MembersFirst Credit Union First Mortgage Loans Review

MembersFirst Credit Union First Mortgage Loans is offered by MembersFirst Credit Union (NMLS #452961), a credit union founded in 1953 and based in Decatur, GA. MembersFirst Credit Union First Mortgage Loans is available in 1 state across the USA.

• 4 different mortgage programs offered. MembersFirst Credit Union First Mortgage Loans offers FHA, 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. MembersFirst Credit Union First Mortgage Loans 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, MembersFirst Credit Union First Mortgage Loans 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.
• Fair credit accepted. Borrowers with a credit score as low as 600 may qualify for MembersFirst Credit Union First Mortgage Loans.

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

MembersFirst Credit Union First Mortgage Loans 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 MembersFirst 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.

Does MembersFirst Credit Union First Mortgage Loans charge an application fee?

Do they charge mortgage origination fees?

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

What mortgage programs are available?

MembersFirst Credit Union First 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).
• 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 MembersFirst Credit Union First Mortgage Loans allow?

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

• Primary home