unique home loans
Rates as low as
APR Effective 6/27/2017*
4.183%APR
VA 30 Year Fixed
VA Purchase 0% Down
4.125%APR
FHA 30 Year Fixed
*See important information about rates, fees and other costs
Home loans for unique situations
Sometimes unusual situations require financing that thinks outside the box, and we‘ve got that covered. If a standard loan just won't meet your needs, explore your options with a variety of non-traditional fixed-rate and ARM loans available at BECU.
Our loan options include:
| Who is eligible? | Why choose it | |
|---|---|---|
Qualified veterans, reservists, active duty personnel and eligible family members |
No and low down payment options—up to 100% financing |
|
Determine eligibility by obtaining a Certificate of Eligibility (COE) at www.ebenefits.va.gov |
No private mortgage insurance regardless of the down payment amount |
|
Limited closing costs and fees |
||
Flexible credit qualification guidelines |
||
Fixed rate and adjustable rate mortgages available |
| Why choose this | Pros | Cons | |
|---|---|---|---|
You plan to stay in your home for a short period of time |
5/1 ARM has 1% per annual interest adjustment and 5% interest rate cap over life of loan |
It is riskier if you don't expect your income to increase over the initial five-year period to cover the change in monthly payment |
|
You want a fixed rate longer than three years |
Manual underwriting is acceptable |
Interest rate can rise above the current fixed rate over time |
|
You want to qualify for a higher loan amount with lower payments |
| Why choose this | Pros | Cons | |
|---|---|---|---|
You are looking to purchase improved or unimproved property |
You want to purchase land now and build later |
Washington State properties only |
|
You want a lower rate and/or payment than a fixed-rate mortgage offers |
Parcels up to 20 acres |
No large structures or mobile homes are allowed on the property |
|
Purchase loan amounts to $400,000 |
There can be no construction of any sort in progress |
||
Cannot be used for commercial, agricultural, timberland, or farming |
| Why choose this | Pros | Cons | |
|---|---|---|---|
You are looking to purchase improved or unimproved property |
You want to purchase land now and build later |
Washington State properties only |
|
You want a lower rate and/or payment than a fixed-rate mortgage offers |
Parcels up to 20 acres |
No large structures or mobile homes are allowed on the property |
|
Purchase loan amounts to $400,000 |
There can be no construction of any sort in progress |
||
Cannot be used for commercial, agricultural, timberland, or farming |
| Why choose this | Pros | Cons | |
|---|---|---|---|
10-Year Fixed (Land) |
You want to purchase land now and build later |
Washington State properties only |
|
You are looking to purchase improved or unimproved property or refinance improved property |
You own land and wants to refinance to lower rate/payment only |
No large structures or mobile homes are allowed on the property |
|
You want a stable fixed rate payment |
You own land and want to refinance to take cash-out refinance |
There can be no construction of any sort in progress |
|
Parcels up to 20 acres |
Cannot be used for commercial, agricultural, timberland, or farming |
||
Purchase loan amounts to $400,000 |
|||
Refinance loan amounts to $100,000 |
| Why choose this | Pros | Cons | |
|---|---|---|---|
You are looking to purchase improved or unimproved property or refinance improved property |
You want to purchase land now and build later |
Washington State properties only |
|
You want a stable fixed rate payment |
You own land and wants to refinance to lower rate/payment only |
No large structures or mobile homes are allowed on the property |
|
You own land and wants to refinance to take cash-out refinance |
There can be no construction of any sort in progress |
||
Parcels up to 20 acres |
Cannot be used for commercial, agricultural, timberland, or farming |
||
Purchase loan amounts to $400,000 |
|||
Refinance loan amounts to $100,000 |
| Why choose this | Pros | Cons | |
|---|---|---|---|
You are looking to purchase improved or unimproved property or refinance improved property |
You want to purchase land now and build later |
Washington State properties only |
|
Wants a stable fixed rate payment |
You own land and wants to refinance to lower rate/payment only |
No large structures or mobile homes are allowed on the property |
|
You own land and wants to refinance to take cash-out refinance |
There can be no construction of any sort in progress |
||
Parcels up to 20 acres |
Cannot be used for commercial, agricultural, timberland, or farming |
||
Purchase loan amounts to $400,000 |
|||
Refinance loan amounts to $100,000 |
| Why choose this | Pros | Cons | |
|---|---|---|---|
You need expanded options for qualifying income
|
Low down payment
|
Income limitation - not all members will be eligible
|
|
You need flexible credit qualifications
|
Flexible sources for funds for down payment and closing costs
|
Principal residences only (1-4 units)
|
|
If you have limited cash for a down payment
|
Flexibilities for income sources used to qualify
|
| Why choose this | Pros | Cons | |
|---|---|---|---|
You need expanded options for qualifying income
|
Low down payment
|
Income limitation - not all members will be eligible
|
|
You need flexible credit qualifications
|
Flexible sources for funds for down payment and closing costs
|
Principal residences only (1-4 units)
|
|
If you have limited cash for a down payment
|
Flexibilities for income sources used to qualify
|
Have more questions about unique loans?
To find out more about unique loans, visit your nearby Neighborhood Financial Center.
Ready to apply?
*Income limits may apply. Homeownership education at a cost of $75 (paid to Framework) required. HomeReady is a trademark of Fannie Mae. Loans are subject to credit approval and other underwriting criteria. Certain restrictions apply. Home Loan programs, terms and conditions subject to change without notice.