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  Members 1st Credit Union Mortgage Loans

Members 1st Credit Union Mortgage Loans

in Home Purchase Mortgages from Members 1st Credit Union · NMLS ID #419964

Unaffiliated

Members 1st Credit Union Mortgage Loans

Unaffiliated

in Home Purchase Mortgages from Members 1st Credit Union · NMLS ID #419964

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Highlights
Loan Amount Starting at $50,000
Loan Term (Years) 10 - 30 years

Members 1st Credit Union Mortgage Loans Review

Members 1st Credit Union Mortgage Loans is offered by Members 1st Credit Union (NMLS #419964), a credit union founded in 1936 and based in Redding, CA. Members 1st Credit Union Mortgage Loans is available in 1 state across the USA.

Key Takeaways
  • 4 different mortgage programs offered. Members 1st Credit Union Mortgage Loans offers FHA, VA, jumbo, conforming, and conventional mortgages.
  • Specializes in single-family homes. Only offers mortgages for single-family homes, but not for multi-family properties or manufactured homes.
  • Standard interest rates types. Members 1st Credit Union Mortgage Loans offers adjustable-rate mortgages and fixed-rate mortgages.
  • Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for financing. However, Members 1st Credit Union Mortgage 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.
  • No origination fee. Members 1st Credit Union Mortgage Loans does not charge a fee for processing your loan application.
  • Maximum LTV. Members 1st Credit Union Mortgage Loans has a maximum loan to value ratio of 80%.
  • Good credit required. You will need a credit score of at least 680 to qualify.
Members 1st Credit Union Mortgage Loans Pros & Cons
Pros Cons
  • $0 origination fee.
  • Only considers applicants with good credit.
  • Charges prepayment fees.
  • Only available in 1 state.
Members 1st Credit Union Mortgage Loans FAQ

What is the maximum loan term you can get with Members 1st Credit Union Mortgage Loans?

Members 1st Credit Union Mortgage Loans offers mortgages with terms ranging from 10 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 Members 1st 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.

Members 1st Credit Union Mortgage Loans offers home loans with APRs starting at 2.99% .

Does Members 1st Credit Union Mortgage Loans charge an application fee?

Do they charge mortgage origination fees?

No, Members 1st Credit Union Mortgage Loans does not charge a mortgage origination fee.

Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

What mortgage programs are available?

Members 1st Credit Union Mortgage Loans offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • 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%.
  • Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($548,250 as of 2021).
  • VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Members 1st Credit Union Mortgage Loans allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Members 1st Credit Union Mortgage Loans allows the following property usage types: 

  • Primary home
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Availability

  Available in 1 state
California
Availabile in all of California

Feature Breakdown

No Origination Fee
Origination Fee ($) $0
Origination Fee (%) 0%
Late Fee Amount Starting at $10
Late Fee Grace Period 10 days
Credit Score Range 680 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Intended Use Primary Home
Joint Loan Applications Accepted
  • Individual Applications
Maximum LTV 80%
Minimum Down Payment Starting at 20%
Property Type
  • Single Family Home
Verification Documents Required
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
  • Driver License (or other photo ID)
Primary Residence
APR Starting at 2.99%
Loan Amount Starting at $50,000
Loan Term 10 - 30 years
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • FHA
  • VA
  • Conventional Mortgages
  • Jumbo

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