Mortgages

Mortgage Loans

A seamless homebuying experience from start to finish.

Buying a home is an important milestone. Whether your dream is to purchase a starter home or vacation property, Industrial Federal Credit Union is with you every step of the way. We offer mortgage loans for every budget, and can help those with less-than-perfect credit achieve homeownership.

Are you thinking of buying a house but don’t know where to start? Download these helpful resource guides to get you started.

Home Buyer Guide - Helpful information to simplify the mortgage process and help you achieve your personal and financial goals.

IFCU English Homebuyer Guide
IFCU Spanish Homebuyer Guide

3 Common Types of Mortgage Loans

5 Tips to Help Build Better Credit

What Goes Into a Mortgage Payment

Who's Who in the Mortgage Process

Private Mortgage Insurance

How PMI and Credit Scores Are Linked


Mortgage Department Hours
Monday- Friday8:00AM - 6:00PM
Saturday9:00AM - 12:00PM

Visit: Our Mortgage Department is located in our Lafayette Branch at
1115 Sagamore Parkway,
Lafayette IN 47905

Will do appointments at all 10 branches. Give us a call and get ready to finance your home with IFCU.

Mortgage Options

Rates as of June 24, 2021, 9:00am EST

Conventional LoansMortgage options of
10, 15, 20 or 30 years
30 year term
APR* as low as
3.38%

View more rates

Terms:
10-30 years
Down Payment:
5% required
More Details:
• 620 credit score
• Available for primary, secondary
and investment properties


FHA Loans

Insured by the Federal Housing
Administration (FHA) and ideal
for first-time homebuyers seeking
a low down payment


30 year term
APR* as low as
2.968%

View more rates

Terms:
10-30 years
Down Payment:
3.5% required
More Details:
• Down payment from a family member
• Very limited credit history is required
• More lenient on credit and loan qualifying standards



VA Loans
Available to eligible
servicemembers and backed by
the Department of Veterans Affairs
(VA), this fixed-rate loan offers
100% financing options.
30 year term
APR* as low as
3.098%
View more rates

Terms:
10-30 years
Down Payment:
0% required
More Details:
• 600 credit score
• No mortgage insurance
• 100% Financing
• Must have military certificate


USDA Loans
(Rural Development Mortgages)
provide a zero down payment home
buying option for rural and suburban areas.
30 year term
APR* as low as
3.098%

View more rates

Terms:
10-30 years
Down Payment:
0% required
More Details:
• 640 credit score
• Primary residence only.
• Must meet property and income eligibility


Jumbo Loans

A Jumbo loan, also known as a
Jumbo mortgage, is a type of financing
for purchases and refinances that exceed $484,350.00.


30 year term
APR* as low as
n/a

View more rates

Terms:
10-30 years
Down Payment:
10%-15% of total purchase
More Details:
• 720 credit score
• Fixed rate and adjustable rate options
• Available for home purchases and refinances



Land Loans

A Land loan allows you to purchase
a lot, or land with the intention of
building your primary residence.


10 year term
APR* as low as
4.274%

View more rates

Terms:
10 years
Down Payment:
25% required
More Details:
• 620 credit score
• For residential lots
• Fixed rates



Adjustable-Rate Mortgage (ARM)

An adjustable-rate mortgage, or ARM,
is a home loan with an interest rate that can change periodically.


Please call for available terms and rates.





Estimate your Mortgage Payments with our Mortgage Calculators

Getting Pre-Qualified

To get pre-qualified, you must provide the following information to your lender:

  • Copy of your driver's license
  • Last 2 years of W2 statements from your employer
  • Last 30 days worth of pay stubs
  • Last 2 months of checking/savings statements - all pages
  • Name and phone number of your landlord to verify rental payments

The following item may also be helpful if applicable

  • Last 2 years individual tax returns - all pages and schedules
  • If you are self-employed or commissioned, please also include - Last 2 years of individual tax returns - all pages and schedules - Last 2 years corporate tax returns (if applicable), all pages and schedules
  • Divorce decree or Court Order defining alimony or child support payments
  • Last quarter (3 months) of stocks/bonds/mutual funds/401(k) - all pages
  • Information on any deferred student loans - what will the payments be when the deferment ends?
  • College transcripts (if graduated in the last 2 years)

#askyourhomeforaloan

Home Equity Loan & Home Equity Lines of Credit (HELOC)

The most valuable financial asset you probably have is the equity in your home. As the market value of your home increases, so does your equity. That's important because your home's equity can be used as collateral for a low-cost IFCU equity loan to pay for the important things in life such as: paying for college, purchasing a car, or making home repairs, etc.

 Fixed Rate Home Equity Loan advantages:

  • Low fixed-rate loan
  • Repayment periods up to 10 years
  • No annual fees
  • No prepayment penalties

Interest may be tax deductible. Ask your tax adviser for details.

5 year loan as low as:10 year loan as low as:
3.656% APR*4.274% APR*

 Home Equity Lines of Credit (HELOC) advantages:

  • Low-variable rate loan
  • Apply only once, then access your credit line again for up to 5 years
  • Repayment period up to 15 years
  • No hidden maintenance costs
  • Interest may be tax deductible. Ask your tax adviser for details
  • No annual fees
  • No prepayment penalty

Variable Rate Home Equity Line of Credit (HELOC)
As low as 4.25% APR*


Making Home Affordable Program

Ask your lender about other options to help make your mortgage payment more affordable or avoid foreclosure. IFCU is here to help you and provide the help you need.

In support of the administration's Making Home Affordable Program, Freddie Mac offers several options to help you with your mortgage and avoid foreclosure:

  • Home Affordable Refinance- this option can help you refinance into a lower or more stable rate
  • Home Affordable Modification- this option can help you get a mortgage payment that you can afford if you’re currently behind or believe you may fall behind
  • Home Affordable Foreclosure Alternatives- this option helps transition you to a more affordable housing option and avoid foreclosure if it’s not realistic to keep your home

*Annual Percentage Rate (APR). All loans are subject to approval and individual rates may vary based on your credit score, terms, and underwriting conditions. Your actual rate may be higher. Certain restrictions and conditions may apply. We may offer other terms and conditions connected with this offer. There may be other costs associated with some loans. Rates are subject to change without notice. Contact IFCU at (765) 771-8000 for more information.

IFCU

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