1. Maximum Amount of Loan for any One Member:
Maximum amount of loan shall be 90% of the appraised value or purchase price, whichever is less, including refinances of property from other financial institutions. The maximum loan amount shall be no greater than $250,000.00.
The minimum amount of loan shall not be less than $10,000.00
2. Trade Area Restrictions: State of Texas.
3. Specific Documentation needed for Credit Union to process loan:
- Signed and completed application. Choose of of the following: Online Loan Application or Paper Loan Application.
- Earnest Money Contract with Title company information
- Address and/or Legal description of property
- Employment/Income Verification - Current pay stub, or 2yrs complete IRS Tax returns. If retired copy of monthly social security pay stub and/or pension pay stub.
THE LOAN MUST BE CLOSED AT THE TITLE COMPANY
4. Collateral Requirements:
Lien contract on Property
5. Appraisal/Title Policy and Survey Requirements:
Fees may apply. An independent appraisal by a certified appraiser with photographs of the property as well as a Survey and a Title Commitment Policy will be required.
6. Closing Costs:
Member is responsible for all closing costs, to include, but not limited to, a certified appraisal, exterior inspection/AVM value report, title policy and or title lien search and survey, if required. Document and recording fees apply. All affidavits needed to perfect Synergy FCU’s lien on collateral will be charged to member.
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