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ECU Purchase Plus

Start with a house and make it your home.

Features

Have you found a house that is almost perfect but needs a bit of renovation? ECU has a solution for you! With the ECU Purchase Plus Mortgage, you can both purchase and renovate your new home with a single loan and payment. This program offers the simplest way to turn your new home into the home of your dreams. 

  • 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 the 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, including geographic restrictions.

Ready to purchase a home?

Apply online now or contact a Mortgage Officer to get started.

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ECU Title & Escrow

Complete your home buying or selling experience at an ECU branch.

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Mortgage Videos

Have questions about purchasing, building or selling a home? Check out these helpful videos, covering a broad range of mortgage topics.

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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.

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Calculators

Purchasing or refinancing a home can be stressful, leaving you asking lots of questions!  Should you buy or rent?  Will refinancing save you money?  How much will your monthly payment be?  Check out our calculators designed to answer these questions and more!

Mortgage Calculators

FAQs
  • What is the Purchase Plus Mortgage Loan?
     The Purchase Plus mortgage is a home loan designed for buyers looking to finance their house's purchase price and make upgrades or renovations right away. Upgrade or renovation funds are held at the loan's closing 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 a licensed contractor must complete the work.
  • Are closing costs included in the financing of the loan?
     No. Closing costs are paid separately and cannot be included with the borrowed loan amount.