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Second Home and Vacation Home Loans

As of April 1, we are no longer accepting LGFCU loan applications as we ready LGFCU members to move to Civic in June. Don’t worry — we got you covered with loans from Civic.

LGFCU banking channels will be closed starting May 30 at 5 p.m.

As we transition member accounts to Civic, LGFCU and Civic banking channels will be unavailable starting Friday, May 30 at 5 p.m. Civic channels will reopen on June 3. See details.

Two people sitting in deck chairs

We’re phasing out LGFCU loan applications as of April 1 as part of the process to get members ready to move to Civic in June. But you won’t have to go elsewhere for loans after March 31 — we’ll waive the $25 minimum share deposit needed to join Civic from April 1 —June 1. 

Loan features

LGFCU offers a loan specifically for a vacation home or other second home. Loan options and features include:

  • 5-year Adjustable Rate Mortgage (ARM), or a 10- or 15-year Fixed-Rate Loan.
  • For second homes, you can apply for financing up to 90% of the appraised property value. Cash-out refinances are limited to a maximum loan-to-value (LTV) of 75%. When purchasing or for a no cash-out refinance, loans may be available for up to 85% financing of the rental property's appraised value for a one-unit dwelling. For two- to four-unit dwellings, the maximum LTV for purchases and no cash-out refinances is 75% of the rental property's appraised value.
  • For cash-out refinances, one-unit rentals are limited to a maximum LTV of 75%, with two- to four-unit dwellings limited to a maximum LTV of 70%. Cash-out refinance is defined as any funds that exceed the balances owed on the first and/or second mortgages being paid off, plus closing costs. Maximum loan-to-value varies depending on the property type.

Second homes must be located in North Carolina, South Carolina, Virginia, Georgia or Tennessee. 

 

Next Steps

Choose a way to request your second or vacation home loan.

Your resources: Loan Information Checklist

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