Members First Community Credit Union Mortgage Loans Review

Members First Community Credit Union Mortgage Loans is offered by Members First Community Credit Union, a credit union founded in 1954 and based in Quincy, IL. Members First Community Credit Union Mortgage Loans is available in 1 state across the USA.

• 5 different mortgage programs offered. Members First Community Credit Union Mortgage Loans offers FHA, USDA, VA, jumbo, conforming, and conventional mortgages.
• Financing for a variety of property types. Offers home loans for manufactured, single, and multi-family homes.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• High maximum LTV ratio. Members First Community Credit Union Mortgage Loans has a maximum loan to value ratio of 100%, which is higher than average. Most lenders want you to have at least 20% equity.
• Fair credit accepted. Borrowers with a credit score as low as 600 may qualify for Members First Community Credit Union Mortgage Loans.

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

Members First Community Credit Union Mortgage Loans offers mortgages with terms ranging from 15 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 First Community 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 First Community Credit Union Mortgage Loans offers home loans with APRs starting at 3.00% .

Does Members First Community Credit Union Mortgage Loans charge an application fee?

Do they charge mortgage origination fees?

Yes, Members First Community Credit Union Mortgage Loans may charge a loan origination fee.

What mortgage programs are available?

Members First Community 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).
• USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
• 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 First Community Credit Union Mortgage Loans allow?

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

• Primary home
• Secondary homes and vacation properties
• Investment properties and house flipping projects