STAR Plus HELOAN*

Unlock your home’s value without breaking the bank.

Our STAR Plus Home Equity Loan (HELOAN) helps homeowners in the Richmond and Northern VA areas who may not be able to qualify for a standard Home Equity Loan. A HELOAN allows you to access the equity in your home to pay for the things you need. Whether it’s a home renovation project or you need extra funds in case of an emergency, a STAR Plus home equity loan can help. Additionally, a STAR Plus HELOAN is available to those with minimal credit history.

Access equity that you've built.

STAR Plus HELOAN Benefits

Fixed Rate Home Equity Loans available from $2,500 to $49,999
Additional repayment terms offered for loans greater than $10,000
Flexibility to use funds for almost anything you need
0.25% interest rate discount on new loans with an automatic payment from an Atlantic Union Bank deposit account
Available to low-to-moderate incomes

Let’s connect!

Schedule an appointment today with a lending specialist to see if the STAR Plus HELOAN is right for you.

Schedule an Appointment Visit a Branch

Eligible Locations

Richmond Area
Amelia County
City of Colonial Heights
City of Hopewell
City of Petersburg
City of Richmond
Charles City County
Chesterfield County
Dinwiddie County
Goochland County

Hanover County
Henrico County
King and Queen County
King William County
New Kent County
Powhatan County
Prince George County
Sussex County

Northern Virginia
Arlington County
City of Alexandria
City of Falls Church
Fairfax County
City of Fairfax
Loudoun County
Prince William County
City of Manassas
City of Manassas Park

FAQs

A home equity loan (HELOAN) is a loan that is taken out by a borrower that uses the equity someone has in their house as collateral. When a borrower takes out a HELOAN, they get a loan for a specified amount and take it out immediately. They can then use that money for whatever they want, and, since the loan is secured against the equity they have in their house, they will pay it back at a fixed interest rate. That interest rate is often lower than would be offered on a personal loan, because the loan is backed up by the equity in the house. Plus, a Home Equity Loan has a fixed repayment schedule, so it’s easy to budget and make plans for.

A HELOC is generally more flexible than a Home Equity Loan, because, with a HELOC, the borrower can choose when and how much money they take out against the line of credit. A HELOAN is a specific amount of money, paid back in a specific time period with a fixed interest rate, so it’s easier for borrowers to plan around.

A Home Equity Loan works similarly to other types of personal loans. With a Home Equity Loan, a borrower uses the equity they’ve built up in their house as collateral for a loan. Once the loan is approved, the borrower receives it in a lump sum and then has a fixed amount of time to pay it back, with a fixed monthly payment and interest rate.

Borrowers must come into a branch to apply for a Home Equity Loan. The process for a Home Equity Loan is similar to other personal loans, but includes a portion that verifies the value and equity in your house.

Disclosures

^*The Steps Toward Achieving Results (STAR) Home Equity Loan is available to Virginia, North Carolina, and Maryland residents with primary single family residences located in a low to moderate income census tract and/or have an income below 80% of the median income for that tract as identified by the U.S. Census Bureau. All loans are subject to credit approval. Bank must be in a valid first or subordinate lien position on the collateral. Property insurance and flood insurance, where applicable, will be required. Please consult with a tax advisor regarding interest deductibility. Certain conditions and restrictions may apply.

^**The 8.20% Annual Percentage Rate (APR) assumes a bank obtained credit score of 720 or greater, a loan amount between $25,000 - $49,999, a 15 year (180 months) repayment term, a maximum loan to value of 95%, and includes a 0.25% APR discount for automatic deduction of monthly payments from an Atlantic Union Bank deposit account. Not all borrowers will qualify for the lowest rate. A 180-month term loan with a 8.20% fixed APR would have monthly payments of $9.67 per one thousand dollars borrowed.

^***Bank will pay closing costs for non-purchase money loans up to $49,999. Closing costs include the first property valuation obtained by Atlantic Union Bank, but exclude any subsequent valuations not required by us and the initial funding of an escrow account when required. There is no origination fee. Total closing costs generally range from $150 to $2,000.