TYPES OF LOANS

Types Of Loans

Home loans are not one-size-fits-all. Our home loan experts take the time to review your financial situation and help you choose the loan that will help you comfortably achieve your homeownership dreams.

Conventional

Home buyers who have a solid credit score and cash for a down payment can finance or refinance their home using a conventional mortgage.

• Fixed or adjustable rate
• Variety of terms available
• 5% down payment requirement 

New Construction

There’s a lot that goes into building a new home, so we keep it simple. 

• One-time closing costs: Some lenders will charge closing costs twice – after construction is complete and again, after you move into your home. We only charge closing costs once, saving you money and time.
   
• 12-month rate lock on permanent financing: Allows you to lock in your home loan interest rate before construction begins. 

FHA

Home buyers seeking smaller down payment requirements or less-stringent qualifications should consider an FHA loan, insured by the Federal Housing Administration.

• Fixed rate
• 3% down payment requirement 

USDA

Home buyers looking to live outside of a metropolitan area should consider a USDA loan, backed by the U.S. Department of Agriculture.

• Fixed rate
• No down payment requirement 

VA

American veterans and their surviving spouses may be eligible to purchase a home using a VA loan, backed by the U.S. Department of Veterans Affairs.

• Fixed rate
• No down payment requirement
• No private mortgage insurance
• Guarantee fee that could be waived depending on any disabilities incurred from service

NDHFA

North Dakotans who need down payment or closing cost assistance can purchase a home through the North Dakota Housing Financing Agency program. 

• Fixed rate
• Purchase a home for as little as $500 out of pocket
• Homebuyer education
• Applicants must meet program requirements 

Family Mortgage Opportunity Program

This program provides a more affordable option for families who want to purchase a home for their college student, elderly parents or adult child who has a disability.

By participating in this program, Capital Credit Union can help approved applicants purchase a home, requiring a smaller down payment and offering lower interest rates compared to investment property purchases.

Refinance

Depending on your situation, refinancing your home loan may help you obtain a lower interest rate or shorten the term of your home loan.