Conventional mortgages are at the core of the home lending business for most of the MMS partner Credit Unions. These loans come in a wide variety of competitive, member-friendly mortgage products, ensuring your members have access to the loan that best fits.
Conventional Lending Products
- Conventional fixed rate loans (10- to 30-year option)
- ARM loans
- FNMA HomeReady (97%)
- FHLB Topeka (Approved Servicer)
- 2nd Mortgage
Conventional loans are available for primary, secondary, and investment properties including single-family, multi-family (up to four units) and manufactured homes. There is no maximum acreage.
Customized Portfolio Loans
Partner Credit Unions can build specific products that will provide flexibility for your specific market. These loans are held as an asset in your Credit Union lending portfolio and ineligible to be sold on the secondary market. Portfolio mortgages offer your members greater flexibility in the loan approval process.
Direct Fannie Mae & Freddie Mac Seller/Servicer
Your Credit Union loans will not be sold off. They will be serviced by a Midwest service provider who has employees dedicated to taking care of your members just as you would.
Conventional lending products are available to MMS Affiliate and Correspondent partners.
For many Credit Unions, serving the underserved is a critical mission point. Offering government-backed lending through Members Mortgage Services is just one other way you can help those who might not qualify for a conventional loan. Government-backed loans allow for some relaxation of lending requirements and special advantages to make home ownership accessible to lower income household and first-time buyers. The MMS government broker team is dedicated to guiding your Credit Union and your members through the entire loan process.
Available government-backed loan programs:
FHA (Federal Housing Administration)
FHA loans are government-backed, mortgages insured by the Federal Housing Administration, an agency of the US Department of Housing and Urban Development. Borrowers pay for Mortgage Insurance, which protects the lender from a loss if the borrower defaults on the loan. Program designed for low-to-moderate income, challenged credit, and borrowers that are unable to make a large down payment. Perfect for, but not exclusive to, 1st time homebuyers. This does not exclude any borrower eligible for the FHA loan program.
VA (Veteran Affairs)
VA Loans are VA guaranteed loans to protect lenders against loss if borrower fails to repay the loan. Borrowers will be required to pay a funding fee in-order to participate in loan program. All funds are used to offset the loans that go into default. Veterans with a disability may be exempt from having to pay the VA funding fee for their VA loan. This program is designed for members of the Military, Veterans Reservists and National Guard members with little or no money needed for the down payment. Spouses of Military members who died while on active duty or as a result of a service-connected disability may also be eligible. Certificate of Eligibility is required on all VA loans except IRRRLs.
Rural Development – USDA (United States Department of Agriculture)
USDA loans are also known as USDA Rural Development Guaranteed Housing Loan Program that offers mortgage loans to rural property owners by the United States Department of Agriculture. This loan program is zero down payment mortgages for rural and suburban home buyers with low household income.
Government-backed lending products are available to MMS Broker partners.