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!



Rates & fees are subject to change without notice. "Featured Rates" based on 45 Day Lock Period with a Purchase specific loan profile, including 20% down & FICO of 740 (Conforming Loan Amt = $260,000; JUMBO = $650,0000; Lot = $260,000; May not be applicable to your particular loan scenario). For a personalized Quote from a Mortgage Professional, Click "APPLY NOW".

Click "Apply Now" to connect with a Loan Officer!

APPLY NOW

Jumbo Mortgages
IMCU offers Fixed and ARM products specifically designed for loans up to $2.5 Million

Options Available:
  • Purchase or Rate Term Refinance available up to 95% loan to value with a 720 credit score or up to 75% 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 7/6 ARM and 10/6 ARM
For your new home purchase or to refinance, apply today!
 
 
1 Subject to credit approval. Some ARM products are both originated and services by IMCU. Minimum FICO score of 680. Up to 95% LTV/CLTV. NMLS 402492. Effective 6.1.2021
 
Construction LOANS
Ready to build your dream home? IMCU can make that a reality.

  • One-time Close Construction to Permanent Loan1
  • Interest only during construction periods up to 12 months
  • Down Payment as low as 5%
  • Terms up to 30 years
Take your first step to your dream home! Check rates below, or select a lender to apply now!


1 Builder must be approved by IMCU Mortgage. Builder's risk insurance policy for property required. FICO minimum 680. Loan product 7/6 adjustable rate mortgage using rates based on 30 Day Average of the Secured Overnight Financing Rate, as published by the Federal Reserve Bank of New York (your index), plus your margin. Loan amounts include both jumbo and conforming limitations. NMLS #402492.
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 your IMCU mortgage professional  if you qualify for an alternative product.

Check rates below, or select a lender to apply now!

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.

Check rates below, or select a lender to apply now!

Renovation loans
Renovation Loans provide a convenient & flexible way to manage home improvement by utilizing your first mortgage.

Benefits:
  • Minimum of 5% down payment
  • 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

*7/6 ARM, up to 30 year term. Index is the 30 Day Average of the Secured Overnight Financing Rate, as published by the Federal Reserve Bank of New York. Margin is 3 with a 5/1/5 caps. 1 unit primary residence only. 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 and cash out refinances. Max LTV requires a 45% DTI for conventional and jumbo loans with a minimum credit score of 680. Max LTV up to 95% per credit and DTI guidelines. Min loan amount for Conventional loans $50,000 up to $647,200. Jumbo loan amounts up to $750,000 with a max LTV of 90%. Private mortgage insurance required on all loans over 80% LTV. Subject to credit approval. NMLS 402492. Effective 01.01.2022.

First time home buyer

Special Mortgage Offer for First Time Home Buyers:

  • Down payment options as low as 0%!*
  • Gift funds accepted for down payment 
  • Fully underwritten pre-approvals
  • We will walk you through the process from start to finish
  • Several programs available for first time home buyers (Fannie Mae, Home Ready, USDA, VA, FHA)

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.


Apply Now to Take Advantage of This Special Offer!


*0% down payment available based on specific criteria of the deal. Loan to Value at 100% - 10 - 30 year terms available. Certain restrictions apply for the 100% Loan to Value Program. Requires a 700 credit score with a max 45% DTI. Minimum loan amount of $100,000 with a max loan amount of $750,000. Loan Programs using Loan to Value at 97% require qualifying for the HomeReady program. Subject to credit approval. 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
  • 15- year Term Available
  • 1/1 ARMs
Select your lender to apply now!


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