Mortgage Loans

A: To make the application process easier for our members, you can apply on our website:  www.macfcu.org/mortgage or visit any of our branches for an in-person experience. Appointments are available and are ideal for time-sensitive members to ensure we set enough time aside to answer any and all questions you may have. To reach a mortgage department team member directly, call (907) 474-1260

A: In addition to a fully completed and signed residential loan application, an applying member should have their current paystub, last month’s checking/savings statements, and your last two years W2’s (for all employers you earned a wage from). Self-employed borrowers could be asked for more verification of income documents such as most recent filed tax returns.

A: MACFCU has a full residential product line that can help most members obtain financing through Conventional, VA, FHA, and specialty products such as USDA and First-Time Home Buyer programs. To get more information regarding our full line of product offerings, contact a mortgage team member at (907) 474-1260

A: MACFCU provides residential lending products for new build and existing Single Family (1 unit) properties, Duplex (2 units), Tri-Plex (3 units), and Four-Plexes (4 units).

A: MACFCU does not currently provide financing for Dry Cabin, Mobile Homes, Modular Homes, or Construction Loans property or product types.

A: All borrowers will need a minimum credit score of 620 for Conventional loan products and 640 for VA, FHA and USDA

A: Each lending product comes with different minimum down payment requirements and ranges from 0% - 3.5%. The product with the lowest down payment requirement is VA (0%) and USDA (0%). Conventional mortgage financing requires 3% minimum down payment and FHA financing requires 3.5% as other options. A MACFCU mortgage team member will walk you through each option during the pre-qualification and pre-approval process to find which option fits your need and wants of the transaction best. 

A: No. MACFCU transfers all originated residential mortgage loans to a mortgage servicing company, typically within 60 days of the closing ceremony. 

A: The Pre-Approval process is much more comprehensive than the Pre-Qualification process. For pre-qualification, a residential loan application is completed and your credit history is provided which generates a Pre-Qualification letter. Pre-approval includes all the steps of a full approval (income, asset, and identity verification), except for the appraisal and title search. Obtaining a Pre-Approval letter can put you in a better negotiating position, much like a cash buyer.

A: Closing costs are fees that are paid at the end of the transaction, once the home is ready to be transferred from one owner to another. These costs can be paid by the seller, the buyer, or shared by both.  Often, closing costs range from 2-5% percent of the home’s purchase price.