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Another Credit Union Offers 100% Mortgage Financing

SECU of Maryland joins Navy Federal and NASA FCU in offering no money down mortgages.

By David Morrison | Updated on August 08, 2014

SECU of Maryland joined the limited number of credit unions offering to finance 100% of a real estate purchase.

The $2.8 billion institution, based in Linthicum, Md., said the borrower would still have to put down the lessor of $1,000 toward closing costs or 1% of the sale price. Members eligible for the 100% LTV mortgages will also need a good credit score, the credit union said, and demonstrate an ability to repay the loan. Also, borrowers can only use the loan to purchase primary real estate and cannot own any other real estate at the time of application.

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