Mortgage Specialty Products

IMCU offers specialty loans for all member needs.  If you'd like to speak with a mortgage loan officer to assist you in determining the best loan for you, contact us!

Get pre-approved before you shop!

The pre-approval process involves a review of you income and expenses, and it can make your offer on a home more competitive because you'll be able to show sellers that you can back up your offer.

 

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First Time homebuyer

At IMCU, we understand the home loan process and options can be overwhelming for a first time homebuyer.  We have several programs and options to choose from and our Mortgage Loan Officers can walk you through the each program so you can choose the right one for you and your family.

Mortgage Options for First Time Homebuyers:

  • Down payment* options as low as 1%

  • Gift funds accepted

  • Private Mortgage Waiver Options

  • Fully underwritten pre-approvals

  • We will walk you through the process from start to finish

  • Several programs available for first time homebuyers (HomeReady®, Equal Access, Loan, USDA, VA, FHA)

HomeReady®

We are excited to be an approved Fannie Mae lender where we can offer our members the HomeReady® loan program designed for creditworthy low and very low-income borrowers.

Benefits include:

  • Reduced private mortgage insurance rate1

  • Mortgage insurance may be canceled2

  • Fixed rates and 10, 15, 20 or 30 year terms

  • Positive rent payment history

HomeReady® Qualifications Include:

  • A minimum credit score of 620.
  • Qualifying income of less than or equal to 80% of the applicable area median income (AMI) of the subject property's location are eligible.
  • Primary Residence Purchase or Rate Term Refinance3.

HomeReady® $2,500 Lender Credit4 Qualifications Include:

  • A minimum credit score of 620.
  • Qualifying income of less than or equal to 50% of the applicable area median income (AMI) of the subject property's location are eligible.
  • First-Time Homebuyer Primary Residence Purchase.

 

1 Reduced mortgage insurance to 25% for a 10% down payment where the standard mortgage insurance requirement is 30% - 35%
2 Mortgage insurance will be automatically canceled when the loan to value is less than 78%
3 Refinance transactions must be owned or securitized by Fannie Mae
4 Lender credit may be applied toward down payment and closing costs, including mortgage insurance premiums, homeowners insurance and property taxes collected at closing. 

Equal Access

We understand our borrowers may have several challenges trying to qualify for a loan program including less than perfect credit score, income challenges and minimal savings for down payment*, but still seek homeownership.  We have developed a loan program with our private mortgage insurance provider that may provide the solution.  The Equal Access loan program allows a less than perfect credit score minimum of 660 and down payment* as low as 1%. 

The program is offered for borrowers with total qualifying income less than or equal 100% of the Area Median Income (AMI) for the property location and allows a reduced private mortgage insurance rate of 18% (standard requirement is 30% - 35%).

  • 1-unit Primary Residence only

  •  Purchase or Rate Term Refinance minimum 1% down payment*

  • Reduced Private Mortgage Insurance requirement

  •  Loan Amounts starting at $100,000 to the Conforming Loan Limit

Equal Access loan program is offered using a 6/5 Adjustable Rate Mortgage that offers a rate lock for 6 years. After the 6th year adjustment there is not another one for 5 more years! That’s as adjustment rate mortgage with only 1 rate change in the first 10 years. 30 year term available.

 

*Closing costs, prepaid homeowners insurance and property taxes may be required at loan closing.

COnstruction loans

Ready to build your dream home? IMCU can make that a reality.

  • One-time Close Construction to Permanent Loan1

  • Interest only payments during the first 12 months

  • Down Payment as low as 5%

  • Competitive terms available 

1 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.
Renovation loans

Renovation Loans provide a convenient & flexible way to manage home improvement by utilizing your first mortgage. IMCU offers two Renovation Loan options. One for your home you are purchasing or refinancing and one for a second home or investment property.

For Your Primary Home:

  • 1 Unit Home

    • Minimum of 5% down payment for a minimum credit score 720

    • Minimum 25% down payment for a minimum credit score 680

  • 2-4 Unit Home

    • Minimum of 20% down payment for a minimum credit score of 700

    • 6-month reserves required

For a Second Home or an Investment Home:

  • 1-4 unit dwellings

    • Minimum of 25% down payment for a minimum credit score of 700

    • 6-month reserves required

Benefits:

  • Can fund a real estate deal that has repair contingencies

  • Fewer costs when rolling repairs, purchase price or refinance expenses into a single loan

  • Funds are held in an escrow account and paid directly to the contractor

  • Funds available for both structural repairs and cosmetic renovations


*5/5 ARM, competitive terms available. Index is the Weekly Average Yield on United States Treasury Securities adjusted to a constant maturity of 5 years, as published by the Federal Reserve Board. Contractors involved must be identified via a completed Contractor Profile Report along with a detailed work order. Sweat equity is allowed under certain conditions. Ineligible for Manufactured homes . Max 45% DTI for conventional and jumbo loans . Loan amounts up to $850,000. Private mortgage insurance required on all loans over 80% LTV. Subject to credit approval. NMLS 402492. Effective 4.03.2025.

Bridge Loans

Need to access the equity in your house for down payment on your new home?

A Bridge Loan1 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


1 Open-end interest only lines of credit. No fee if Indiana Members Credit Union will hold the first mortgage on the new home. 100% of loan proceeds must be used toward purchase transaction. Maximum CLTV 80% with FICO 700. Maximum CLTV 85% with FICO 740. 1st liens maximum loan amount $400,000 and $100,000 for 2nd liens. Bridge Loan 2nd Lien. $1,000 fee plus Prime + 2% if Indiana Members Credit Union will not hold the first mortgage on the new home. NMLS #402492.
Land Lot Loans

Secure the perfect spot for your dream home.

 Benefits include:

  • Buy Now - Build Later

  • Build equity in your land and use that equity towards your down payment for construction. 

  • Competitive Rates and Closing Costs

  • As Little as 20% Down

  • Available on Purchases Only1

  • Competitive Terms Available

  • 1/1 ARMs


1 FICO minimum 740 for 80% LTV and 700 for 75% LTV. Borrower must provide intent to build. NMLS #402494.
PiggyBack Loans

Qualified borrowers may want to structure a mortgage transaction with two mortgages, a traditional first mortgage and a home equity line of credit. The combination sometimes is an alternative to paying mortgage insurance, jumbo rate or cash out fees.

Your IMCU mortgage professional can advise you on the advantages and disadvantages of piggyback loans.

Jumbo Mortgages

IMCU offers Fixed and ARM products specifically designed for loans up to $2,150,000.

Options Available:

  • Purchase or Rate Term Refinance available up to 95% loan to value with a 740 credit score or up to 90% with a 680 credit score.1

  • Cash Out Refinance up to 65% loan to value with 700 credit score.

Variety of ARM Products Available:

  • ARM products include 3/3 ARM and 5/5 ARM 

 
1Subject to credit approval. Mortgage insurance and reserves are required for LTVs greater than 80%. Some ARM products are both originated and serviced by IMCU. NMLS 402492. Effective 6.1.2021
Private Mortgage Insurance Waiver

At IMCU, we understand how difficult it is to save up a down payment*. Most programs require the borrower to get private mortgage insurance (PMI) when you are not putting at least 20% of the purchase down at closing.  We offer a loan program waiving the requirements for private mortgage insurance for a minimum 10% down payment*. This program provides assistance to credit worthy borrowers who desire homeownership without a hefty down payment* for Loan Amounts from $100,000 to $750,000.

PMI Waiver:

  • 1-unit Primary Residence Only

  • Minimum credit score 680 for debt to income ratios up to 45%

  • Purchase or Rate Term Refinance minimum 10% down payment*

  • Cash Out Refinance minimum 15% down payment*

 

This product is offered using a 3/3 ARM for terms up to 30 years. A 3/3 ARM provides a fixed rate for three years, then the interest rate may be updated every three years until the loan matures.


*Closing costs, homeowners insurance and property taxes may be required at loan closing.
Community Affordable 

Because we are an approved Federal Home Loan Bank Indianapolis (FHLBank) lender we can offer fixed rate conforming loan programs and lower borrowing costs for our borrowers.  This means better interest rates for loan amounts up to $200,000 using a fixed interest rate 30 year team mortgage!

Purchase or Rate Term Refinance minimum 10% down payment*

  • Primary Residence or Second Homes

  • Minimum credit score 680

  • Debt to income ratio maximum 45%

Cash out refinance

  • Primary Residence

    • 1 Unit - minimum 20% down payment* with a minimum credit score 680 and maximum debt to income 45%

    • 2-4 Unit - minimum 25% down payment* with a minimum credit score 660 and maximum debt to income 45%

  • Second Home

    • 1-unit minimum 25% down payment* with a minimum credit score 660 and maximum debt to income 45%

  • Investment Property

    • 1 unit - minimum 25% down payment* with a minimum credit score 660 and maximum debt to income 45%

    • 2-4 unit - minimum 30% down payment* with a minimum credit score 660 and maximum debt to income 45%

*Closing costs, prepaid homeowners insurance and property taxes may be required at loan closing