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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. When purchasing or a no-cash out refinance, loans may be available for up to 80% financing of the rental property’s appraised value.
  • Rentals are limited to 65% loan-to-value for cash-out refinance. 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. Members must live in North Carolina or bordering states to be eligible for this loan.

    Next Steps

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

    Your resources: Loan Information Checklist