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• Purchase Agreement (if applicable)
• Proof of Income - Two years Income Tax Returns, including W-2's
• Two recent paystubs from all borrowers (must be within 30 days)
• Two months of bank statements for all liquid accounts
• Proof of child support, alimony, or separate maintenance (paid or received)
• Copy of Driver's License and one other source of identification - Social Security Card, Debit or Credit Card, etc.

In just 10 minutes you could be approved for a Mortgage, and even opt-in to e-sign and sign your documents from the convenience of your home. A Mortgage Loan Specialist will contact you shortly after your online application is received.

Easy! Apply online today for a quick pre-approval or stop into Limestone and visit with a Mortgage Loan Specialist. All decisions are made local, and our members can drop in at their convenience to speak with us.

The shorter the term, the less you will pay in interest over the life of the loan. If you plan on staying in your home, building wealth, and retiring early a shorter home loan term may be right for you. Shorter terms typically mean a slightly higher payment.  If you’re not certain you will be in your home forever, or don’t want to be tied up in a larger mortgage payment, a 30 year fixed loan may be right for you.

Both! We offer competitive in-house rates if you wish to keep your mortgage local and will loan up to 80% of the appraised value.

Closing costs typically include administrative fees, credit report fees, appraisal fees, title insurance, state recording fees, flood certification, tax service, etc.. Closing costs can vary per loan. At LFCU, closing costs may be included in the loan if the loan requested is a refinance and there is sufficient equity in the home to meet the Loan to Value (LTV) ratio requirements. This option is also available for Limestone, in-house/portfolio purchase transactions.

An Escrow Account is used to pay property taxes and insurance. Each month, you pay a portion of the estimated annual costs of these expenses which are deposited into an Escrow Account and held there until the insurance and taxes are due. Annually, we adjust your monthly escrow amount based on the actual tax and insurance bills, which can fluctuate yearly.

Private Mortgage Insurance (PMI) is insurance coverage that homeowners are required to purchase if they’re putting less than 20% down. PMI gives mortgage lenders a financial backup if a house falls into foreclosure because the homeowner couldn’t make their monthly mortgage payments.

Your mortgage provider will provide this insurance for you, and it will be included in your overall monthly payment. PMI will end on the date that your lender has calculated that your principal balance on your mortgage reaches 78% of the original appraised value of your home. Once 78% LTV is reached, the PMI is eliminated and your monthly mortgage payment may reduce.

We do! Rural Development Loans are available in our area and can allow you to finance up to 101% of the purchase price or appraised value, with zero down payment including financing the upfront Rural Development fee. Certain restrictions apply, see https://www.rd.usda.gov/programs-services for eligibility details.

Our loans are serviced with no pre-payment penalties. We encourage our members to build wealth for a comfortable tomorrow and not pay mounds of interest.

Essentially, a credit report is a record of how you've managed your debts. Having a good credit report is a key factor in getting better home loan interest rates, and saving money on closing costs and interest paid. You should check your credit report about 90 days before making a major purchase like a new home. You can check your Equifax, Experian, and TransUnion credit reports for free at www.annualcreditreport.com.

You can also use Savvy Money within our online banking and mobile app.  This information updates every seven days.

You've also heard the term “credit score,” but you may not be sure how that differs from a credit report. A credit score is a rating system that gives lenders a guideline to determine your home loan “creditworthiness", it’s important to remember that credit scores are a snapshot of the score at a point in time.  Credit scores can be obtained directly from the individual credit bureaus but come at a cost.

Don't like what you found on your Credit Report? We recommend correcting errors immediately.  If you find errors on your credit report, contact the credit bureaus directly or stop in to visit our Loan Department for a dispute form.

Pay down any outstanding debts to 30% of your available credit limits. Continue timely payments- all late payments can damage your credit score. It’s easy to damage your credit, repairing it can take years.