Types of Loans
Conventional Mortgage
- Down payments between 5% - 20%
- Used for purchase or refinance of primary, secondary, or investment property
- No mortgage insurance if 80% LTV or lower
- Down Payment Assistance Programs
VA
- 100% purchase financing
- No PMI
- Cash out up to 100% of property value
FHA
- Lower credit score requirements
- Low down payments, 3.5%
- Down Payment Assistance Programs
USDA/Rural Development
- Occupy property as primary residence
- Property address must qualify for financing
Reverse Mortgage
- Be 62 years of age or older
- Occupy the property as primary residence
- Closing costs can be financed into the loan
Local Decision Making
Contact the Mortgage Team at
mortgagelending@membersfirstccu.com
NMLS: #641284