Jefferson Financial Credit Union

• Application-Must include loan amount, property value (estimate if not known), employment information covering 2 years, income.
• Bank account and/or asset info and balances. 

o   SBA loans must be listed in the liabilities with balance and payment.

• W’2’s Last 2 years
• 2 years tax returns, all pages and schedules, business and personal, if applicable, (if self employed, trucking, clergy or commissioned), and year to date P&L.
• 2 most recent check stubs
• 2 most recent bank statements, all pages.
• Most recent retirement and/or asset statement.
• Fully executed purchase contract, if applicable.
• SBA paperwork (if applicable)
• Homeowner’s and or Flood Insurance
• Tax Bill
• Termite Certificate (purchase only)
• Copy of  Driver's License or Federal ID 

These documents must be received within 10 days of application.  If not received loan will be cancelled and application must be resubmitted to apply.

Documents can be scanned and emailed to mortgage@jeffersonfinancial.org.

If you have any questions please call us at

(504) 348-2424 ext 619.

Thank you for choosing

Jefferson Financial Federal Credit Union.

Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. We can help you determine exactly how much you can afford.

When you are ready to buy a home you must consider that the monthly mortgage cost is not the only cost you will face. Maintenance costs such as appliances needing repair and utility bills will also come out of your pocket. You should also consider homeowner's insurance as well as association or condo dues depending on your location. Lastly, be sure to remember to allow for property taxes which may be rolled into your monthly payment.

Knowing that the house is yours brings you satisfaction in itself. You can enjoy the savings that can come when you deduct your property taxes and mortgage loan interest on your federal income taxes and in most cases your state income taxes too. Because interest will make up a large portion of your monthly mortgage, for many years you will easily see how home ownership can save you on your taxes. With every payment, you build more equity in your house. This equity is like a savings account which you can cash in when you sell your home or use it to borrow against.

There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. We can help you evaluate your choices and help you make the most appropriate decision.

With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM will likely change. There are advantages and disadvantages to each type of mortgage. The best way to select a loan product is by talking to us.

At closing, you, your agent, the seller, the sellers agent (in most cases), and the settlement agent, will sit down to go over the legal documents regarding your new home. A good settlement agent will explain what each document means. You should make sure you understand what you are signing and ask questions if you don't. After all the paperwork is signed, you will pay closing cost money and down payment to the settlement agent.