Home Loans
Home Loans:
No matter what your dream is, we’ll help you find the home loan solution that best fits your needs.
Conventional Home Loans
At M-O Federal Credit Union, we offer a wide range of home loan products. Whether you are in the market for your first home, your next, or you need to improve your current, we have the right product for what you need. We offer in house 1st and 2nd mortgages with the option to amortize up to 30 years with a 5 year balloon.
Construction Loans
Can’t find the home of your dreams – we can help you build it! We do loans for land too!
- Land loans for that perfect location
- Quick approval process
- Work with a local lender
- Experienced & knowledgeable staff
- Flexible draw schedule
- Interest-only payments during construction
VA Loans
A Well-Earned Benefit ~ We’re honored to serve those who have served.
VA loans are available for veterans and active duty members of the U.S. military and their surviving spouses. There are a variety of loan options, including several different term lengths as well as both fixed and adjustable rate mortgages. For home buyers, the VA loan offers several major benefits, such as:
If you need to take cash out of your home, you only need to maintain 10% equity. This means you can convert more funds to start a college fund, or do a home improvement project.
- Lowest monthly payment we offer
- Lower interest rates compared to other loan options, so you pay less over time
- Instead of mortgage insurance, there’s a one-time funding fee that can be paid at closing or built into the loan
- Most veterans and service members won’t need a down payment
- 100% financing in most circumstances
- You can qualify with a lower credit score and more debt compared to conventional loans
- You can use your basic allowance for housing to pay your monthly mortgage payment
Home Improvement Loans
Whether you are a do-it-yourself person or would rather pay someone who specializes, you will be doing yourself a favor by keeping your home updated. For those homeowners who are planning a home improvement project in the coming months, consider a M-O home improvement loan. Help improve the look of your home, because when it’s time to sell your home, your remodeling and upkeep efforts can be the key to selling it faster. Whether it is $500 to buy new flooring or $10,000 for new windows, we love doing home improvement loans for our members!
A Home Improvement Loan with Flexibility:
- YES! M-O Federal Credit Union Can Help!
- NO Title Work
- NO Appraisal
- NO Home Equity Needed
- NO Using Home as Collateral
Rocket Pro TPO
We partner with Rocket Pro TPO to bring you even more loan options to purchase the home of your dreams. The most popular loan options include:
- FHA Loan – most flexible loan option, easier qualifications, lower credit requirements, as little as 3.5% down
- Conventional Loan – buy more home with as little as 3% down, a fixed rate, and consistent monthly payments
- YOURgage – choose a custom term between 8-30 years, get a fixed rate, and as little as 3% down
- VA Loan – designed for veterans, $0 cash down