It is never too early to start the pre-approval process. 

If you are thinking about purchasing a home in the next 6 months, plan to meet with your lender as soon as possible.  Being prepared with a Pre-Approval will eliminate delays when you start your search for a home.

Living Room

Primary Residence

A primary residence is the legal residence of the owner/borrower and which is intended to be used as a primary residence by the borrower within 60 days of closing.

American Flag

VA Loans

A no down payment/equity loan for eligible Veterans purchasing or refinancing a Primary Residence.

House Interior

Jumbo Mortgages

Fixed rates for 10 or 30-year terms and Adjustable Rates for 30-year terms for a loan amount above $424,100. Minimum down payment of 5-10% depending on loan size. Servicing of loan will stay with NEFCU after closing.



Adjustable rate with 20 year amortization and 10 year balloon. Minimum 20-35% down payment depending on use of land.

House frame


Fixed rate with 6-12 month term. Permanent financing available when construction is complete. Minimum 10% down payment.


Investment or Non-Owner Occupied

Fixed and adjustable rate options with 10-30 year terms for 1-4 unit rental properties. Minimum 20-30% down payment.

Lake house

Second/Seasonal Properties

Seasonal properties are single family residential properties occupied by the owner and are not the legal residence of the owner/borrower.

Down Payment and Closing Costs

20% Down Payment

In this video, learn if a 20% down payment is a mortgage fact or myth.

Acceptable sources for down payment and closing costs:

  • Savings, checking, CDs
  • Sale of stocks and bonds
  • Tax refund
  • Sale of an asset (car, boat, motorcycle)
  • Borrowing from your 401K
  • Gifts from a relatives*

The cost of buying a home can be overwhelming. Minimum down payment requirements can range from 0-20% depending on credit score, type of property and loan program. Typically it is best to plan for a having a minimum 3 - 5% down payment plus closing costs before getting pre-approved.

*Certain restrictions apply that your loan officer will discuss

Your NEFCU Team

Christine Guy

Mortgage Officer

  • Reviews income, credit, savings and loan programs
  • Issues pre-approval letter
  • Obtains copy of Purchase & Sales Contract
  • Orders appraisal
  • Submits loan to underwriting

Meet the Mortgage Officers

Mortgage Assistant

  • Keeps REALTOR® representing borrower updated on key dates regarding appraisal, loan approval, and closing dates

Mortgage Processor

  • Issues commitment letter to borrower after approval
  • Orders legal work for borrower
  • Works with borrower to meet conditions of loan approval
  • Schedules closing


  • Reviews loan documentation
  • Approves or denies loan based on program guidelines

Real Estate Agent

  • Obtains market information
  • Searches for home within price range
  • Negotiates Purchase and Sales Contract


  • Helps prepare Initial Closing Disclosure with lender
  • Performs 40 year title search
  • Closes the loan