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  Members First Credit Union of Florida First Time Home Buyers Mortgage

Members First Credit Union of Florida First Time Home Buyers Mortgage

in Home Purchase Mortgages from Members First Credit Union of Florida · NMLS ID #490547

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Members First Credit Union of Florida First Time Home Buyers Mortgage

Unaffiliated

in Home Purchase Mortgages from Members First Credit Union of Florida · NMLS ID #490547

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Highlights
Loan Amount N/A
Loan Term (Years) Up to 30 years

Members First Credit Union of Florida First Time Home Buyers Mortgage Review

Members First Credit Union of Florida First Time Home Buyers Mortgage is offered by Members First Credit Union of Florida (NMLS #490547), a credit union founded in 1954 and based in Pensacola, FL. Members First Credit Union of Florida First Time Home Buyers Mortgage is available in 1 state across the USA.

Key Takeaways
  • Instant online preapprovals. Find out how much you can borrow and what your interest rate will be.
  • 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 of Florida First Time Home Buyers Mortgage only offers fixed-rate mortgages.
  • Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for financing. However, Members First Credit Union of Florida First Time Home Buyers Mortgage does offer financing for primary and secondary homes (e.g. vacation properties).
  • No origination fee. Members First Credit Union of Florida First Time Home Buyers Mortgage does not charge a fee for processing your loan application.
  • High maximum LTV ratio. Members First Credit Union of Florida First Time Home Buyers Mortgage 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 of Florida First Time Home Buyers Mortgage.
Members First Credit Union of Florida First Time Home Buyers Mortgage Pros & Cons
Pros Cons
  • $0 prepayment fee.
  • $0 origination fee.
  • Considers applicants with fair credit.
  • Offers financing for single family, multi-family, and manufactured homes.
  • Only available in 1 state.
Members First Credit Union of Florida First Time Home Buyers Mortgage FAQ

What is the maximum loan term you can get with Members First Credit Union of Florida First Time Home Buyers Mortgage?

Members First Credit Union of Florida First Time Home Buyers Mortgage offers mortgages with a maximum term of 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 of Florida 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 of Florida First Time Home Buyers Mortgage offers home loans with APRs starting at 3.375% and up to 3.375%.

Does Members First Credit Union of Florida First Time Home Buyers Mortgage charge an application fee?

Do they charge mortgage origination fees?

No, Members First Credit Union of Florida First Time Home Buyers Mortgage 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.

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 property usage types does Members First Credit Union of Florida First Time Home Buyers Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Members First Credit Union of Florida First Time Home Buyers Mortgage allows the following property usage types: 

  • Primary home
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Availability

  Available in 1 state
Florida
Availabile in all of Florida

Feature Breakdown

No Origination Fee
No Prepayment Fee
Credit Score Range 600 - 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 97%
Minimum Down Payment Starting at 3%
Property Type
  • Manufactured/Mobile Home
  • Multi-Family Home
  • Single Family Home
  • Townhome
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
Mortgage Features Instant Online Preapproval
APR 3.375%
Loan Term Up to 30 years
Interest Rate Types Offered Fixed-Rate Mortgage

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