Affordable Seconds Home Loan
St. Louis Community Credit Union is proud to offer an additional route to home ownership through our Affordable Seconds Home Loan product.
This resource helps make homeownership more accessible by pairing a traditional first mortgage from an approved mortgage lender with a second mortgage from St. Louis Community Credit Union.
This financing structure combines two loans – resulting in two monthly payments: a first mortgage repaid to an approved primary mortgage lender and a second mortgage to St. Louis Community Credit Union. For many borrowers, the combined payments may be comparable to traditional mortgage payments that include PMI, while providing the opportunity to build equity more quickly.
The Affordable Seconds Home Loan is designed to help qualified buyers overcome common barriers to homeownership while providing additional resources and support throughout the homebuying process. Key features include:
- No down payment required
- No private mortgage insurance (PMI)
- Access to free financial education, coaching, and homebuying training
How do I qualify?
- Household income may not exceed 80% of area median income (AMI)
- Home must be located within the credit union’s service area (Missouri: St. Louis City, St. Louis County, St. Charles County, and Franklin County. Illinois: Jersey County, Madison County, Monroe County, and St. Clair County)
- Maximum home price, based upon ability to repay, may not exceed $250,000
- Additional qualifications apply
Speak with a Mortgage Specialist
Rates, terms and conditions are subject to change and may vary based on creditworthiness and qualifications. All loans are subject to approval. See Credit Union for details. St. Louis Community Credit Union NMLS# 616755. Carrollton Bank NMLS# 719258.
