Mortgages for purchase or refinance
A seamless homebuying experience from start to finish.
Whether you’re looking to purchase a new home or refinancing the home you live in now, our low rate mortgages are just what you need!
Mortgage Options
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.
Mortgage Department Hours
| Monday- Friday | 8:00AM - 6:00PM |
| Saturday | 9:00AM - 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 Rates
Rates as of June 5, 2023, 9:00am EST
| Conventional Loans | Mortgage options of 10, 15, 20 or 30 years | 30 year term APR* as low as 7.225% 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 6.850% 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 6.850% 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 6.850% 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 Call your Loan Office for Current Rates 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 7.100% 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. |
Important Mortgage Resources
• 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
• 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)
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
FAQs
How much money do I need for a down payment?
Conventional Loans require 5%. FHA requires 3.5%. VA and USDA Loans require 0%. You can ask a Mortgage Loan Officer about your best down payment options.
I'm a first-time home buyer. What are my options?
IFCU offers FHA loans. FHA loans are extremely popular with first-time homebuyers, as the down payments are as low as 3.5%.
What does my credit score need to be to qualify for a home loan?
Credit score is an important consideration when you’re buying a house, because it shows lenders your ability to pay off debt. Generally speaking, it is recommended you have a credit score of 620 or higher. Please call 765-771-8000 for more information on qualification requirements.
Do I need to use a realtor?
Having a realtor is not required when purchasing a home, but having representation is definitely recommended.
Can I pay extra on my mortgage payment?
Yes, you can make extra principal only payments on your loan as frequently as you like. Loan must be current to apply extra principal payments.
Free Financial Calculators
Access our complete library of both loan and deposit calculators.
*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.
