Home Loans
Mortgages
City of Boston Credit Union finances owner-occupied and investment properties (1-4 family) up to 95% of the lower of the purchase price or appraised value. CBCU offers mortgages up to a maximum of $900,000.00. The maximum term for our conventional fixed rate mortgage is now 35 (thirty-five) years. Visit our Loan Rates page for current terms available and current rates. Use our Financial Calculator to get an idea of how much your monthly mortgage payment would be.
Second Homes
We also finance up to 80% of the purchase price for second homes.
First-Time Homebuyer Programs
City of Boston Credit Union also offers several options for first time homebuyers including mortgages with a minimum down payment of 3% and mortgages with a maximum term of forty (40) years.
Special Mortgage Programs
CBCU participates in the Municipal Mortgage Program sponsored by the Mass. Housing Finance Agency, which allows qualified applicants to purchase a home in the city or town in which they work with no money down. (Certain income, property and employment restrictions apply). The Credit Union also participates in the City of Boston's 'BostonHome Certificate Initiative' which can provide closing cost and/or down payment assistance to qualified first-time homebuyers.
Appointments are necessary when applying for Home Mortgages. Please call 617-635-2465 to set up your appointment. Drop off applications without an appointment will not be accepted.
Paperwork you'll need for Refinance & Purchases.
- W-2's and income tax returns (1040) for last 2 years.
- One month’s pay stubs.
- Bank statements for loans you owe,
- Bank statements for assets you own, (checking, savings, CD’s, etc.).
- Current credit card statements and statements for other obligations.
- Current mortgage balance statement.
- 2 Current utility bills to confirm your owner-occupancy - plus water bill.
- Copy of deed with recording information or copy of Certificate of Title.
- Copy of title insurance policy, if available (see Form in Mortgage package).
- Substantiate rental income by lease or letter from tenant
- Credit Report deficiencies - explain in writing.
- Mortgage application - type or print neatly.
- Real estate tax bill showing current assessed value
Please submit these additional documents for Purchases:
- Purchase and Sale Agreement
- If house has Septic - Title V Septic System Report
- Proof of payment of deposit.
- Verification of funds available for down payment and closing costs.
- Gift Letter, If down payment is by cash gift or gift of equity in property
| Application Fees | |
| Please submit the following fees with your Purchase or Refinance application | |
| Application | $125.00(*) |
| Credit Report | $54.00 |
| Flood Certification | $16.00 |
| Appraisal | $300.00 Single Family $525.00 Multi Family |
| Total Fees | $495.00 Single $620.00 for Multi Family |
| *Application fee refunded following closing | |
Home Equity
We also offer fixed-rate equity loans up to $250,000 for a maximum of twenty years. The aggregate amount of your first mortgage and equity loan may not exceed 80% LTV. Click here for our current Home Equity Loan Rates. Contact our Mortgage Department at (617) 635-2465 for more information.
Home Equity Line of Credit
$250,000 maximum 5 year draw period, additional 10 year payback at Prime Rate of Interest. Click here for our current Home Equity Line of Credit Rate.
Paperwork you'll need for an Equity Loan
- One month’s pay stubs.
- Current Mortgage balance statement
- Current water bill.
- Copy of deed with recording information or copy of Certificate of Title.
- Real Estate tax bill showing current assessed value.
Online Valuation Fee of $25.00 required with a Fixed Equity Loan or Home Equity Line of Credit.
2 Years of service with current employer required. Come in or call today for your application.
* The maximum rate under this plan would be 18.00%. The borrower is required to maintain property insurance coverage as a condition of the loan.
