Some people can smell a gimmick a mile away; some people can't. To make it easy for everyone, West Coast Federal offers this promise: we absolutely, positively never deal in gimmicks. We simply offer low rates on no-nonsense mortgage loans with the value you deserve for one of your biggest financial transactions. Local decision-making creates a faster process and gives you more control.

Details
  • Competitively low rates for home purchase or refinance
  • Available for primary residence, second homes, vacation homes, or investment properties
  • A wide range of financing programs available:
    • Fixed rate mortgages
    • Adjustable rate mortgages (ARMs)
    • FHA Loans
    • VA Loans
    • USDA Loans
    • First-time homebuyer specials
    • And more
  • Budget-friendly repayment terms, unique to your situation
  • Refinance your current home to potentially lower your rate
  • Free pre-approval for extra confidence when it comes to securing financing
  • Get started online with our trusted partner, AmeriCU Mortgage:
    • Get more information
    • Calculate mortgage payments
    • Apply for a loan and get a quick decision
Mortgage Programs

Conventional

Conventional mortgages are the most popular loan option available today. It can be used to purchase a home or to refinance an existing mortgage. The interest rate remains the same through the term of the loan. Monthly payments generally stay the same year to year, giving members the ability to plan out their long-term housing costs. Like all of the loan programs we offer, there is no prepayment penalty, so you can make extra payments monthly or pay off the loan early without penalties or fees.

  • Low down payment lending — standard 3.5% down
  • Pricing — historically low rates offered
  • More flexible credit requirements — no mortgage insurance required for loans of 80% LTV or less
  • Flexible terms — 10, 20, or 30 year terms

Adjustable Rate Mortgage (ARM)

The rate and payment are fixed for the first 3, 5, 7 or 10 years, adjusting annually thereafter for the remaining term. If you plan to sell or refinance your home within 3 to 10 years, this could be the ideal mortgage for you.

FHA Loans

The Federal Housing Administration (FHA) is an Agency within the US Department of Housing and Urban Development (HUD). Established in 1934 as a Mortgage Insurer, not a lender, to assist homebuyers in acquiring property with small down payments. It is the only government agency that operates entirely from its self-generated income and costs the taxpayers nothing (MI Premiums). This program offers:

  • Low down payment lending — standard 3.5% down, flexible sources
  • Pricing — limited adjustments and competitive pricing have made FHA very comparable to the conventional loan offers
  • More flexible credit requirements — lack of credit or past payment problems don't prevent borrowers from getting a loan
  • Assumable Loans — plan for future marketability with today's low rates
  • Rate & term refinances — combine first and seasoned second mortgages to max financing
  • Cash out refinances — up to 85%
  • Streamlined refinances — with or without an appraisal
  • No income restrictions — must have the ability to repay the loan
  • Non-occupant co-borrowers are allowed — must be immediate family

FHA 203K

Through the FHA 203K program, borrowers can purchase or refinance their home and include rehabilitation and repair costs in the same loan. This program can aid in expanding home ownership as well as revitalizing the communities they serve.

  • Low down payment options (HUD $100 down may or may not be available) with LTV's up to max financing (96.5% purchase or refinance 97.75%)
  • Can finance improvements
  • Borrower can do the work (streamlined only and must be qualified)
  • Can be used for minor or major repairs

This program can be used to rehabilitate or improve existing one-to-four unit dwellings in one of three ways:

  • To purchase a home and rehabilitate it
  • To refinance existing mortgages and rehabilitate the property
  • To move an existing dwelling to another site and rehabilitate it*

Virtually any kind of improvement is eligible provided it becomes a permanent part of the real property and adds value.

*Loan proceeds for moving a house will not be available until unit is attached to the new foundation.

FHA 203k Full vs. Streamlined Loans

Eligibility may differ between FHA 203k Full and Streamlined loans.

  • Additions to the structure
  • Kitchen or bath remodels
  • Finished basements or attics
  • Patios, decks or terraces
  • Roofing and landscaping
  • Safety, energy efficient items and electrical upgrades
  • Handicap accessibility improvements

VA Loans

The VA Loan has many advantages that make it one of the most appealing paths to homeownership — and this great benefit is reserved exclusively to those who bravely served our country and to select military spouses.

When combined, the benefits of the VA mortgage allow service members and veterans to take advantage of substantial cost savings under qualification requirements designed specifically for members of the military and their unique needs.

  • 0% down payment purchase
  • Limited adjustments and competitive pricing
  • 100% gifted funds allowed for purchase

Eligibility

  • Honorably discharged veterans and their spouses jointly; or the veteran alone
  • Widow/widowers of veterans provided the veteran was killed in action
  • Reservists who have served sufficient length of service

Rural Development Program

This program assists homeowners by providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may build, rehabilitate, improve or relocate a dwelling in an eligible rural area. The program provides:

  • Purchase — 100% LTV of the appraised value; up to 102% LTV when the guarantee fee is financed
  • Refinance — 100% LTV of the appraised value; up to 102% LTV when the guarantee fee is financed
  • No minimum loan amount
  • Maximum financing up to $417,000
  • Interested party contributions maximum 6%
  • No cash reserves required
  • Gifts are allowed
  • Money back for items paid for before closing
  • US citizen
  • Permanent & non-permanent resident aliens
  • Non-occupant co-borrowers not allowed
  • Must have a valid Social Security number
  • Primary residence only — previous home must be sold
  • Loans cannot close in trust
  • Owner occupied only
  • Single family, PUD's, condos
  • Must be non-farm properties
  • Must be located in rural areas as defined by local RHS office
  • Site value cannot exceed 30% of total property value
  • Property must have all weather access to a street, road or driveway
  • Property must have dependable water and waste disposal

Refinancing an Existing Mortgage

Refinancing your real estate to reduce your mortgage payment or shorten your term is a great way to save thousands of dollars over the life of your loan. Now is a great time to lock in to a low fixed rate if you currently are paying on an adjustable rate mortgage. Apply today to see if you are eligible to use the equity in your property to consolidate debt or complete those wanted improvements.

First Time Home Buyers

Are you considering purchasing your first home? We can help! We have put together a free guide to walk you through the process, answering the most common questions we are asked, and taking away the fear that comes with the unknown of going through this process for the first time. Send an email to loans@wcfecu.org to request your copy of the free First Time Home Buyer Guide.