ECU Purchase Plus

Start with a house and make it your home.

Features

Have you found the house that is almost the home of your dreams? Let ECU help your new home reach its potential with the ECU Purchase Plus Mortgage.

This program helps home buyers both purchase and renovate a new home with one loan and one payment. And we'll be right beside you every step of the way from application to closing. Your loan is processed, approved, and serviced at ECU.

100% financing of purchase price
Up to $30,000 for upgrades and renovations
Total loan cannot exceed 105% of appraised value for maintenance upgrades and renovations
Total loan cannot exceed 100% of appraised value for cosmetic upgrades or renovations

Important Information about Purchase Plus Program:
Example: If you borrowed $200,000 on a 30-year Purchase Plus mortgage at 5.750% (5.826% APR), your monthly payment would be $1,167.15. This is based on a 105% loan-to-value. Interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes; and the consumer should consult with a tax adviser for further information regarding the deductibility of interest and charges. Subject to credit approval. Certain restrictions apply.

Find a Loan Officer

Learn More:

Apply for a Mortgage
Completing our online application is as easy as 1-2-3. Get started today!
ECU Title & Escrow
ECU Title & Escrow is a full-service real estate settlement company that helps members complete the home buying or selling experience at an ECU branch.
Find a REALTOR
Realtors are knowledgeable in many phases of the home buying and home selling process and can be a valuable resource to you.
Watch Mortgage Videos
Have questions about purchasing, building or selling a home? Check out these helpful videos, covering a broad range of mortgage topics.

Have Mortgage Questions?

Calculate Your Answers

So many financial decisions are involved when purchasing or refinancing a home. Should you buy or rent? Will refinancing save you money? How much would your monthly payments be? Our calculators are designed to answer these questions and more.

Mortgage Calculators

Compare Mortgages

Which loan is right for you? See the chart below for unique features of each. If you need help, please contact us or give us a call at 800.999.2328.

Loan Term	Maximum Loan To Value	Term	Mortgage Insurance	Prepayment Penalty
Fixed & Adjustable Rate Mortgages	97.00%	15/20/30 year	Yes	No
Federal Housing Administration (FHA)	96.50%	15/30 year	Yes	No
Veterans Administration (VA)	100.00%	15/30 year	Yes	No
USDA	100.00%	30 year	Yes	No
First Time Home Buyers Program	105.00%	30 year	No	No
ECU 100 Mortgage	100.00%	15/20/30 year	No	No
ECU Purchase Plus	105.00%	15/30 year	No	No

FAQs

What is the Purchase Plus Mortgage Loan?
The Purchase Plus mortgage is a home loan designed for buyers who are looking to finance the purchase price of their house and make upgrades or renovations right away. Upgrade or renovation funds are held at the closing of the loan and disbursed to the borrower by ECU and can be used for a heat pump, roof, plumbing, windows, appliances, flooring, countertops, etc.
What type of housing can I finance with the Purchase Plus loan?
With the Purchase Plus loan, the home must be an owner-occupied primary residence on a traditional stick built, single-family dwelling home.
What is the amount of funds you receive for upgrades or renovations?
The borrower receives up to $30,000 or 105% of the appraised value of the home subject to upgrades or renovation, whichever is lower, for upgrades or renovations with the Purchase Plus mortgage loan and the work must be completed by a licensed contractor.
Are closing costs included in with the financing of the loan?
No. Closing costs are paid separately and cannot be included with the borrowed loan amount.

Resources for Life

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Home Buying Tips

Many people who are ready to buy a new home must first sell their current home.

GreenPath Resource: Falling Behind on your Mortgage?

Don't allow fear to rule your finances.

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