LGFCU offers a loan specifically for a vacation home or other second home. Loan options and features include:
- 5-year Adjustable Rate Mortgage (ARM), a 10- or 15-year Fixed-Rate Loan or a Construction Loan.
- For second homes, you can apply for financing up to 90% of the appraised property value. When purchasing or a no-cash out refinance, loans may be available for up to 80% financing of the rental property’s appraised value.
- Rentals are further limited to 65% loan-to-value for cash-out refinance. Cash-out refinance is defined as any funds that exceed the balances owed on the first and/or second mortgages being paid off, plus closing costs. Maximum loan-to-value varies depending on the property type.
- Second homes must be located in North Carolina, South Carolina, Virginia, Georgia or Tennessee. Members must reside in North Carolina or bordering states to be eligible.
Your resources: Loan Information Checklist