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Tonawanda Valley Federal Credit Union’s Home Improvement Loan is a mortgage on your primary residence. It can be either a first, second, or third lien on your home. The property must be located in Genesee County or in a county adjacent to Genesee County and may be up to a four family dwelling. The interest rate on this mortgage is a fixed rate. See Today's Rates for current rate information. (The interest rate is subject to change at any time.)

TVFCU will lend up to 80% of the assessed value on your home with a maximum loan amount of $100,000. An appraisal of your home is not required but may be done if more equity is needed. A Residential Credit Report and Flood Certification may be required along with any applicable closing costs. These fees are non-refundable once the information is ordered. Escrow accounts are not offered at this time. Some closing costs may be financed into the mortgage if there is enough equity in the home to do so or they can be paid by the borrower.

A Home Improvement loan has a maximum term of 10 years or 120 months. Repayment schedules are offered in a variety of ways. You can select a monthly, biweekly, or weekly scheduled transfer from a primary savings account, payroll deduction (direct deposit from your employer), or a cash payment. Cash payments are offered at the current rate plus 0.5% more.

To apply for a Home Improvement Loan, just schedule an appointment with one of our Mortgage Officers. You will be required to bring the following information with you to complete the application process:

  • 3 most recent consecutive pay stubs for each person applying

  • 2 years signed federal income taxes with W2’s (3 years if you are self-employed)

  • Copy of the deed to your home

  • Statements of any accounts you wish to list as assets

  • Most recent paid county, school, and village taxes

  • Statements of debts to be paid with mortgage

  • Statement of current mortgage balance

  • Copy of Homeowners/Flood insurance policy

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