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!

The rates above are based on a 45 day lock period for a Purchase (Conforming Loan Amount = $260,000; JUMBO Loan Amount = $750,000; Lot Loan = $260,000) Credit Score 740 Single Family Primary Residence. Rates subject to change without notice; Rates/Fees, Closing Cost Specials & Service Retained not guaranteed (Other terms/products available).

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

APPLY NOW

Community Affordable Mortgage Loan

Now Offering - Community Affordable Mortgage Loan1

Get a lower rate for your home! Looking for a home under $200,000? For a limited time, we are offering a Community Affordable Loan!

  • Loan Amounts $30,000-$200,000

  • Purchase loans require 5% or more down

  • Secondary Home Purchase loans require 10% or more down

  • Cash out refinances available up to 80% LTV

  • Rate Term Refinances up to 95% LTV

  • 30 Year Term


Apply Now


1Available for purchase, refinance or cash out refinance. Loan amounts $30,000 - $200,000. Primary & secondary single family housing. 680 minimum FICO required. Purchase requires at least 5% down for primary. Secondary home requires at least 10% down. Rate term refinance max 95% LTV. Cash out refinance 80% max LTV 720 FICO required. Subject to eligibility. Debt to income max of 43%. 30-year fixed rate. Rate must be locked no later than 12/29/2023. Limited time only product. Other restrictions may apply.


First Time home buyer

Special Mortgage Offer for First Time Home Buyers:

  • Down payment options as low as 1%!*

  • 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)



The rates above are based on a 45 day lock period for a Purchase with a Loan Amount of $260,000 Credit Score 740 Single Family Primary Residence. Rates subject to change without notice; Rates/Fees, Closing Cost Specials & Service Retained not guaranteed (Other terms/products available).


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.


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

APPLY NOW


*1% down payment available based on specific criteria of the deal. Loan to Value at 99% - 5/5 ARM 30 year term available.  Certain restrictions apply for the 99% Loan to Value Program. Requires a 660 credit score with a max 45% DTI. Minimum loan amount of $100,000 with a max loan amount of $726,200. 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.
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 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.

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


*5/5 ARM, up to 30 year term. 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. 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 $726,200. Jumbo loan amounts up to $850,000 with a max LTV of 90%. Private mortgage insurance required on all loans over 80% LTV. Subject to credit approval. NMLS 402492. Effective 12.5.2022.

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%.  Bridge Loan 2nd Lien Maximum Loan Amount $100,000 and requires 6 months reserves for CLTV over 60%. NMLS #402492.
Loans With no private mortgage insurance

How would you like to avoid private mortgage insurance? If you have at least 10% down you may qualify for one of our special Private Mortgage Insurance saver programs. 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!


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

For your new home purchase or to refinance, apply today!

 
 
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