after being Pre-Qualified; been approved for the mortgage amount; and had all required documentation reviewed.

On a Refinance, a rate can be locked when once your application is received by SLCCU and submitted to Carrollton Bank. Your Home’s value will have an impact on the Rate and Pricing*.

*Rate and Pricing is subject to change based upon the actual Appraised Value of your Home, even after an initial rate lock.

Conventional Loan- Rate/Term- 95.00% Max LTV
Conventional Loan- Cash Out- 80.00% Max LTV
FHA Loan- Rate/Term- 97.75% Max LTV
FHA Loan- Cash Out- 80.00% Max LTV

We look at the total picture of the applicant before making a loan decision. All 3 credit bureaus are pulled and reviewed once your application is received. Other items that may be factored into decision are employment, income, asset and liability details. Due to all the variations of products offered and different requirements for each, our Mortgage Specialist can only provide information on a hypothetical bases prior to a completed application. Once your application is received, we will review and discuss the requirements of each program.

A few things that could affect your ability to obtain a new mortgage;

Lower Credit Scores
Derogatory Credit
Unpaid collections, judgments, liens, or past due accounts
Length or Type of Employment
Unsupported types of income (Example: Part-time employment received for a period less than 2 years)
Prior Bankruptcies

*Restrictions on period of time following dismissal/discharge date vary by Loan Type and Bankruptcy type.

*It is important to re-establish acceptable credit history with new trade lines after the Bankruptcy.

Foreclosures

*Restrictions on period of time following the property being removed from your name can vary

Insufficient funds required to close
Failure to complete necessary Home Buyers Education course (Course is required for FHA loans and Down Payment Assistance Programs)
Inability to provide satisfactory rental verifications, if required

There is no cost to apply to determine initial eligibility or to get pre-qualified. Funds needed for closing will vary based upon your loan type, property type, and loan amount. You will need sufficient funds to cover Down Payment Requirements and Closing Costs. In some cases, adequate reserves for all Real-Estate owned may be required for a specified period of time. This is reviewed and determined after the application is received and initial review process is completed.

An Application Deposit of $500 will be due upon signing of your Initial Loan Estimate (LE) disclosure package, that is issued by Carrollton Bank once a Property Address is added to your application and you give your intent to proceed with the loan closing. Delays in receiving the funds could delay the processing of your mortgage. Additional Information on Application Deposit cab be found below.

Down Payment Requirements: Varies based upon Loan Type and Property Type

*Down Payment assistance may be available. Each application is reviewed for Down Payment Eligibility and available options after Pre-Qualification provided.

FHA: 3.50% of the purchase price

Conventional: 5% of the purchase price. (In some cases, only 3% of purchase price is required for credit-worthy low-to moderate income borrowers and/or homes in low-income communities.)

VA: Possibly 0%, subject to VA Eligibility

USDA: Possibly 0%, subject to USDA Property Eligibility

Closing Costs: Closing costs can differ due to the various fees. These fees include but are not limited to origination charges, appraisal fees, title charges, pre-paid escrow items, etc. The cost for these charges can vary based upon the loan amount, Title Company chosen, appraisal fee, as well as the state and local tax, which could vary based upon the county in which the property is in. Closing costs are not determined until an application is completed and property address is provided.

Down Payment Assistance Requirements

We work with several non-profits and City agencies that provide assistance options for those that meet their qualifications. Qualifying factors may consist of your household size and household income. A minimum contribution towards your loan will apply and you must complete the Down Payment Program Education and Counseling requirements.

Application Deposit: The Application Deposit is used to fund any third-party expenses required to close your loan that may be incurred on your behalf during the loan process, such as Appraisal, Credit Report, Flood Certification, or any other verification and/or certification. The cost of each service will be disclosed on your Initial Loan Estimate issued by Carrollton Bank before you agree to proceed with the closing and pay the deposit.

When your loan closes, the $500 deposit is credited toward your closing costs. The deposit is listed on both your Initial and Final Closing Disclosures (CDs) in “Paid Outside of Closing (POC) itemization of costs. The deposit is only used to cover any non-SLCCU or non-Carrollton Bank service fees in the chance that your loan does not close for any reason.

If your loan does not close, for any reason, and third-party services were obtained to process your home loan (Appraisal, Credit Report, Flood Letter, other Verifications, etc.) this deposit will be used to pay third-party fees up to $500. Any costs over $500 will not be charged to you. Any amount of your $500 deposit not used, will be refunded to you via check within 30 days by Carrollton Bank.

Currently, applications can only be submitted through our website.

During the application process you will need the following information for each borrower;

Name
Date of Birth
Social Security Number
Contact and Residency Information
Employment Information
Best estimates of Income, asset and liability information

Determining Initial Eligibility:

Once your application is received we will review it for any required missing information, pull credit reports, and review your application for Initial Eligibility. Initial Eligibility means you have qualified based upon the information you provided in your application and review of your credit report.

If your application is initially eligible, our Mortgage Loan Specialist will contact you by your preferred method to discuss next steps to get you Pre-Qualified, provide disclosures, and help with any questions you may have about the process within 1-2 business days from the time your application is submitted online.

Applicants who are not initially eligible will receive an email with details about common denial reasons, a link to helpful resources, followed by an adverse action letter in the mail.

Obtaining Pre-Qualification Letter:

We strongly recommend that you get Pre-Qualified for a mortgage loan before you find a home!

We want to do our best to provide you with the best experience possible! To help us accomplish this, SLCCU takes the extra step to verify all information provided matches the supporting documents before issuing a Pre-Qualification letter. The documentation required for review will be provided to you after initial eligibility determined. This often includes, but is not limited to the following:

Paystubs for prior 30 days
Prior 2 years of Tax Returns and supporting W2s and schedules
Verification of assets for last 60 days such as bank statements, 401k or retirement statements, etc.
Home Owners Insurance estimate/Invoices

Please expect additional documentation to be requested during the loan review process depending on details of application, information on documents and length of time of application.

Once all information is verified, a Pre-Qualification Letter outlining the type of loan and amounts you are Pre-Qualified for. Your realtor will work with you to search for homes, place offers and execute a contract which can then be provided to SLCCU.

Once your contract is accepted, we will collaborate with Carrollton Bank to provide disclosures, follow-up with you on inspection status, and help guide you through the next steps to order appraisals, etc. to work towards obtaining Loan Commitment or Approval.

Approval is provided after we have verified the information you provided, including the value of the home securing the loan and you are authorized to proceed with loan closing. You will work directly with our partners at Carrollton Bank through the approval and closing process.

Required time-frame for closing:

Purchase: 30 days from day purchase contract is submitted to SLCCU (45 days if Down Payment assistance being provided)

Refinance: 45-60 days from application date (subject to current market conditions and volume)

PROGRAMS OFFERED

IMPORTANT INFORMATION ABOUT OUR PROGRAMS OFFERED:

**LOAN TO VALUE* (LTV) GUIDELINES FOR REFINANCING:**

QUALIFICATIONS AND ELIGIBILITY:

HOW MUCH MONEY WILL I NEED?

OUR APPLICATION PROCESS: