Members First Credit Union First Mortgages Review

Members First Credit Union First Mortgages is offered by Members First Credit Union (NMLS #824420), a credit union founded in 1936 and based in Midland, MI. Members First Credit Union First Mortgages is available in 1 state across the USA.

• Only two mortgage programs offered. Members First Credit Union First Mortgages provides FHA and conventional mortgages.
• Financing for a variety of property types. Offers home loans for manufactured, single, and multi-family homes.
• Standard interest rates types. Members First Credit Union First Mortgages 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 First Credit Union First Mortgages does offer financing for primary and secondary homes (e.g. vacation properties).
• High maximum LTV ratio. Members First Credit Union First Mortgages has a maximum loan to value ratio of 97%, 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 Credit Union First Mortgages.

What is the maximum loan term you can get with Members First Credit Union First Mortgages?

Members First Credit Union First Mortgages 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 First 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 Credit Union First Mortgages offers home loans with APRs starting at 2.122% .

Does Members First Credit Union First Mortgages charge an application fee?

Do they charge mortgage origination fees?

Yes, Members First Credit Union First Mortgages may charge a loan origination fee.

Do they charge prepayment fees?

No, there are prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs are available?

Besides conventional mortgages, Members First Credit Union First Mortgages 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 Members First Credit Union First Mortgages allow?

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

• Primary home