Home Loans
The values on this form are for discussion and illustration purposes. This page is not a commitment to lend or extend credit. Your actual rate and term will vary and are dependent upon the applicants’ creditworthiness and the mortgage loan chosen.
Smart Saver Mortgage
In addition to a low, fixed rate, Essential's tailor-made Smart Saver Mortgage offers 100% financing and no PMI. Buyers can pack in confidence knowing they are making the right choice with a Smart Saver Mortgage. This is a limited time offer almost too good to be true! Apply and get moving!
- Fixed interest rate over the life of the loan
- No down payment required
- No PMI
- Flexible terms up to 30 years
- Online access to your mortgage loan information. With a few clicks, you will have access to all your mortgage loan information at your fingertips.
Use Quick Start to find the right mortgage program for you. Quick Start takes approximately 5 minutes to complete. The full application takes about 25 minutes.
Conventional Mortgages
Fannie Mae and Freddie Mac Programs
Fannie Mae and Freddie Mac programs are federally chartered organizations designed to bring global capital to local communities by purchasing and guaranteeing loans made by Essential Credit Union. As a home owner, you’ll benefit from these programs because of these great features:
- Lower interest rates
- Greater opportunity for loan approval
- Lower closing costs than other lenders
- Flexible terms up to 30 years
- Financing available up to 95% loan to value
- PMI is required on loan to value over 80%
- Online access to your mortgage loan information. With a few clicks, you will have access to all your mortgage loan information at your fingertips.
Use Quick Start to find the right mortgage program for you. Quick Start takes approximately 5 minutes to complete. The full application takes about 25 minutes.
HomeReady Mortgage
HomeReady® Mortgage from Fannie Mae
The HomeReady Program was designed for creditworthy, low to moderate income borrowers in mind. This loan offers expanded eligibility for financing primary homes in designated low-income, minority, and disaster-impacted communities. Apply for a HomeReady Loan and enjoy these benefits:
- Fixed interest rate over the life of the loan
- Low down payment and flexible options for sources of down payment or closing cost
- Flexible terms up to 30 years
- Financing available up to 97% loan to value
- PMI is required on loan to value over 80%
- Online access to your mortgage loan information. With a few clicks, you will have access to all your mortgage loan information at your fingertips.
Use Quick Start to find the right mortgage program for you. Quick Start takes approximately 5 minutes to complete. The full application takes about 25 minutes.
FHA Home Loans
An FHA Home Loan is our most flexible mortgage product. It’s a great first home option as the Federal Housing Administration makes homeownership possible for a broader range of buyers. Aside from no income limits or location restrictions, our FHA loan also features:
- 96.5% maximum loan to value financing
- Upfront mortgage insurance required as well as a monthly amount for term of loan
- Expanded qualifying ratios and flexible credit guidelines
- Maximum loan amounts apply
- Can be used for purchases and refinance
- Minimum credit score of 620
Use Quick Start to find the right mortgage program for you. Quick Start takes approximately 5 minutes to complete. The full application takes about 25 minutes.
VA Loan Program
Let us thank you for your service by helping you with the purchase of a new home.
Patriotism is essential and that's why we offer a special home loan just for Veterans. You have sacrificed so much with your military service, but with 100% financing you do not have to sacrifice when it comes to buying a home. Our VA Loan Program features:
- 100% LTV financing with minimum mortgage insurance
- No income limits or restrictions
- Expanded qualifying ratios and flexible credit guidelines
- Maximum loan amounts apply
- VA Funding fee of 2.15% or 2.40% based on military status (financeable)
- Do not need to be a first time homebuyer, can be used for new purchases and refinance
Use Quick Start to find the right mortgage program for you. Quick Start takes approximately 5 minutes to complete. The full application takes about 25 minutes.
Jumbo Mortgages
At Essential, we make the home buying process easy with quick and local decision making. No loan is too big or too small
Our Jumbo Loan Program is specifically designed for larger mortgage loan amounts. The home loan can be a primary, secondary, or investment home.
- Financing up to 90% loan to value
- Minimum and Maximum loan amounts apply
- PMI required on loan values over 80%
- Lower FICO requirement than other Jumbo loans in the market
Use Quick Start to find the right mortgage program for you. Quick Start takes approximately 5 minutes to complete. The full application takes about 25 minutes.