Home Loans

Home Loans

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Home Loans:

No matter what your dream is, we’ll help you find the home loan solution that best fits your needs.

Application: click here to apply for a home loan.

  • Conventional

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

If your house isn’t everything you’ve dreamed it could be, consider a home improvement loan to make your house…Home Sweet Home!

  • Borrow up to $10,000
  • Terms up to 60 months

Whether you enjoy tackling projects yourself or would rather pay someone who specializes, maintaining an updated home is a valuable investment in your property.

For those homeowners who are planning a home improvement project in the coming months, consider applying for a M-O FCU home improvement loan.  Enhancing your home’s appearance and keeping up with repairs not only can boost its value, but can be the key to selling it faster when the time comes.

Whether it is $500 for a small project or $10,000 for something bigger, we take pride in offering home improvement loans to our members! Qualified members can make these improvements without having to use their home equity.

Lower Rate, Set Payments, Flexible Loan Terms

With a M-O FCU home improvement loan, you can enjoy a lower interest rate compared to credit cards or store cards. Plus, you’ll benefit from a fixed monthly payment. For a simple application process with quick turnaround, we do not require title work, an appraisal, collateral, or the use of home equity.

Loan Requirements

Loan funds must be used to add a permanent fixture to your home such as a deck, roof, shingles, siding, addition, remodeling, furnace, AC unit, windows, repairs, landscaping, energy-efficient updates, and more.

Accessing Your Funds

You are required to submit an invoice from a contractor. If you are completing the work yourself, you will need to provide receipts for your materials and/or supplies**. You can drop off the invoice and/or receipts, email them to amyw@m-ofcu.com or text them to (605) 353-9977.

M-O FCU will issue loan checks made payable to the contractor; and loan funds will remain pledged in your account until receipts are submitted.

If the work has already been paid for, we may still be able to help. Simply bring in the receipts and apply!

** Receipts must be dated withing three months of your request.

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