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Faculty Affairs
Office of the Provost

VCU Auto Loan and Mortgage Programs

Vanderbilt Credit Union – New Faculty Mortgage Program

 

  1. Vanderbilt Credit Union will beat the competitor’s rates. The Vanderbilt Credit Union (VCU) will beat the Annual Percentage Rate (APR) on a competitor’s 15-year or 30-year fixed mortgage by at least a quarter of a percentage point.

 

  1. Eligibility.  The program applies to all new full-time faculty members of Vanderbilt University. The offer may be exercised anytime during their first year of employment.  For faculty seeking a mortgage prior to their official start date, an accepted offer letter is required.  Applicants must become members of the Credit Union, which involves a one-time membership fee of twenty-five cents ($0.25) and maintaining a balance of twenty-five dollars ($25.00) in the member’s share savings account.

 

  1. Benefits to save new faculty money
  • No origination fee
  • No discount points
  • Loans up to $1,000,000.  Loans greater than $1,000,000 will be considered on a case-by-case basis.
  • Loans as high a 90% combined loan to value ratio (CLTV).
  • No Private Mortgage Insurance (PMI)
  • So new faculty can take their time finding the right home for them, the offer can be exercised anytime within the 1st year of employment with Vanderbilt University.
  • Payments may be made via payroll deduction. Payroll deduction is optional.
  • No pre-payment penalty.

 

  1. Qualifications
  • Debt-to-income ratios up to 45% of gross monthly income.
  • Rate scenarios are based on a 45-day lock-in period.
  • The competitor’s offer must be in writing from a nationally recognized mortgage lender and within the last 5 days of VCU’s offer to beat the interest rate.
  • At least one applicant must have a credit score greater than 700.
  • The property securing the loan must be the applicant’s primary residence as well as located in Tennessee.

 

  1. Other. 
  • Vanderbilt Credit Union is an equal housing lender.
  • Approval subject to VCU credit underwriting guidelines.
  • All loan programs, rates, terms, and conditions are subject to change without notice.

 

 

 

New Vanderbilt Employee Auto Loan Offer

 

As a special welcome to the Vanderbilt Community, the Vanderbilt Credit Union (VCU) will refinance your automobile loan at half your current interest rate!

 

And as a special welcome bonus, you don’t have to make your auto loan payment for up to 90 days!

 

This loan saves you cash while helping your cash flow during your transition to Vanderbilt University:

  • Finance the amount you currently owe.
  • Keep the same length of repayment.
  • No fees, hidden charges, or pre-payment penalty.
  • Lower your interest cost by hundreds or thousands of dollars.
  • No payments required on your loan for the first 90 days.
  • Take advantage of the offer prior to your start date – new faculty may refinance their auto loan prior to their official start date by showing an accepted offer letter.

 

Note: You have up to 90 days from your hire date to take advantage of this offer.  Approval subject to VCU credit underwriting guidelines.  All loan programs, rates, terms, and conditions are subject to change without notice. VCU minimum loan rate of prime rate minus 3.00% applies.

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