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  MEMBERS1st Community Credit Union Mortgage Loan

MEMBERS1st Community Credit Union Mortgage Loan

in Home Purchase Mortgages from MEMBERS1st Community Credit Union

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MEMBERS1st Community Credit Union Mortgage Loan

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in Home Purchase Mortgages from MEMBERS1st Community Credit Union

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Highlights
Loan Amount N/A
Loan Term (Years) 10 - 30 years
Credit Score Range 600 - 850

MEMBERS1st Community Credit Union Mortgage Loan Review

MEMBERS1st Community Credit Union Mortgage Loan is offered by MEMBERS1st Community Credit Union, a credit union founded in 1964 and based in Marshalltown, IA. MEMBERS1st Community Credit Union Mortgage Loan is available in 1 state across the USA.

Key Takeaways
  • 5 different mortgage programs offered. MEMBERS1st Community Credit Union Mortgage Loan 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.
  • Standard interest rates types. MEMBERS1st Community Credit Union Mortgage Loan 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, MEMBERS1st Community Credit Union Mortgage Loan 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.
  • High maximum LTV ratio. MEMBERS1st Community Credit Union Mortgage Loan 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 MEMBERS1st Community Credit Union Mortgage Loan.
MEMBERS1st Community Credit Union Mortgage Loan Pros & Cons
Pros Cons
  • Considers applicants with fair credit.
  • Offers financing for single family, multi-family, and manufactured homes.
  • Charges an origination fee.
  • Charges prepayment fees.
  • Only available in 1 state.
MEMBERS1st Community Credit Union Mortgage Loan FAQ

What is the maximum loan term you can get with MEMBERS1st Community Credit Union Mortgage Loan?

MEMBERS1st Community Credit Union Mortgage Loan 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 MEMBERS1st 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.

What is the estimated funding time?

MEMBERS1st Community Credit Union Mortgage Loan will typically fund mortgages within 30 and 45 days of approval.

Does MEMBERS1st Community Credit Union Mortgage Loan charge an application fee?

Do they charge mortgage origination fees?

Yes, MEMBERS1st Community Credit Union Mortgage Loan may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, MEMBERS1st Community Credit Union Mortgage Loan 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%.
  • 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 MEMBERS1st Community Credit Union Mortgage Loan allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. MEMBERS1st Community Credit Union Mortgage Loan allows the following property usage types: 

  • Primary home

What is the customer service phone number?

The customer service number for this business card is .

What is the support contact email?

The support contact email for this business credit card is info@members1st.com.

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Contact

Hours of Operation

  • Sunday Closed
  • Monday 9:00am - 5:00pm
  • Tuesday 9:00am - 5:00pm
  • Wednesday 9:30am - 5:00pm
  • Thursday 9:00am - 5:00pm
  • Friday 9:00am - 5:00pm
  • Saturday Closed

Other Services by MEMBERS1st Community Credit Union

Availability

  Available in 1 state
Iowa
Availabile in all of Iowa

Feature Breakdown

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 100%
Minimum Age 18
Minimum Down Payment 0%
Property Type
  • Manufactured/Mobile Home
  • Multi-Family Home
  • Single Family Home
  • Townhome
Verification Documents Required
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • Proof of Residence
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
  • Driver License (or other photo ID)
  • Income Statement
Primary Residence
Loan Term 10 - 30 years
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • FHA
  • USDA
  • VA
  • Jumbo

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