Shopping Around for the Best Home Loan? Here’s What You Should Know…

Whether you’re purchasing a new home, refinancing for a lower rate, or planning to do some remodeling, Partners Financial FCU has a variety of home mortgage loans available to meet your needs.  Depending on your previous experience shopping for home loans in Richmond, you may have mixed feelings about beginning this important process.  Our team of loan officers is ready to help you understand all the options and walk you through the steps to find the right home loan.  Here are the primary types of loans we offer to credit union members…

Conventional First Mortgage Loans

If you’re looking to purchase a primary residence or vacation/rental property (restrictions apply), and have good credit, steady income and down payment saved, conventional first mortgage loans offer lower interest rates than many other types of loans. Here are some of the features:

  •        Maximum loan-to-value for conventional 1st mortgage loans is 80%
  •        Maximum loan amount is $417,000
  •        30, 20, 15, and 10-year terms
  •        Fixed rate—locked in for the life of your loan

Complete this brief application for your first mortgage interest rate!

Second Mortgage Loans

Second mortgage loans, also referred to as home equity loans, are available for primary residences in Virginia. These loans allow you to borrow against the equity in your home through your existing first mortgage. Features of this loan include:

  •        Maximum combined loan to value is up to 90%
  •        Maximum loan amount is $100,000
  •        20, 15, 10, and 5-year terms at a fixed rate
  •        Members with a first mortgage from another lender are eligible

Check out these mortgage calculators to help you through the home loan process!


Home equity lines of credit apply to primary residences.  These are a great option for those who need a flexible, revolving line of credit for various purposes, over an extended period of time.  Things like remodeling and home improvements are good reasons why a homeowner would look into HELOC lending, although this line of credit can essentially be used to finance just about anything. Typical HELOC details include:

  •        Maximum combined loan to value is 95%
  •        Maximum HELOC limit is $100,000
  •        15 year term, 10-year draw period
  •        Variable interest rate subject to change monthly

Partners Financial FCU offers two HELOC programs—Gold and Classic: view rates.

FHA Loans (available through CU Members Mortgage)

This loan is insured by the FHA and administered by HUD.  FHA loans are appealing to borrowers who do not have the standard 20% down for a home loan, but would like to take advantage of less stringent qualification requirements like credit score and history checks. Details for FHA Loans include:

  •        Maximum loan-to-value is 96.5%
  •        Private mortgage insurance (PMI) is required for loan-to-values over 80%
  •        Loan-to-value is calculated based on the lesser of the sale price or the appraised value
  •        Interest rates vary

Learn more about FHA loans now.

VA (Veterans Administration) Loans (available through CU Members Mortgage)

These are mortgage loans for primary residences guaranteed by the U.S. Department of Veterans Affairs, available to eligible veterans and/or surviving family members. Features include:

  •        No down-payment requirement
  •        Less stringent qualification requirements
  •        Interest rates vary

Determine eligibility by visiting the Veterans Affairs site.

JUMBO loans for amounts exceeding $417,000 are available to Virginia residents on a case-by-case basis.  Reverse mortgage loans are offered to borrowers 62 years of age and older. To learn more about specialty loan products offered by PFFCU and available through CU Members Mortgage, or to find out about how to qualify, contact a loan officer today or complete our consultation request and a representative will get back to you shortly.

Let Partners help you take the guesswork out of home loan shopping

Mortgages don’t have to be confusing and stressful.  At Partners Financial FCU, our loan officers are here to guide you to the best loan product for you and your unique situation.  It doesn’t matter if you’re a first time borrower or a seasoned homeowner looking to take the next step, we will help you understand your qualifications and what makes the most sense for you.

Contact us today at 804-649-2957 or complete a mortgage loan application now!


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A $15. Convenience fee will be automatically added to your payment amount. Your maximum total payment amount (including the $15 convenience fee) cannot exceed $800. Payments initiated and approved by 3:00pm will be applied to your loan on the same business day. Payments initiated and approved after 3:00pm, or on a day that the credit union is closed (weekends and holidays), will be applied on the next business day. If you have a PFFCU debit card, please log into home banking to make your loan payment.

Please select OK to confirm and continue to the payment form.

Excludes mortgages and home equity lines of credit. A $25 fee is due at set-up for each loan. Loan must have been open for at least 6 months. Past due accounts do not qualify. One skip-a-pay allowed per calendar year (Jan-Dec).