Family Security Credit Union Home Loans

Family Security Credit Union Home Loans Review

Family Security Credit Union Home Loans are offered by family security credit union (NMLS #400070), a credit union founded in 1953 and based in Decatur, AL. Family Security Credit Union Home Loans are available in 50 states (and Washington, DC).

Key Takeaways

• 3 different mortgage programs offered. Family Security Credit Union Home Loans offers FHA, USDA, VA, conforming, and conventional mortgages.
• Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
• Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for financing. However, Family Security Credit Union Home Loans does offer financing for primary and secondary homes (e.g. vacation properties).
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• High maximum LTV ratio. Family Security Credit Union Home Loans has a maximum loan to value ratio of 90%, which is higher than average. Most lenders want you to have at least 20% equity.

Family Security Credit Union Home Loans Pros & Cons

family security credit union FAQ

How much can you borrow via Family Security Credit Union?

family security credit union allows borrowers to apply for loan amounts of up to $425,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with family security credit union?

family security credit union offers mortgages with terms ranging from 7 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Family Security Credit Union offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

family security credit union offers home loans with APRs starting at 6.381% and up to 8.00%.

Do they charge mortgage origination fees?

Yes, family security credit union may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, family security credit union offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.

What property usage types does family security credit union allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. family security credit union allows the following property usage types: 

• Primary home

What is the customer service phone number?

The customer service number for Family Security Credit Union Home Loans is (256) 340-2000.

What is the support contact email?

The support contact email for is contact.us@myfscu.com.