Purchase a Home
Ready to buy a home? A mortgage from UVA Community Credit Union can open the door to your new life.
For everyone from first-time buyers to long-time owners.
We have a home loan that meets your purchasing needs.
The right mortgage is the key to enjoying your home. When you work with UVA Community Credit Union, you work with a group of people excited about your home-buying journey and invested in your success. You also work with people who will always support you, providing local decisions and local servicing the entire way. Choose from our various home loan options.
It's time to come home to a better mortgage experience.
- Choose from various home loans and government programs
- Get assistance at every step of the process
- Find the interest rate and term that work for your budget and lifestyle
Home Loan Options
The interest rate on this mortgage never changes, which means your principal and interest payments will remain the same for the full term. This is the popular type of mortgage because it provides predictability with your budgeting.
- Good for long-term homeowners
- No prepayment penalties if you pay off your mortgage ahead of time
- Choose from conventional, jumbo, Federal Housing Authority (FHA) Mortgages and VA Home Loan options
An ARM can put homeownership within easier reach by keeping your initial payments lower. Your interest rate will be fixed for a period of years before it adjusts upward or downward every year thereafter, depending on market conditions. There's a a lifetime cap on how high or low the interest rate can go during the term of your loan.
- Interest rate is generally lower than the market rate on a comparable fixed-rate mortgage and rises or possibly lowers over time
- Typically cheaper than a fixed-rate mortgage at least in the first 5-7 years
- Good if you're a short-term owner planning to sell before the rate adjusts
A 5/1 ARM is one of the most popular options. Here's what those numbers mean:
- The first refers to the term of the initial interest rate.
- The second is the number of years between interest rate changes after the initial rate term.
- With a 5/1 ARM, the interest rate is fixed for a 5 year period. The rate can adjust up or down by a specific interest rate amount each year after that.
Buying your first home is a milestone moment. We want to help make it a positive experience! We offer various home loans for first-time buyers, including popular government programs that can help reduce the upfront costs.
- Little to no down payment options for qualified buyers
- Closing-cost and principal reduction assistance
- Fixed rates keep your principal and interest payments the same each month for easier budgeting
- No prepayment penalties if you pay off your mortgage ahead of time
- Explore options such as Federal Housing Authority (FHA) Mortgages, VA Home Loans, USDA/Rural Development (RD) Mortgages and Hometown Heroes Mortgages (if you're in Education, Medical Care, Fire & Rescue, Law Enforcement and Military)
When you find a good rate, lock it down while you continue house hunting. You won't be rushed and you can shop for the home that's right for you knowing your mortgage rate1 is locked in. And if rates go down, you have the one-time float down option.2
- Your rate is protected for up to 120 days, with no upfront fees
- No property address required
- Available for primary and second homes, and investment properties
- Eligible for Fixed-Rate Mortgages, Adjustable-Rate Mortgages (ARM) and Hometown Heroes Mortgages (if you're in Education, Medical Care, Fire & Rescue, Law Enforcement and Military)
UVA Community Credit Union is a full-service financial institution with locations throughout Virginia's Central Piedmont and Valley area.
Resources for success.
Login to Online Banking to apply.
All loans subject to credit approval. Interest rates are based on creditworthiness, loan-to-value (LTV), occupancy and loan purpose, so your interest rate and terms may differ. There is a flat loan origination charge of $695 and an underwriting fee of $595. Adjustable Rate Mortgages are variable, and your Annual Percentage Rate (APR) may increase after the original fixed interest-rate period. Many of our ARM programs carry discount points, which may impact your interest rate.
Other restrictions may apply. UVA Community Credit Union membership eligibility is required. A minimum ongoing balance of $5 in a Share Savings Account is required. Contact a Mortgage Loan Originator for more details about our 5/1 and other ARM options.
1 Conforming loan limits only.
2 Float down options is only available with a 120 day rate lock.
All loans subject to credit approval. Other restrictions may apply. UVA Community Credit Union membership eligibility is required. A minimum ongoing balance of $5 in a Share Savings Account is required.