Virginia Beach Schools Federal Credit Union is a full service financial institution. We offer a wide variety of lending services to suit our members' borrowing needs. Check with our loan department or visit our Rates page for our current interest rates. Below you'll find what types of loans we have to offer as well as a brief description.

 

	Second Mortgage Loans
	Home Equity Credit Line
	Quick Equity Loans
	Overdraft Protection Loans
	Computer Loans
	Share Secured Loans
	Personal Loan
	Vehicle Loan
	First Mortgage Loans
	10 Year Fixed Mortgage
	Student Loans (click here)

Second Mortgage Loans:  Apply A closed-end loan with a low fixed rate that is secured by a second mortgage deed of trust on your primary residence. We will lend up to 100% of your home's value less the balance of your first mortgage MINUS the pay-off of a second mortgage (if applicable) on your single-family residence. For townhouses and condos, we will lend 90% of the value.

Home Equity Credit Line:   Apply  A open ended loan with a low variable rate. We will lend up to 95% of your home's value less the balance of your first mortgage on your single-family residence. For townhouses and condos, we will lend 90% of the appraisal value.  Click here for important information regarding our home equity credit line.

Quick Equity Loans:  Apply  A fixed rate, closed end loan using your primary residence as collateral; no appraisal on your home is required.   The loan to value ratio is 95% based on your most recent city tax assessment.   Townhouses and condominiums are not eligible for this loan.

First Mortgage Loans:  Please click read below and then click here for First Mortgage information, rates, and how to apply.

The A+ Mortgage  Program for teachers
This program is only available for employees of an accredited or state recognized private or public school: a certified teacher or administrator in an education agency; or an employee of a post secondary level educational institution. Call 463-3650 option 6, then option 1 to speak to an A+ Mortgage Program specialist, or call toll free 1-888-578-4747 or  email.

Benefits & Features:
Designed to promote community home ownership
Increased buying power - up to 30%
Low or No down payment requirements
Lower asset requirements
Lower private mortgage insurance expense
Lower monthly payments with terms up to 40 years
Relaxed reserve requirements
Flexible credit terms, for borrowers with less than perfect credit
High "seller concessions" allowed
 

Broken ARM? Get the facts and a healthy mortgage at your Credit Union!

 Do you have an adjustable rate mortgage (ARM)?  Not sure?  You’re not alone.  According to a March 2007 Bankrate.com survey, 34% of homeowners don’t know what type of mortgage they have or many of its details.  And many homeowners with ARMs don’t know how often and by how much their rate can adjust, or its lifetime rate increase limit.  Attracted by low initial monthly payments, many homeowners unfortunately overlooked the long-term results of their decision.

 Call our loan department or our mortgage service provider, Member Options, directly at (888) 578-4747 to start your mortgage review today!

 

New 1st Mortgage- 10 Year Fixed Rate:  Apply  If you already own your home and would like to refinance your mortgage we will lend up to 60% of the homes value (tax assessment or Freddie Mac's Home Value Explorer). The term of the loan is limited to 10 years. (Owner occupied only). Rates will be set weekly. For more information, call 463-3650 ext 319, or stop in and speak to a Loan Counselor. 

Overdraft Protection Loans:  Apply  A personal line of credit that covers your share draft account and provides monies to cover the checks when your share draft balance is insufficient.  This loan is deposited in $100 increments into your share draft account, as needed, up to your credit limit.

Computer Loans:  Apply  A personal loan provided to you for the purchase of a computer.  

Share Secured Loans:  Apply  A loan fully secured by funds in your share account.   The available credit on this loan equals the amount in your prime share account.

Personal Loans:  Apply These are loans made for a variety of purposes.  They are based on your credit worthiness and are available up to the amount of  $30,0000.00.  Examples of this type of loan are:  Vacations, Christmas, Tuition, Home Improvements, Taxes, Debt Consolidation.

Vehicle Loans:  Apply

	New and used automobiles
	Motorcycles
	Recreational Vehicles
	Boats

All loans are subject to VBSFCU underwriting guidelines.

Key Benefits

	Low competitive rates
	Payments can be automatically deducted from account
	Fast and easy loan application

Rates - Please visit our rates page.