Real Estate Loans
The Credit Union has currently suspended its funding of conventional real estate loans. We are however offering FHA and VA loans through our partner Maggie Mae. Please call our Birmingham branch and inquire as to the offering rates of these loan products.
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Home Equity Lines of Credit (HELOC)
Home equity lines of credit (HELOC’s) are available through 1st Resource Credit Union. The Credit Union will loan up to 90% of the appraised value of a member’s principle residence. Appraisals will be ordered by the Credit Union. HELOC loans can be first or second mortgages. The closing cost on this loan product consist of an appraisal, attorney fee, and title insurance and averages around $1,000. The maximum term for this loan is 10 years with a 5 year draw. HELOC’s interest rates are variable and can adjust yearly. Any balance at the maturity of the loan may, subject to normal credit underwriting, be refinanced at the current Credit Union interest rate or can be paid in full by the member.
To apply now, please click on, print, and complete the PDF Real Estate Loan Application form and either U.S. mail or fax it to the Credit Union.
1st Resource Credit Union
47 W Oxmoor Rd
Birmingham, AL 35209
(205) 944-1196 fax