Members First CU of Florida Home Loans

Members First CU of Florida Home Loans Review

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

• Only two mortgage programs offered. Members First CU of Florida Home Loans provides FHA VA conforming 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 CU of Florida Home Loans only offers adjustable-rate mortgages.
• 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.
• No origination fee. Members First CU of Florida Home Loans does not charge a fee for processing your application on some loan options.
• Fair credit accepted. Borrowers with a credit score as low as 600 may qualify for Members First CU of Florida Home Loans.

What is the maximum loan term you can get with Members First CU of Florida Home Loans?

Members First CU of Florida Home Loans offers mortgages with terms ranging from 3 to 3 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 CU of Florida Home Loans offers home loans with APRs starting at 4.25% and up to 4.25%.

Do they charge mortgage origination fees?

No, Members First CU of Florida Home 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?

Besides conventional mortgages, Members First CU of Florida Home Loans 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 CU of Florida Home Loans allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Members First CU of Florida Home Loans allows the following property usage types: 

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

What is the support contact email?

The support contact email for this business credit card is mfcufl@mfcufl.org.