Mortgage Options
You believe you're ready for the next big step. We believe there's a mortgage here to help you take it, whether you're a first-time buyer or a long-time owner.
Welcome home to a better mortgage experience at DECU
Find everything you need, from a mortgage that fits your budget and lifestyle to friendly, expert assistance along each step of this exciting process.
When you want more certainty in your budget, choose this mortgage. Your principal and interest payments never change because your rate is locked for the life of the loan.
- A good option when you plan to stay in your home for 10 years or more
- Choose terms of 10, 15, 20 or 30 years
- Private mortgage insurance required when your down payment is less than 20%
- Income and sales price limits apply
- Escrow amounts for property taxes and insurance may change your monthly payment
Enjoy a lower interest rate for the first five years with our 5/5 ARM. That initial rate remains fixed for five years and then adjusts every five years, providing an opportunity to save money in the short term compared to a fixed-rate home loan.
- A good option if you plan to sell in about five years
- Available in a 30-year term only
- Requires a down payment of 10% of the purchase price
- No private mortgage insurance required
- Rates cannot adjust more than 2 percentage points during any one adjustment period and no more than 5 percentage points over the life of the loan
Even if you have less money for a down payment and a less-than-ideal credit score, you can still realize your homeownership dreams with an FHA Loan. This affordable option lowers the barriers.
- A solid option when you have fair to good credit
- As little as 3.5% down payment needed
- Requires private mortgage insurance
- Features a fixed interest rate
- Allows you to carry a larger debt load (other loans/credit cards) and still qualify
- Family members can help you by providing gift funds
Your military service to our country is invaluable. As a gesture of thanks, we proudly offer VA Loans to veterans, active duty members, long-term reservists and their spouses.
- Available with a fixed or adjustable interest rate
- Little or no down payment for qualified borrowers
- No private mortgage insurance
- Relaxed credit and income guidelines
- Limited closing costs
- No prepayment penalty
- Family members can help you by providing gift funds
- Your funding fee** may be waived if you qualify for disability, received a Purple Heart, or are a surviving spouse of a veteran
We'll help you get into your new home sooner by offering several options that don't require a full 20% down.
- As little as 3% down for first-time homebuyers on conventional loans
- 5:5 ARM with a 10% down and no private mortgage insurance
- FHA Loans with as little as 3.5% down and flexible credit qualifications
- VA Loans with little to no money down for qualifying applicants
| Product | Rate | APR** | Points | P&I |
|---|---|---|---|---|
| 30 Year | 7.250% | 7.392% | 0.2500 | $1,662.80 |
| 20 Year | 7.000% | 7.164% | 0.1250 | $1,889.79 |
| 15 Year | 6.875% | 7.044% | 0.0000 | $2,173.89 |
| 10 Year | 6.625% | 6.888% | 0.1250 | $2,783.26 |
| 5:5 ARM | 6.250% | 6.348% | 0.0000 | $1,500.81 |
| FHA 30 Year | 7.625% | 7.956% | 0.2500 | $1,725.25 |
| VA 30 Year | 7.625% | 7.788% | 0.3750 | $1,725.25 |
Make Your Dreams a Reality
For a custom quote or consultation on your mortgage options, contact one of our specialists using the form below.
Frequently Asked Questions
You can apply for loans and credit cards at the same time you join! There is no waiting period before you can take advantage of all our member benefits. The moment you become a member, you can start applying for auto loans, mortgages, and every other service we have to offer.
Click here to apply for a mortgage. We currently offer first mortgages on primary and second homes in Virginia, North Carolina, South Carolina, and Ohio. Our online mortgage portal makes it super easy to apply and gives you control so you can check the status every step of the way
At this time, we do not offer land only or home construction loans.
- To speak to someone in our Mortgage Department please call 866-300-8240 or email decumortgage@dominionenergy.com
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Dominion Energy Credit Union, headquartered in Richmond, Virginia, is a full-service financial institution that serves Dominion Energy employees and offers convenient digital banking services and Bill Payer so members can manage their money from anywhere.
*Financing is not available on investment properties or mobile/manufactured homes.
**VA funding fees are 0.50% to 3.6% of the loan’s total amount.