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Real Estate Loans
The DSPFCU has a variety of Real Estate Loans to meet the needs of our
members.
 | Fixed rate, adjustable rate, and balloon rates |
| Interest rates float on a daily basis |
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| Limited to $200,000 per member with a maximum loan of $200,000 on any one
property |
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Fixed Rate Home Equity Loan
| Closed-end second mortgage for up to 180 months secured by the equity in
the member’s home. |
| Requires appraisal, title search, flood zone certification, and filing
fees |
| Loan disbursement will be made after a three working day waiting period
after all official papers have been completed and signed. |
| Closed-end second mortgage secured by the equity in the member’s home. |
Variable Rate Home Equity Loan
| Revolving line of credit secured by the equity in the member’s home. |
| Requires appraisal, title search, flood zone certification, and filing
fees |
| Loan disbursement will be made after a three working day waiting period
after all official papers have been completed and signed. |
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Loans are available for construction and permanent financing
on personal residences.
Our Construction Loan Policy:
| The dwelling will be appraised based on the value upon completion, and
this appraised value, or the cost of construction plus the cost of the land,
whichever is lower, will be used to determine the loan amount. |
| Both during and after the construction period, principal and interest
payments will be made on the full amount of the loan. Because the interest
rate and payment amount will be unchanged throughout the loan term, there is
no need to refinance at the end of the construction term; the loan will
simply become a standard first mortgage. |
| There will be a maximum 30-year term. |
| Construction loans will be made up to a maximum of 80% LTV for a first
mortgage with no accompanying second lien, or 75% LTV for a first mortgage
with an accompanying 15% second mortgage (for a total LTV of 90%). |
| The standard first mortgage rate and/or second mortgage rate, as
applicable, will be charged, plus on additional point. |
| Construction loans will be made on one-unit personal property residences
only. |
| Members will have eight (8) months to complete construction of dwelling.
If the construction stage is anticipated to exceed this time frame,
extensions may, at the sole discretion of the credit union, be considered on
a case by case basis. Without such prior written approval from the credit
union, construction not completed within the eight-month term will
automatically put the loan in default, and the credit union may take
appropriate action to ensure completion, begin foreclosure proceedings, or
substitute other collateral as needed. |
| A builder profile must be submitted for each loan. All builders must be
licensed contractors with at least three years experience in single family
construction, must maintain worker’s compensation insurance, and must have
liability insurance with a minimum $1,000,000 limit. |
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| Any loan or line of credit which will be used for a commercial, corporate,
business investment property or venture, or agricultural purposes. |
| Will be made for any purpose provided the loan can be secured by a
recorded mortgage or chattel lien. |
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We do business in accordance with the
Federal Housing Law and
the Equal Credit Opportunity Act.
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