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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 further 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 reside in North Carolina or bordering states to be eligible.

    Next Steps

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

    Your resources: Loan Information Checklist