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