Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Eligibility For Home Loan In Killeen, TX

21. December 2015 Administrator Home Loans (0)
A home loan is a perfect way to purchase your dream house in Killeen, TX. However, before applying for a loan from a credit union or any other financial institution, it is important to know whether you are eligible for the same or not. It will help you save time and simplify the home loan process.

Listed below are some eligibility criterion set by most financial institutions in order to apply for a home loan in Killeen:

  • Age:  Age is an important consideration for home loan approval. Younger people are more likely to get a loan as compared to those who are nearing retirement.
  • Source of income: Your source of income along with its stability is an important factor taken into account by a credit union. For instance, having a salaried job can fetch you a higher loan amount because of your job stability.
  • Additional debts: If you have an existing loan repayment, it can affect your chances of getting a home loan from credit union. It is better to pay off all your smaller loans (if any) before applying for a home loan. Additionally, having a good repayment history may also increase your chances of getting a home loan.
  • Proof of income: You will be required to show at least three of your recent pay slips to your lender. If not, you may be asked to submit a letter from your employer which states your annual salary. In case you are self-employed, you may be asked to provide the financial accounts for the past two years.
  • Debt to income ratio (DTI): Your debt to income ratio is another factor considered by a credit union before approving a home loan. It is basically a measure of your ability to manage monthly payments and repay debts as well. DTI is calculated by dividing total recurring monthly debt by gross monthly income. You should calculate it prior to deciding how much loan you want.
  • Credit score: Having a good credit score increases your chances of getting a home loan approved easily. Therefore, it will be beneficial if you maintain a decent credit score by paying all your installments and loans on time.
We, at Greater Central Texas Federal Credit Union, offer affordable and convenient home loans to our members in Killeen, TX. To know more about our services, feel free to call us at (254) 690 – 2274 or visit 3305 E. Elms Rd., Killeen, TX  76542.
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GCTFCU Blog | Document Checklist For A Secured Auto Loan In Killeen
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Document Checklist For A Secured Auto Loan In Killeen

14. March 2016 Administrator Auto Loans, Blog (0)
When you need to apply for a secured auto loan, having the required documents at hand can help to get a faster approval for your application. It is important for the credit union to be sure that you will be able to repay the loan on time. This information will help to determine the interest rate that you may be charged on the loan amount.

Given below are some documents that you may need to submit while applying for a secured auto loan in Killeen, TX:

  • Income Proof: This is the most important document to be presented by the loan applicants. If you are a salaried individual, you may need to submit at least two of your recent pay stubs from the employer. For self-employed applicants, a copy of the tax returns of the last two financial years may be required. A bank account statement for the past 6 months may also be needed. If you have any source of sizeable income, such as rental properties, alimony, legal settlements etc. do provide the documents for validation.
  • Identity Proof: You must submit a valid identity proof and a recent photograph along with the application for the secured auto loan. The ID proofs that may be accepted include social security card, birth certificate, passport, driver’s license etc. It is recommended that you confirm the identity proof required by your credit union beforehand to avoid any trouble later. 
  • Proof Of Residence: You may also need to submit proof of present and permanent address to apply for the loan. The document you provide should have an address consistent with that on your proof of identity as well as the loan application. 
  • Vehicle Information: If you are buying a new vehicle, you may need to give the vehicle identification number (VIN) to the lender. You may also be asked to submit he sales agreement from the dealer which may include the type, make, model, year and purchase price of the vehicle. For buying a used vehicle, get information about the original title, vehicle model and disclosure of no pending liens from the dealer. 
  • Proof Of Insurance: The credit union may also want to ensure that you have a valid insurance policy for your vehicle. The coverage options that you have chosen may also be considered while approving your loan application and deciding the interest rate.
For affordable secured auto loans in Killeen, feel free to contact Greater Central Texas Federal Credit Union at (254) 690 – 2274.

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