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Your trusted partner in
Real Estate Lending
Personalized mortgage solutions
to unlock your dream home
Embarking on the journey to homeownership is a significant milestone, especially for first-time homebuyers. We’re dedicated to guiding you every step of the way, ensuring a smooth and informed homebuying experience tailored specifically for Maine residents and credit union members.
Downeast CU is proud to partner with CUSO to offer specialized mortgage programs tailored for first-time homebuyers. Our FHA Loans, VA Loans, Rural Housing Loans, and CU Promise Loans are designed with favorable terms, allowing for lower credit scores and minimal down payments. Reach out to our team to explore which program aligns best with your needs.
Learn more about our Real Estate Lending options
Conventional Mortgages
Whether you’re a first-time homeowner, one who’s looking to refinance an existing loan or looking to make home improvements, Downeast Credit Union has you covered!
Our in-house financing options:
- Are locally underwritten, serviced and owned by DECU.
- Offer flexible terms up to 30 years.
- Allow Loyal Members receive a loan discount that can save you thousands of dollars!
Single & Doublewide Homes with Land
We offer financing for both single and doublewide mobile homes. While many financial institutions finance these types of homes at higher rates, we offer mortgages at the same rates as stick-built homes -- for those that are 5 years old or newer.
We also offer financing on older manufactured homes based on our mobile home rates. Mobile homes must be on land that is owned or is being purchased under contract by the owner.
Maine State Housing Program
This mortgage is offered by the Maine State Housing Authority to help residents become homeowners. These loans typically have low fixed interest rates and various options, including low or no down payment choices. For those who qualify based on income criteria, MaineHousing loans can also provide assistance with closing costs and down payments, making homeownership more accessible for individuals and families in Maine. Additionally, these loans often include payment protection for situations like unemployment.
Rural Housing Loans (USDA)
USDA Loans, or Rural Housing Loans, offer a chance for individuals and families to purchase homes in eligible rural areas. These areas are generally located outside urban centers, and the loans come with benefits such as lower interest rates and flexible credit requirements. Specific income limits based on household size and location apply, ensuring the program targets those who may not qualify for traditional mortgages.
FHA Loans
A Federal Housing Administration (FHA) loan is designed to help first-time homebuyers and those with lower credit scores achieve homeownership. With a lower down payment requirement and more flexible qualification criteria, FHA loans make purchasing a home more accessible.
VA Loans
We offer affordable VA Mortgages with no down payment to Veterans.
HELOC
A Home Equity Line of Credit (HELOC) can be a fast and convenient way to get the money you need for large and small expenses. You can borrow now - or later - without having to reapply. Use the equity in your home to help consolidate debt, fund home or auto repairs, or even pay for higher education.
Why choose Downeast CU?
Local Servicing
We never sell our in-house financed real estate loans. You can call and speak to a real person or stop by your local branch with questions or to make a payment.
Fast Turnarounds
We typically close our Real Estate loans between 3 and 12 days faster than our competitors. If you want something done efficiently and correctly, see us first!
Flexible Terms
With many different programs, we can pair you with the right loan for your needs. We offer mortgages from 10 to 30 years, allowing you to pay down your loan sooner which means less money paid in interest.
Start your Real Estate Application today
Read our Mortgage Blog
Learn more about real estate financing.
First Time Home Buyers Guide
The path to owning your first home in Maine isn’t always smooth. Down payments loom large. Closing costs bite hard. Paperwork piles up. But here’s the truth: substantial help exists if you know where to look.This guide cuts through the noise. We’ll explore the programs, grants, and loans available to first-time home buyers in Maine for 2025. Read more here.
Demystifying Closing Costs: What To Expect When Finalizing Your Home Loan
Congratulations! You’ve found your dream home and secured a mortgage. But before the moving truck arrives, there’s one more hurdle left to clear: closing costs. These fees, essential to finalizing your home purchase, can be confusing and a bit overwhelming. However, by understanding closing costs, you can effectively plan your finances, and CUSO is here to help. In this blog, we will provide a comprehensive explanation of closing costs, review typical fees and expenses,and offer strategies that can help simplify your purchase and minimize the amount you pay. Read more.
Understanding the Appraisal Process: What Homebuyers Need to Know
Starting down the path to homeownership is filled with exciting milestones and pivotal decisions. From finding the perfect neighborhood to finalizing the interest rate, each step brings you closer to your dream home. One of these steps, which typically occurs after you’ve found your ideal home and have had your offer accepted, is the home appraisal process. Learn what this entails.The Power of Credit Scores
A credit score is a numerical expression that lenders use to evaluate the risk associated with lending you money. It reflects your creditworthiness, based on your credit history. Learn more about credit scores and the impact on your mortgage.Low Down Payment Mortgage Options Explained
In this article, we explore various low down payment mortgage options, including Federal Housing Administration (FHA), Rural Housing (USDA), Veterans Affairs (VA), and Maine State Housing loans, which are available in Maine.Our objective is to shed light on the benefits and eligibility criteria of each program and empower you to make the most informed decisions on your path to homeownership. Learn more.
Conventional Mortgage Loans: Your Top Questions Answered
As a prospective homeowner, you’ve probably heard about different types of mortgage loans, with “conventional mortgages” being one term that frequently comes up. However, understanding what a conventional mortgage entails can sometimes feel overwhelming. But don’t worry! We’re here to help clarify conventional mortgages for you, addressing your pressing questions and concerns. Click here to read more.Navigating First-Time Homebuying in Maine
Embarking on the journey of first-time homebuying can be both exciting and daunting. With so many factors to consider, finding the right mortgage solution is crucial to ensuring a smooth and successful home purchase. Read on to learn more.To learn more, speak to the DECU Real Estate Team at 207.454.9007.
Downeast Credit Union NMLS ID# is 531655. To access this service please visit nmlsconsumeraccess.org
*Disclosures: Terms and closing costs may vary. Additional financing and loan terms available. All loans subject to credit approval. Rates are based on credit worthiness subject to change without notice. The Credit Union makes real estate loans without regard to race, religion, or other discriminatory factors.
*HELOC Disclaimer: As of 12/19/24, the variable APR (Annual Percentage Rate) for home equity lines of credit ranges from 7.50% to 11.50%. This interest rate is subject to change with the Wall Street Journal Prime Rate but will not be less than 4.00% or exceed 18.00%APR. Payment is 1.5% of outstanding balance for example a $20,000 HELOC would cost $300 per month. Upon application, some members may be required to place a $200 deposit on hold in their savings account that may go toward any services requested during the application process; funds will be released back to the member if they are eligible for the no-closing cost HELOC option. Draw period is up to 6-years but will be reviewed at 3 years with a soft credit pull to qualify for an additional 3-year term. Property Insurance is required. Consult your tax advisor regarding the deductibility of interest. Some additional restrictions may apply.
Loyalty Discounts: to qualify, member must have an active DECU checking account with at least $1,000/month in direct deposits and 10 debit card transactions/month at the time of the HELOC closing. 1) The Credit Union pays closing costs on home equity lines of credit for Loyal Members up to $100,000 on primary residence and must be stick-built homes only; mobile and double-wide homes do not qualify. The Credit Union will not pay any fees associated with surveys or any curative title work that may be required in order to perfect a lien, nor will the Credit Union pay the costs of a full appraisal if required; all such fees and costs are the client’s responsibility. Fees associated with opening a DECU home equity line of credit generally range from $0-$1,056. 2) Qualifying Loyal Members may receive a 1.00%APR Rate Reduction off their current qualifying rate. Loyalty rate reductions are dependent on your continued eligibility over the life of the loan. Offer good as of 12/19/24 for a limited time and may end at any time.
Terms and closing costs may vary. Additional financing and loan terms available. All loans subject to credit approval. Rates are based on credit worthiness. The Credit Union makes real estate loans without regard to race, religion, or other discriminatory factors. All Credit Union loan programs, rates, terms, and conditions are subject to change at any time without notice. Downeast Credit Union NMLS ID# is 531655. To access this service please visit nmlsconsumeraccess.org. Equal Housing Opportunity. Federally Insured by NCUA.
Equal Housing Opportunity. Federally Insured by NCUA.