Memphis Home Mortgage Loans

Memphis Home Mortgage Loans Review

Memphis Home Mortgage Loans is offered by memphis city employees credit union (NMLS #712315), a credit union founded in 1959 and based in Memphis, TN. mcecu home mortgage loans are available in 1 state across the USA.

Key Takeaways

• 5 different mortgage programs offered. Memphis Home Mortgage Loans offers FHA, FHA 203k, USDA, VA, jumbo, conforming, and conventional mortgages.
• Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
• 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.
• Fair credit accepted. Borrowers with a credit score as low as 640 may qualify for Memphis Home Mortgage Loans.

Memphis Home Mortgage Loans Pros & Cons

mcecu home mortgage loans FAQ

What is the maximum loan term you can get with mcecu home mortgage loans?

mcecu home mortgage loans 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 Memphis City Employees 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.

mcecu home mortgage loans offers home loans with APRs starting at 6.250% and up to 8.250%.

Do they charge mortgage origination fees?

Yes, mcecu home mortgage loans may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, mcecu home mortgage 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%.
• FHA 203k: An FHA mortgage you can also use to finance home improvements.
• Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($726,000 as of 2023).
• 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 mcecu home mortgage loans allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. mcecu home mortgage loans allows the following property usage types: 

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

What is the customer service phone number?

The customer service number for Memphis Home Mortgage Loans is (901) 321-1200.

What is the support contact email?

The support contact email for is cuinfo@memphiscu.org.