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Delta Community Credit Union originates loans in a variety of states throughout the US, but you need to be a member and not everyone is eligible. With its current promotion and special program for first-time homebuyers, those new to real estate will likely benefit the most. But its expansive offering of mortgage products caters to all sorts of homebuyers and property owners.
640
Minimum credit score
3%
Minimum down payment (Conventional)
Only available in: AL, AZ, CA, CO, DC, FL, GA, IN, KY, MA, MD, MN, NC, NY, OH, SC, TN, TX, UT, VA
State availability
Loan products offered | Conventional, Jumbo, Home Equity/HELOC, Refinance |
---|---|
Minimum credit score | 640 |
Minimum down payment (Conventional) | 3% |
State availability | Only available in: AL, AZ, CA, CO, DC, FL, GA, IN, KY, MA, MD, MN, NC, NY, OH, SC, TN, TX, UT, VA |
NMLS # | 401141 |
Review by
Matt Miczulski is an investments editor at Finder. With over 450 bylines, Matt dissects and reviews brokers and investing platforms to expose perks and pain points, explores investment products and concepts and covers market news, making investing more accessible and helping readers to make informed financial decisions. Before joining Finder in 2021, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. His expertise and analysis on investing and other financial topics has been featured on CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University.
Although experienced homebuyers will find numerous loan types to choose from, the real winner here is the loan for first-time homebuyers. Delta Community Credit Union’s First-Time Home Buyer Program ditches the origination fee and PMI, allowing you to keep more money in your pocket. And through December 2021, homebuyers who choose a fixed-rate or adjustable-rate mortgage will save $500 on closing costs.
While these perks are great, you may be able to find a lender offering more competitive rates. Plus, you need to be eligible to join Delta Community Credit Union to even qualify for a mortgage. If you can’t or want to keep looking, compare other lenders to find the one that’s right for you.
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Although you don’t need to be a member of Delta Community Credit Union to apply for a mortgage, you must become a member before your loan application can be processed. Check with Delta Community Credit Union directly to determine your membership eligibility.
Eligible members then need to meet the following requirements to apply for a mortgage:
Required documents will vary depending on your situation, but you typically need to provide:
Delta Community Credit Union charges certain fees depending on the type of mortgage you get. For instance, a conventional fixed-rate mortgage may require an origination fee of 1%, whereas a loan for a first-time homebuyer has no origination fee. Delta Community Credit Union also charges a $25 late payment fee and a $25 nonsufficient funds (NSF) fee.
In addition, you’re responsible for any third-party fees associated with buying a home, such as appraisal fees, closing costs and title fees.
To apply for a Delta Community Credit Union mortgage, follow these steps.
Like most traditional lenders, Delta Community Credit Union offers an ample selection of mortgage products that cater to both first-time homebuyers and experienced homeowners. But if you’re looking for a government-backed home loan, you’re going to have to look elsewhere. Delta Community Credit Union doesn’t offer government loans like FHA loans, VA loans and USDA loans.
Through December 2021, Delta Community Credit Union is also offering $500 off closing costs on fixed-rate and adjustable-rate home loans.
For what it’s worth, Delta Community has taken the time to address nearly all negative reviews on the BBB website, stating that “As a matter of practice, [they] always have a senior member of [their] Leadership Team with responsibility for the relevant operational area contact members directly when [they] are notified of a complaint by the Better Business Bureau.”
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Delta Community Credit Union offers a handful of benefits to homebuyers. But there are some drawbacks to consider, too.
Delta Community Credit Union is a federally insured credit union headquartered in Atlanta, Georgia. It offers personal, small business and commercial financial services, including checking and savings accounts, retirement and investment products, auto loans, home loans and more.
Founded in 1940, Delta Community Credit Union has become Georgia’s largest credit union and among the 30 largest in the United States with 30 branch locations and more than $8 billion in assets.