Special Mortgage Loans
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
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).
Yes, ICCU offers a wide-variety of mortgage products, including:
As well as these special mortgage products:
- Federal Housing Administration (FHA) Loan
- USDA Rural Development Loan
- Veterans' Affairs (VA) Loan
- Vacant Land Loan
It depends, we would need to collect your income information, see your funds on deposit for a down payment, and pull your credit report to know for sure. However, please give us a call or stop by the Isabella Office, we would be happy to talk with you and get an idea before you apply. Request an appointment to avoid waiting in line!
Absolutely! It's a great idea to get prequalified as you start searching for your new home. That way, you are sure to look at houses you are confident you can afford plus, the realtors and sellers know you can qualify for the mortgage, potentially making your offer more appealing than someone who isn't prequalified. Prequalifications are valid for 90 days. Apply online or request an appointment to learn more.
ICCU NMLS# 400086