United States Senate Federal Credit Union

FAQs - Loans

What documents do I need to apply for an auto loan?

Documents for auto loan application include a loan application form, an approved purchase order, your pay stub, and a verification of auto insurance.
Can I do a pre-approval for an auto loan? How long is it good?
Yes. A pre-approval for an auto loan will be valid for 60 days.
What happens if I prepay my loan?
There are no prepayment penalties for USSFCU loans.
Can I have the payment for my loan come out of my payroll?
Yes. You may sign up for this option when applying for a loan.
What is CUMA?
CUMA stands for the Credit Union Mortgage Association. CUMA is a full-service mortgage company totally owned by Credit Unions, including the United States Senate Federal Credit Union. CUMA is just another part of the Credit Union. When you're working with CUMA, you're doing business with the Credit Union -- the people you know you can trust and rely on to look out for your needs. CUMA was started in 1978 and approved by the National Credit Union Association (NCUA) as well as the Federal National Mortgage Corporation, Federal Home Loan Mortgage Corporation, Veterans Administration and Federal Housing Administration.
Do you offer first mortgages?
Yes. We offer conventional, VHA and FHA packages, competitive fixed or adjustable rate plans, as well as traditional, jumbo, buy-down and balloon alternatives through Credit Union Mortgage Association.
What do closing costs usually run?
Closing costs are any fees associated with purchasing a home and getting a loan. If refinancing, all loan costs are paid by you and can be in the loan amount. In addition to points and other lender fees, settlement fees are charged for title search, notary and attorney's fees and, if applicable, private mortgage insurance. Closing costs also include state and county taxes. All these costs, which normally add up to about five percent of your loan, are estimated at the time of application in the Good Faith Estimate.

For Home Equity Loans, the closing costs usually range from $750 to $1500.

Can I use a previous appraisal?
Yes, if the appraisal meets our requirements.  It cannot be older than 6 months on the date the loan is funded, the format must be acceptable, the appraisal must be have been ordered by another recognized lender, and the orderer of the appraisal must assign their rights to the appraisal to us.