The
borrower must put a 5% down payment on the land and provide the
Credit Union with an acceptance letter and proposed deed. The
member’s lawyer records the deed and the Credit Union’s
lawyer records the mortgage. The member pays all the closing
costs. The credit union requires title insurance, search, paid
original tax bills, survey, appraisal, flood certificate, flood
insurance (if needed) and homeowners insurance covers vacant
lot or if member rents, we require to be listed on renters policy. Please call the Credit Union for current rates.
