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Mortgages & Home Loans

Frequently Asked Questions

At Credit Union of America your down payment for a conventional loan can be as little as 3% (subject to credit approval) even if you aren’t a first time buyer.  Exceptions to this include, but are not limited to, property type and occupancy status (two unit, condo, manufactured, and investment homes are ineligible).  Minimum down payment for FHA is 3.5%, and VA and Rural Development require 0% down.

  • If you’re self-employed, please be prepared with:
    • Most recent two years of tax returns. If you file business and personal separately, please include both years for each return.
    • Most recent three months of business account bank statements
    • Year-to-date profit and loss statement
  • If you receive a w2 wage
    • Two most recent years of w2s
    • Most recent 30 days of paystubs showing your year to date earnings 
    • Most recent 60 days of bank statements to source funds for your down payment