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!
Jumbo Mortgages
Mortgage loan amounts over $647,200 are considered Jumbo. We offer several options to consider.  In addition to traditional fixed rate mortgages, popular portfolio ARM programs have some unique features attractive to Jumbo borrowers.

Available Programs
Jumbo Loan Amount to $2,000,000- Loan Terms: 15 & 30-years

FLEXIBILITY: IMCU offers both Fixed Rate and Adjustable Rate mortgage products to meet all your needs for both new purchases and refinances.
EXPERIENCED & PROMPT: Our dedicated mortgage loan officers are here to help you through the mortgage process. 
CASH OUT OPTION: Cash our refinances are also available up to 65% loan to value*

For your new home purchase or to refinance, apply today!
 
 
*Subject to credit approval. Most Jumbo products are both originated and serviced by IMCU. Minimum FICO score of 680. Up to 95% LTV/CLTV. Equal Housing Opportunity Lender. NMLS 402492. 
 
Construction
 Construction to Permanent loans provide our members with a loan to finance the construction costs to build a new home as well as purchasing a lot where needed. Mortgage Services will work directly with approved builders to manage the disbursement of loan proceeds during the construction phase.

Available Programs:
  • Conforming and Jumbo loan amounts- 7/6 Adjustable Rate Mortgages (rate adjusts every 6 months after year 7).  30-Year Terms. Interest-Only payments during the build period (draw period).
  • Conforming loan amount Lot Loans- 1/1 Adjustable Rate Mortgages.  30-Year Terms.
Check rates below, or select a lender to apply now!

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.