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Home Loans
Dreaming of a New Home?
Whether you are buying or refinancing your home, ICCU's mortgage experts promise you exceptional personal service.
Conventional Mortgage
Isabella Community Credit Union mortgage services include:
- Closings in typically 4-5 weeks
- Exceptional member-focused service
- Some of the area's lowest closing costs
- Helping homeowners for over 30 years
5, 7, & 10 Year Balloon Mortgage
A balloon mortgage is a short-term loan that offers lower monthly payments because it’s not fully paid off at maturity. At the end of the loan term, your monthly payment “balloons” to include payment of the outstanding principal.
ICCU offers balloon mortgages with terms of 5, 7, and 10 years, with payments that are amortized over 30 years. In other words, the amount of your monthly payment is based on a schedule as if you would be making continuous monthly payments for 30 years to pay off the loan. But, because the term of the loan is so much shorter, at the end of the term you owe the outstanding balance. This amount is paid off through refinancing the loan or selling your home.
A balloon mortgage may be the perfect financing option for you, if you:
- Plan to live in a home for 5, 7, and 10 years or less
- Want to lower your existing mortgage payment
- Have less than 10 years to payoff your mortgage
Vacant Land Loan
Looking at purchasing property? The Vacant Land Loan is perfect for building a home, hunting property, or as a future investment.
- Financing available up to 70% of the purchase price, or appraised value for vacant land and/or hunting property.
- Five & seven year balloons are available to help make the payment more affordable. Amortization not to exceed 20 years.
- Available for property zoned as residential or single-family agricultural (not a working farm).
| Mortgage Rates | ||
| Effective Date: 05/18/2021 | ||
| Loan Type/Details | Note Rate | Annual Percentage Rate (APR) After Prepaids* |
| 15 Year Fixed | as low as 2.750% | as low as 2.814% APR |
| 20 Year Fixed | as low as 3.250% | as low as 3.383% APR |
| 30 Year Fixed | as low as 3.375% | as low as 3.471% APR |
| 5 Year Balloon | 30 Year Amortization | as low as 2.750% | as low as 2.895% APR |
| 10 Year Balloon | 30 Year Amortization | as low as 3.000% | as low as 3.086% APR |
| Vacant Land Loan | 5 Year Balloon | add 2% to current rate | |
| * Rates are subject to change without notice and are based on LTV ratios, credit scores, and other factors. APR is calculated based on a mortgage loan amount of $175,000.00; purchase or no cash-out refinance with 80% financing and 740 and higher credit score. No points. | ||
Residential Construction Loan
Build Your Dream Home.
We want to help to make your dreams come true! ICCU's Residential Construction loan can help you get from breaking ground to moving in to your new home.
- Finance up to 80% of the home construction price or appraised value with ICCU.
- Up to 12 months of interest-only payments while the project is completed
- No second closing for permanent financing
Mobile Home Loan
Finance your mobile home purchase or refinance with ICCU.
- Home may not be older than 20 years, with inspection.
- Home must be located in a mobile home park or community
- Minimum of 10% down payment required for purchase
Single-wide Term Options:
- 66-month balloon with payment schedule up to 180 months
- Fixed-rate up to 120 months
Double-wide Term Options:
- 66-month balloon with payment schedule up to 240 months
- Fixed-rate up to 120 months
Rural Development Mortgage
No down payment? No problem!
That's right! With a Rural Development Mortgage (RD Mortgage), a down payment is not required. You can finance 100% of your home purchase and, in some circumstances, you can even wrap the closing costs into the mortgage amount as well! RD Mortgages have a 30 year term and rates typically comparable to conventional mortgages.
So, what are you waiting for? Stop renting and start owning.
Federal Housing Administration (FHA) Loan
The FHA Loan Program is an excellent option for first-time home buyers!
- Finance up to 96.5% on a purchase, 85% on a cash-out refinance, or 97.7% on a rate/term refinance
- Borrower must have at least 3.5% down payment, funds can come from gift monies
Veteran's Affairs Mortgage (VA Loan)
ICCU's mortgage option specifically tailored to veterans, the VA Loan!
- Eligibility is limited to honorably-discharged veterans and their spouses, reservists, and active duty personnel who have a current certificate of eligibility.
- 100% financing is available
- Two months reserve required on all purchase and refinance transactions
- Second-home or investment properties do not qualify
Mortgage FAQs
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ICCU NMLS# 400086