Last Updated: 04/18/2025
Dover FCU Home Mortgage Loans
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Last Updated: 04/18/2025
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Highlights
Credit Score Range
Starting at 620
Amount Range
Up to $850,000
Loan Term (Years)
Up to 30
Dover FCU Home Mortgage Loans Review
Dover FCU Home Mortgage Loans is offered by Dover Federal Credit Union (NMLS #469346), a credit union founded in 1958 and based in Dover, DE. Dover FCU Home Mortgage Loans are available in 50 states and Washington, DC.
Key Takeaways
- Wide selection of mortgage programs offered. Dover FCU Home Mortgage Loans offers FHA, USDA, VA, conforming, and conventional mortgages.
- Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
- Standard interest rates types. Dover FCU Home Mortgage Loans offers adjustable-rate mortgages and fixed-rate mortgages.
- No primary residences considered. Dover FCU Home Mortgage Loans does not offer financing for primary homes.
- Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
- High maximum LTV ratio. Dover FCU Home Mortgage Loans has a maximum loan to value ratio of 90%, which is higher than average. Most lenders want you to have at least 20% equity.
- Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Dover FCU Home Mortgage Loans.
Dover FCU Home Mortgage Loans Pros & Cons
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Dover FCU Home Mortgage Loans FAQ
How much can you borrow via Dover Federal Credit Union?
Dover FCU Home Mortgage Loans allows borrowers to apply for loan amounts of up to $850,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.
What is the maximum loan term you can get with Dover FCU Home Mortgage Loans?
Dover FCU Home Mortgage Loans offers mortgages with a maximum term of 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What mortgage rates does Dover Federal Credit Union offer?
Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.
Do they charge mortgage origination fees?
Yes, Dover FCU Home Mortgage Loans may charge a loan origination fee .
What mortgage programs are available?
Besides conventional mortgages, Dover FCU Home Mortgage Loans offers the following mortgage types:
- FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
What is the customer service phone number?
The customer service number for Dover FCU Home Mortgage Loans is (188) 881-8332.
What is the support contact email?
The support contact email for is mbrsvc@doverfcu.com.
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Hours of Operation
Sunday
Closed
Monday
9:00AM - 5:00PM
Tuesday
9:00AM - 5:00PM
Wednesday
10:00AM - 5:00PM
Thursday
Closed
Friday
9:00AM - 6:00PM
Saturday
9:00AM - 12:00PM