Homeownership

Are you considering purchasing a home? Be sure to see Community Credit Union first to get pre-approved. We offer a variety of products to fit your homeownership needs. CUSO Mortgage allows members to access secondary market rates, complete applications online or at one of the Credit Union offices with a Homeownership Specialist and receive local service. Our partnership with Guidance Residential allows our team to offer a Declining Balance Co-ownership Program founded on a vision that honors the principles of Shariah while allowing community members to benefit from the best of the modern financial marketplace. See below for more details or call 207-783-2096 for more information on our homeownership options.

CU Promise

• CU PromiseGuaranteed Same-Day Loan Decision
• Guaranteed Closing Date
• Guaranteed Local Servicing

If you live in Maine, you are eligible to apply for a CU Promise Loan to purchase a home. Apply online today at www.cupromise.com!

Manufactured Homes

It's not always easy to find financing for Manufactured Homes. That's why at Community Credit Union, we've designed a manufactured housing product that will make your life easy and get you into the home you want!

Requirements to Qualify For CCU's Manufactured Housing Program

• All homes must be on a cement slab or foundation
• All homes must be tied down
• Wheels, axels, and hitches must be removed from the unit
• All homes must be within a 100-mile radius of Lewiston/Auburn and be located in Maine
• 1 years property insurance must be paid prior to closing
• Inspection is due prior to closing to verify the above requirements
• Contact a Loan Officer for terms and age of home restrictions
• A downpayment may be required
• See rate page for additional details.

Declining Balance Co-ownership Program

The Co-ownership program is the nation’s leading program of Islamic home financing. With an independent Shariah Supervisory Board made up of world-renowned scholars, members can trust that products and services are Shariah-compliant. The scholars also serve on the board of the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions), a regulatory benchmark for the Islamic Finance industry. The program is named as “permissible” path to Muslim Americans need of home financing by the Assembly of Muslim Jurists of America (AMJA). Distinct from regular depository institutions, the program provides Riba-free, ethical financial services, adhering strictly to Shariah guidelines.

Program Benefits

Non Recourse Commitment – In the event the member defaults, the financier does not have recourse against the member’s other assets. The member is only at risk for his/her equity position in the property.

Capped Late Payment Fee – There are no interest charges on late payments under the Program. Late payments are only subject to a capped fee that covers the expenses involved in administering the late payment.

No Pre Payment Penalty – If advance payments are made, the member’s ownership will increase more rapidly – thus shortening the length of your contract. There are no financial penalties assessed that are occasionally found in conventional loan contracts.

Shared Risk – The risk is shared if the property is lost in the case of natural disaster or if a public service project initiated by government forces you out of the property. In this situation, the proceeds provided by insurance or the government are shared based on the percentage of ownership at the point of the loss. In a similar situation, conventional loan providers will apply the proceeds to pay off the loan without any allocation.

This land loan program is in partnership with CUSO Mortgage and your loan would be serviced by your friends at Community Credit Union. For additional information on the program you can email a Loan Officer or call 207-783-2096.

If you are looking to:

• Consolidate debt
• Remodel a room in your home
• Pay for educational expenses
• Take a vacation
• Add a new pool or deck to your home

A Home Equity Loan may be the perfect option for you.

Community Credit Union's Home Equity Line of Credit is a variable rate loan of Prime plus 0% APR* for the life of the loan with a ceiling of 15% APR*. If prime were to drop below 3% APR* the minimum (floor) rate would be at least 3% APR*. The Annual Percentage Rate is based on Wall Street Prime rate effective 45 days prior to each quarter change date. It allows you to unlock the equity in your home allowing you to borrow up to 80% of the appraised value. (Complete loan to value of first and second cannot exceed 80% loan to value)

Your monthly minimum payment will equal 1.50% of the outstanding balance as of the date of your last advance or $50.00, whichever is greater. The annual percentage rate may increase or decrease on January 1, April 1, July 1 and October 1 of each year. The interest rate will be based on the Prime Rate as published in the Wall Street Journal plus 0% points. If more than one prime rate is published, the lowest rate will be used.

There is no application fee when applying for our Home Equity Line. Property insurance is required. Flood insurance is required when applicable. Average closing costs typically includes the appraisal fee, attorney fees, recording fees, flood certification and check fees. You should consult your tax advisor regarding the deductibility of interest and fees. Down-payment may be required to purchase real estate. Excludes manufactured home and land primary residence, 1-4 family, owner occupied to qualified borrower only.

See All Rates

Get Pre Approved

Looking to build a new home? Let’s work together!

CUSO Home Lending, in partnership with Community Credit Union is excited to announce we offer Construction Loan Financing. We will ensure your experience is exceptional by providing expert guidance from start to finish. Contact us today to begin your home building journey!

• One time closing
• 12 month construction period with interest only payments
• Up to 80% loan-to-value
• Local loan servicing

For additional information on the program you can email a Loan Officer or call 207-783-2096.