Whether you're a first-time homebuyer or an experienced one, IU Credit Union will assist you in selecting the right mortgage option specific to your needs. Our home purchase options include fixed rate and adjustable rate mortgages, construction and jumbo loan financing. We also offer FHA loans and in-house low down payment programs with as little as 3% down.
A fixed rate mortgage provides the security of an interest rate that doesn't change over the life of the loan. It is a popular option for those who plan to stay in the same home for several years, or are refinancing and plan to continue to live in the home. Fixed rate mortgages are available in 10, 15, 20 or 30 year terms.
An adjustable rate mortgage (ARM) is a mortgage in which the interest rate varies throughout the life of the loan. An ARM can be a smart financial choice for those who plan to sell or refinance the home within five to ten years or those looking for a lower initial monthly payment. Adjustable Rate Mortgages are available in 7, 5, 3 and 1 year terms.
We offer several low down payment mortgage options specifically targeted to the borrowing needs of first-time homebuyers. Choose from a variety of both fixed rate and adjustable rate loan terms with as little as only 3% down.
A Jumbo Mortgage is mortgage loan amount for home purchases of more than $766,550. Jumbo loans are available with either a fixed interest rate or an adjustable rate and a variety of terms.
Contact us for rates and more information.
We offer construction loans to help you build your new home and finance it after construction is complete. Property must be located in Monroe County, Indiana. Contact us for more information.
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. FHA loans are popular with first-time homebuyers and feature attractive interest rates, and minimum down payment option of 3.5%, and less stringent credit requirements than conventional programs.
Please contact us for additional information.
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