MORTGAGES

A Product for Almost

Every Situation and Buyer.

Residents and community groups know best what will make their neighborhoods
thrive. The ideas and vision are there, but too often, what's missing is the capital.
That’s where our 75 For All fellowship of financial institutions comes in.

OUR PROCESS

How OwnEasy Works

Discover One Simple Process
We’ll prompt you to fill out a mortgage loan application and help you determine rate eligibility.

Check if you prequalify
Provide some basic financial information to estimate how much house you can afford. Choose your interest rate and term.

Close your loan and fund your goal
Get great rates, matched with an excellent realtor, expert help from a federal loan officer, and options for title, property and casualty insurance, and even home warranty – all in one place.What more could you need?

Worried you may not qualify for a mortgage?

It still may be possible.

MORE INFO

COMMON ISSUES FOR HOMEBUYERS

There are always options and opportunities

While minimum credit score requirements vary by lender, you'll generally need a good to excellent credit score to qualify for the best interest rates on a mortgage. In general, the better your credit score, the more competitive interest rates you'll likely get. Here are the credit score ranges you can typically expect to see, as well as how they can affect the interest rates you're offered:

Poor (639 or lower): A score in this range could make it much harder to get approved for a mortgage on your own. You might need to consider applying with a cosigner to qualify. If you're approved, you'll likely receive a high interest rate.

Fair (640 to 699): While you may qualify for a mortgage with a fair score, you can generally expect to pay a higher interest rate. Having a cosigner might get you a better rate, even if you don't need one to qualify.

Good (700 to 749): A good score increases your chances of benefiting from several loan products. You're also more likely to receive more favorable rates. While you likely won't need a cosigner to get approved for a loan, having one might help you get the best interest rates.

Excellent (750 and above): Score above 750 will qualify you for the vast majority of mortgage loans, as well as help you get the lowest interest rates advertised.

What are the requirements to apply for a mortgage? While eligibility criteria can vary, here are a few mortgage loan requirements you'll likely need to meet:

Good credit: Federal credit unions prefer to work with borrowers who have good to excellent credit. While some borrowers may qualify for a FHA loan with a credit score as low as 580, most borrowers with poor or fair credit will find that mortgages generally come with higher interest rates compared to good credit loans.

Verifiable income: When our lenders review your loan application, they want to see that you can afford to repay your loan. Sometimes a minimum income in required, while in sometimes it's not - but in either case, you'll likely have to provide proof of income.

Low debt-to-income ratio: Your debt-to-income (DTI) ratio is the amount you owe in monthly debt payments compared to your income. To qualify for a mortgage, you'll typically need a DTI ratio of 40% or less - though sometimes, a lower ratio than this might be required.

Before you apply for a mortgage, it’s important to have a plan to pay it off. Double check that you can afford the monthly payments for the life of the loan. Your loan term will outline how long you need to make payments. If you run into a financial setback, reach out to your lender to see if they offer any hardship or deferment options.

When you apply for a mortgage, you’ll need to be prepared to provide documentation. The actual loan documents the lender requests might vary depending on your situation but could include:

Identification, such as a government-issued ID

Social Security card to confirm your identity

Tax returns or pay stubs to ensure that you can afford repayment

Bank statements to verify that you earn sufficient income