Mortgage Loans
Get competitive rates and low closing costs with an Arkansas mortgage loan that suits your needs and lifestyle.
Benefits of Telcoe Federal Credit Union Mortgage Loans
Key Details About Mortgage Loans in Arkansas
We offer a variety of home financing programs to fit your budget and goals. Whichever mortgage loan you choose, you can benefit from these features:
- Competitively low rates for home purchase, refinance, or construction in Arkansas
- Available for first homes, second homes, income properties, and more
- Flexible mortgage terms of up to 30 years
- Local loan advisors and local loan servicing
- Low closing costs
- Mortgage loans on offer include:
- Fixed-Rate Mortgages
- Adjustable Rate Mortgages (ARMs)
- FHA Loans
- Conventional Loans
- Rural Development Loans
- First-time Homebuyer Specials
- Construction Loans
Telcoe Federal Credit Union has branches in Little Rock, Sherwood, and Russellville, Arkansas. We can also schedule to meet you at one of our partner employer groups.
Find Out About Our Mortgage Loan Rates
| LOAN TYPE | Rate | APR* | points |
|---|---|---|---|
| Conventional 30-year | Contact the credit union for
current rates. Most competitive. 501-375-5321 |
TBD | TBD |
| Conventional 15-year | Contact the credit union for current rates. Fast & Friendly Service. 501-375-5321 |
TBD | TBD |
| FHA 30-year | Contact the credit union for current
rates. Step-by-step assistance. 501-375-5321 |
TBD | TBD |
| FHA 15-year | Contact the credit union for current rates. Over 40 years of experience among staff. 501-375-5321 |
TBD | TBD |
| Primary Home Construction | Contact the credit union for current rates. 501-375-5321 | TBD | TBD |
| Home Equity Loans | Contact the credit union for current rates. | TBD | TBD |
★★★★★
"The entire team at Telcoe is fantastic. I have done several loans with them—two in recent months—and I have nothing but great things to say. Karla and Tony, in particular, are incredibly helpful and such a pleasure to work with!"
– Paul B., Little Rock, Arkansas
FAQ About Mortgage Loans in Arkansas
What types of mortgages do you offer?
Telcoe Federal Credit Union offers mortgage loans to suit every situation, including:
- Fixed-Rate Mortgages
- Adjustable Rate Mortgages (ARMs)
- FHA Loans
- Conventional Loans
- Rural Development Loans
- First Time Homebuyer Specials
- Construction Loans
Do you offer any resources to make the home buying process easier?
Yes, you can check out any of these free resources:
- Read our Buying a Home Checklist and our blog 5 Steps to Prepare for a Big Purchase
- Watch our video First-Time Home Buying Basics
- Want to schedule a meeting with a Telcoe Home Buying Specialist? Contact us and we can set up a virtual or in-person appointment.
- Greenpath offers Telcoe Members an E-Home Buyers course. The cost is normally $99 but Telcoe Members get a 50% discount! Email [email protected] and get your 50% discount code today!
- Contact us to schedule a virtual or in-person meeting with a Telcoe Home Buying Specialist.
What kind of documents will I need to provide?
You’ll need to provide a range of documents so we can get a complete understanding of your financial situation. Below is a list of the common documents needed, but the list can grow quickly depending on your personal circumstances:
- Current pay stubs to include the last 30 days
- Current bank statements to include 30 days
- Last 2 years of W-2s
- Signed copies of your last 2 years of Federal tax returns with all schedules
- $550 deposit for appraisal
- For a construction loan, you'll need a copy of your plans, specifications, and contract to build
How much do I need for a down payment?
This amount will vary based on your loan type. For example, FHA loans need a down payment as low as 3.5% while the down payment for a construction loan is a minimum of 20% of the cost to build, plus the cost of the land.
What does my credit score need to be?
The minimum score to qualify for a home loan is 680 and requires an excellent credit history.
- The score you need may vary based on your chosen loan program.
- The higher your credit score the more options you have for financing your home.
- Higher scores also mean lower rates.
What is included in my estimated monthly payment?
Your monthly payment will typically include your loan principal (the amount of money you borrow), interest, taxes, and insurance. Depending on your loan type, you may also need to pay mortgage insurance.
Do you have a trusted home insurance partner?
Yes, we endorse TruStage products and programs, by CUNA, because for more than 75 years they have provided exceptional value and superior service exclusively to credit unions and their members.
Learn more about our TruStage Home Insurance.
What is private mortgage insurance (PMI) on a conventional loan?
Mortgage insurance protects lenders in case a borrower defaults on a loan. If your down payment is less than 20%, you may be required to have mortgage insurance. The cost of PMI will be rolled into your monthly payment.
Next Steps for Your Telcoe Federal Credit Union Mortgage Loan?
1 Maximum allowed with this loan type is $25,000. Property must be occupied for at least 90 days. We do offer Home Equity loans for higher amounts. Membership eligibility is required. Rates based on term, property type, credit history and loan-to-value. Rates are subject to change at any time. FHA Title 1 loans may be used to finance renovations that substantially protect or improve the basic livability and utility of the property.
2 See mortgage officer for list of eligible and ineligible improvements.
3 Consult your tax advisor regarding deductibility of interest.