Mortgage Options!
IMCU offers a variety of mortgage options!
Contact Diana today to see how we can help you!
LOANS WITH NO PRIVATE MORTGAGE INSURANCE
LOANS WITH NO PRIVATE MORTGAGE INSURANCE
Private Mortgage Insurance allows you to borrow money even if you do not have a 20% down payment (or 20% equity when refinancing). Ask Diana if you qualify for an alternative product.
BRIDGE LOANS
BRIDGE LOANS
Need to access the equity in your house for down payment on your new home?
A Bridge Loan2 allows you to purchase a home now with the equity from your current home.
- Provides funds for down payment and closing cost
- Allows you to make a non-contingent offer on your new home
- Can consolidate debt on existing mortgage
- Secured by your existing home
- Paid off when you sell your home
2 Open-end interest only lines of credit. No fee if Indiana Members Credit Union will hold the first mortgage on the new home. $1,000 fee plus Prime + 2% if Indiana Members Credit Union will not hold the first mortgage on the new home. Maximum Loan Amount $400,000 for 1st liens. 100% of loan proceeds must be used toward purchase transaction. Maximum CLTV 80% with FICO 700. Maximum CLTV 85% with FICO 740. 1st Liens require reserves of 6 months for CLTV over 70% and 3 months for CLTV over 60%. Bridget Loan 2nd Lien Maximum Loan Amount $100,000 and requires 6 months reserves for CLTV over 60%. NMLS #402492.
Need to access the equity in your house for down payment on your new home?
A Bridge Loan2 allows you to purchase a home now with the equity from your current home.
- Provides funds for down payment and closing cost
- Allows you to make a non-contingent offer on your new home
- Can consolidate debt on existing mortgage
- Secured by your existing home
- Paid off when you sell your home
2 Open-end interest only lines of credit. No fee if Indiana Members Credit Union will hold the first mortgage on the new home. $1,000 fee plus Prime + 2% if Indiana Members Credit Union will not hold the first mortgage on the new home. Maximum Loan Amount $400,000 for 1st liens. 100% of loan proceeds must be used toward purchase transaction. Maximum CLTV 80% with FICO 700. Maximum CLTV 85% with FICO 740. 1st Liens require reserves of 6 months for CLTV over 70% and 3 months for CLTV over 60%. Bridget Loan 2nd Lien Maximum Loan Amount $100,000 and requires 6 months reserves for CLTV over 60%. NMLS #402492.
CONSTRUCTION LOANS
CONSTRUCTION LOANS
Ready to build your dream home? IMCU can make that a reality.
CONSTRUCTION LOANS
- One-time Close Construction to Permanent Loan3
- Interest only during construction periods up to 12 months
- Down Payment as low as 5%
- Competitive terms available
Take your first step to your dream home! Check rates below, or select a lender to apply now!
3 Builder must be approved by IMCU Mortgage. Builder's risk insurance policy for property required. FICO minimum 680. Loan product 5/5 adjustable rate mortgage using rates based on the Weekly Average Yield on United States Treasury Securities adjusted to a constant maturity of 5 years, as published by the Federal Reserve Board. Loan amounts include both jumbo and conforming limitations. NMLS #402492.
ADDITIONAL MORTGAGE OPTIONS
EVANSVILLE LOCATIONS
Newburgh Branch
8941 Bellmoore Dr.
Newburgh, In 47630
812.965.6245
Eagle Crest Branch
7312 Eagle Crest Dr.
Evansville, In 47715
812.492.1800
St. Joseph Branch
618 N. Saint Joseph Ave.
Evansville, In 47712
812.492.1840