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Home > Services > Loans > Mortgage Loans

Mortgage Loans

Apply for a loan, work on your application in progress, and upload documents by visiting our Quick Mortgage Application site.

If you are unsure which mortgage program is best for you, please contact us and we will be more than happy to spend as much time as needed figuring out which loan is best for you.

Apply Now

NMLS #809932

Finding a home is no easy feat. Whether you're shopping for a new one, or would like to refinance the one you're in, MAC has several lending options available for you. We are upfront about all of our rates and fees. Our application process is conveniently easy.

You can complete it online via the link below, or call us to speak to a Mortgage Loan Officer today. Toll-Free: 877-883-1253, Local: (907) 456-1253

Mortgage Loans

We’re happy to offer our members a wide variety of mortgage loans and features.

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Loans

Auto loans, Personal loans, Mortgage loans… we’ve got it all! You can find the financing you need at MACFCU, and you can do it from the comfort of your home, with our Apply Online service.

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Accounts

We offer a variety of accounts for members, both business and personal. We have an account for every lifestyle, including Checking, Savings, IRAs, Teen and Kids, and more.

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Business Services

We’ve got an excellent account options for businesses. Our fees are low - we’re here to help your business succeed, not take advantage of you.

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NMLS #809932

Fannie Mae

  • Primary Residence, Second Home and Investment Property
  • Up to 97% LTV for a Purchase
  • Up to 97% LTV Rate & Term Refinance
  • Home Affordable Refinance Program (HARP)
  • One Time Close Construction for Permanent & Renovations
  • Construction Take Out Loan Options

VA Loan

  • Primary Residence
  • Up to 100% LTV
  • 100% LTV IRRRL (Interest Rate Reduction)
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USDA

  • Primary Residence
  • Up to 101% LTV
  • Streamline Refinance

FHA

  • Primary Residence
  • High Balance Loan Available
  • 97.75% LTV
  • Rate & Term Refinance
  • Streamline Refinance
  • Cash Out Refinance
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Jumbo

  • Primary Residence or Second Home
  • 90% LTV up to $750,000
  • 85% LTV up to $1,000,000

Frequently Answered Questions

Q: How do I apply for a residential mortgage loan with MACFCU? Expand

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

Q: What documents should I have handy during the pre-approval process? Expand

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.

Q: What type of residential loan products does MACFCU offer for members? Expand

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

Q: What residential property types can MACFCU lend on? Expand

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).

Q: What property types are excluded from the MACFCU residential mortgage programs? Expand

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

Q: What is the minimum credit score required to obtain a residential mortgage loan from MACFCU? Expand

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

Q: What is the minimum down payment required for a MACFCU residential mortgage? Expand

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. 

Q: Does MACFCU service our mortgage loans once they have closed? Expand

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

Q: What is the difference between a Pre-Qualification letter and a Pre-Approval letter? Expand

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.

Q: What will my closing cost amount be with a MACFCU residential loan product? Expand

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. 

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