State Employees’ Credit Union Mortgage Reviews

State Employees’ Credit Union can be a good fit for people who are able to qualify for membership, along with people looking for homes in one of the five states SECU offers loans. It can also be a great fit for first-time homebuyers or low-to-moderate income buyers, thanks to its first-time homebuyer programs, 100% mortgage loan financing options and no-PMI loans.

However, first-time homebuyers looking for a government-backed loan, such as a Federal Housing Association (FHA) or U.S. Department of Veterans Affairs (VA) loan, won’t be able to get one with SECU as SECU doesn’t offer these types of loans.

You can only take out a mortgage with State Employees’ Credit Union if you’re a member. You can qualify for membership if:

• You’re a North Carolina county or state employee, or an employee of an organization formed for the benefit of the state
• You’re a North Carolina public board of education employee
• You’re an employee of an agency or department that’s subject to the North Carolina Human Resources Act
• You’re an employee of a federal agency that’s assigned to a state agency
• You’re a member of the North Carolina National Guard
• You’re an immediate family member of an existing member
• You live in the same residence as a current member
• You’re an employee or former employee of an eligible employer

Once you’re a member, you can apply for a mortgage on its website, in person at a branch, by phone at 877-589-1547 or through the SECU mobile app.

When making a loan decision, your loan officer will look at factors such as your ability to repay the loan, your credit history and the value of the home. It’ll also consider your income, debt-to-income (DTI) ratio and loan-to-value (LTV) ratio.

State Employees’ Credit Union only offers conventional purchase loans, refinance loans and home equity lines of credit (HELOCs). It also has some loan features that are uncommon with other lenders, such as loans with 100% financing, no private mortgage insurance and no application fees.

For its conventional loans, SECU offers fixed-rate mortgages and adjustable-rate mortgages (ARMs). Its fixed-rate mortgages come in 10-, 15-, 20- and 30-year terms. Its ARMs have fixed rates for the first five years, after which the rate can only be adjusted every five years.

Mortgage assistance programs

If you go through with a SECU mortgage and later experience financial hardship, the company offers a Mortgage Assistance Program (MAP). It may be able to temporarily lower mortgage payment amounts, defer payments or modify or refinance your loan’s terms.

Special mortgage programs

SECU also offers special mortgage programs, including first-time homebuying options. It offers several grants for first-time homebuyers or eligible members through the Federal Home Loan Bank of Atlanta (FHLBA).

State Employees’ Credit Union’s annual percentage rates (APRs) typically start at around 4.765% APR to 5.842% APR for its fixed-rate and adjustable-rate mortgages. Its HELOCs have rates ranging from 6.50% to 7.50%. All rates are accurate as of March 4, 2026.

The specific rate you’ll be offered depends on your creditworthiness, borrowing amount, down payment amount and other financial factors.

» MORE: Current mortgage rates — check today’s rates

SECU charges a 1% loan origination fee (capped at a maximum of $2,500). It doesn’t charge application fees.

You can also expect to pay closing costs, which typically range from 2% to 5% of the loan amount. These costs generally include:

• Appraisal fees
• Tax service provider fees
• Title insurance
• Government taxes
• Prepaid expenses, such as property taxes, homeowners insurance and interest

State Employees’ Credit Union mortgages are only available to people who qualify for membership, and it only offers a few types of loans for properties in five states. Here’s how it compares to other popular mortgage lenders:

» MORE: Credit union vs. bank mortgage: how to choose