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First Time Homebuyers

Buying your first home is a big deal. Carolina Trust helps make the process of financing your first home purchase totally achievable.

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The Louise Herring Philosophy in Action Award is given to credit unions that practically apply the philosophy of People Helping People within their day-to-day operations and service to members.

  • 30-year Fixed Rate*
  • Competitive rates
  • Maximum 30-year term
  • 100% Financing
  • No down payment
  • No private mortgage insurance
  • No income limit restrictions
  • Must complete Balance Track counseling programs before closing

Here’s how it works:

If you’ve never owned a home or haven’t owned one in the last 3 years, you’re eligible for our First Time Home Buyers loan. This loan is a 30-year Fixed Rate mortgage.*

Review our First Time Homebuyers FAQ for more information.

*Loan approval and Annual Percentage Rate subject to credit worthiness. Loan type subject to property and borrower qualifications. Other restrictions apply.


First-Time Home Buyer FAQ

A first-time homebuyer is an individual or couple who has had no ownership in a primary residence or has not been listed on a Deed in the past 3 years.

The First Time Homebuyer mortgage is a 30-year Fixed Rate.

• The maximum loan amount is $726,200.00
• The maximum loan to value is 100% (Loan to value = loan amount divided by sales price)

No down payment required. 100% finance of purchase contract.

Parameters include:
• Property must be their Primary Residence
• Purchases only
• Property must be a single-family home, condominium, or townhouse.
• Manufactured Homes are excluded from this program.

No. PMI will not be added to the monthly payment. Therefore, more of your mortgage payment is being applied to the principal balance. Thus, you are growing equity in the home.

The Member(s) must be employed (full-time and/or part-time) in the same line of employment for at least 2 years.

Credit score must be 640 or above. Member must be current on all existing obligations.

Yes. The Member(s) must complete the pre-purchase counseling program through BALANCE Financial Counseling Service. There are no fees to the member for these classes.
There are 3 classes they must complete:
• Balance Track: Credit Matters
• Balance Track: Money Management
• Balance Track: The Road to Homeownership

• Commitment Fee: $995.00
• Appraisal Fee: $500.00
• Appraisal Review Fee: $100.00
• Escrow Service Fee: $75.00
• Wire Transfer Fee: $15.00
• Flood Certification Fee: $17.00
• Documentation Fee: $60.00
• Credit Report Fee: $50.00 +/-
• Recording Charge: $58.00 +/-
• Attorney Fees: TBD (Members select their own attorney, Attorneys set their own fees)

Yes, closing costs can be paid by the Seller or the funds can be a gift from a family member.

Yes. CTFCU requires escrow for taxes and insurance.

Yes, all loan payments must be repaid by automatic draft from a CTFCU checking account.

The home must be in marketable condition with “no needed repairs”. All property defects and repairs must be corrected prior to closing.

No, with existing membership in CTFCU the property can only be located in South Carolina or North Carolina.

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