In Georgia, credit union loans (for some politically mandated reason) are exempted from paying the intangibles tax, a tax on mortgage loan originations.
"The tax for recording the note is at the rate of $1.50 for each $500.00 or fractional part of the face amount of the note. The maximum amount of recording tax on any single note is $25,000. Failure to pay the tax will incur a 50 percent penalty of the tax amount and 1 percent interest per month from the time the tax was due.
"The tax for recording the note is at the rate of $1.50 for each $500.00 or fractional part of the face amount of the note. The maximum amount of recording tax on any single note is $25,000. Failure to pay the tax will incur a 50 percent penalty of the tax amount and 1 percent interest per month from the time the tax was due."
A credit union is an excellent source for a home loan. A little known fact is Georgia credit unions are exempt from paying the State intangibles tax of $3.00 per thousand, so on a $200,000 loan you will save $600. Best wishes on your home purchase.
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I agree with the answers below listed... Each Credit union may have their "own" programs so to speak, but the FHA and VA may or may not be available if that is a loan type you are in need of. I would check to see what the "underwrite" process consist of with that particular credit union. Is it in-house, a board decision or exactly. I am with a direct endorsement lender, which means we in house Underwrite on behalf of FHA, VA, Conv and USDA loans. That means it does not leave our location. That is an importnant factor in my opinion. For 23 years in the business, I have always worked for a Direct Endorsement Mortgage Lender "company".
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Best of luck to you.
Best of Luck,
Century 21 Tenace
Sherry E. Bailey
Keller Williams Realty First Atlanta.