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home purchase
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Home Mortgages

Let your biggest worry be what to do with the boxes.

Let Madison Credit Union help you find your happy place.

We get it. Home buying can be an amazing, exciting and stressful process. 

We want to make it easier for you. That’s why we have partnered with AmeriCU Mortgage. They offer nearly 30 years of industry experience creating one-of-a-kind financial solutions. 

Whether it’s your first house or your fifth, a second home in Florida or a cabin up north, move in ready or a fixer upper, you can trust AmeriCU to take care of you. 

Competitive rates. Great customer service. A variety of mortgage products.
AmeriCU can get you in your dream home, easy peasy lemon squeezy.

A conventional loan is the most popular mortgage option for members looking to purchase or refinance a home. They are not guaranteed or insured by any government agency and conform to the loan limits set by the Federal Housing Finance Administration (FHFA).

When to choose conventional:

  • Looking for low down payment options
  • Looking to purchase a second home or income properties
  • To avoid private mortgage insurance with certain down payment options
  • Not applicable for a specific VA, FHA loan

An FHA loan is a mortgage loan issued by federally qualified lenders and backed by the Federal Housing Administration. Designed for low-to-moderate income borrowers who are unable to make a large down payment— they are typically more flexible in credit and income requirements than conventional loans.

When to choose an FHA loan:

  • Want a low down payment requirement
  • Allows seller to pay up to 6% of closing costs
  • Looking for flexible credit guidelines

A VA loan is a mortgage that is backed by the Department of Veterans Affairs for veterans, active military personnel and military spouses who qualify. With no down payment requirement and competitive interest rates, it’s a great choice for eligible applicants.

When to choose a VA loan:

  • If you are applicable there is no reason not to:
    • No down payment options
    • No monthly mortgage insurance
    • Competitive interest rates

USDA loans are mortgages for homes in eligible rural areas and are backed by the United States Department of Agriculture. USDA loans are geared towards low-to-moderate income families looking to finance a home. They offer low interest rates and no down payment is required.

Why choose a USDA loan?

  • No down payment options
  • Low monthly private mortgage insurance
  • Flexible credit guidelines

Members may choose from 203(k) Limited & Standard as well as HomeStyle products when they choose Renovation. We offer programs to accommodate major as well as minor renovation costs, giving you the flexibility to do more with your new home. Consulting with a mortgage professional is the best way to determine the program right for you! To learn more about Renovation, click here.

Why choose a renovation loan?

  • Combine renovation costs with mortgage financing
  • Flexible credit guidelines
  • Ability to finance whole home remodel

A jumbo mortgage is a home loan for an amount that exceeds conforming loans limits set by the Federal Housing Finance Agency (FHFA). These loans are designed to finance luxury homes as well as properties in highly competitive real estate markets.

When to choose a Jumbo mortgage:

  • Loan amounts up to $2 million
  • Low interest rate for qualified borrowers
Conventional

A conventional loan is the most popular mortgage option for members looking to purchase or refinance a home. They are not guaranteed or insured by any government agency and conform to the loan limits set by the Federal Housing Finance Administration (FHFA).

When to choose conventional:

  • Looking for low down payment options
  • Looking to purchase a second home or income properties
  • To avoid private mortgage insurance with certain down payment options
  • Not applicable for a specific VA, FHA loan
FHA

An FHA loan is a mortgage loan issued by federally qualified lenders and backed by the Federal Housing Administration. Designed for low-to-moderate income borrowers who are unable to make a large down payment— they are typically more flexible in credit and income requirements than conventional loans.

When to choose an FHA loan:

  • Want a low down payment requirement
  • Allows seller to pay up to 6% of closing costs
  • Looking for flexible credit guidelines
VA

A VA loan is a mortgage that is backed by the Department of Veterans Affairs for veterans, active military personnel and military spouses who qualify. With no down payment requirement and competitive interest rates, it’s a great choice for eligible applicants.

When to choose a VA loan:

  • If you are applicable there is no reason not to:
    • No down payment options
    • No monthly mortgage insurance
    • Competitive interest rates
USDA

USDA loans are mortgages for homes in eligible rural areas and are backed by the United States Department of Agriculture. USDA loans are geared towards low-to-moderate income families looking to finance a home. They offer low interest rates and no down payment is required.

Why choose a USDA loan?

  • No down payment options
  • Low monthly private mortgage insurance
  • Flexible credit guidelines
Purchase Renovation

Members may choose from 203(k) Limited & Standard as well as HomeStyle products when they choose Renovation. We offer programs to accommodate major as well as minor renovation costs, giving you the flexibility to do more with your new home. Consulting with a mortgage professional is the best way to determine the program right for you! To learn more about Renovation, click here.

Why choose a renovation loan?

  • Combine renovation costs with mortgage financing
  • Flexible credit guidelines
  • Ability to finance whole home remodel
Jumbo

A jumbo mortgage is a home loan for an amount that exceeds conforming loans limits set by the Federal Housing Finance Agency (FHFA). These loans are designed to finance luxury homes as well as properties in highly competitive real estate markets.

When to choose a Jumbo mortgage:

  • Loan amounts up to $2 million
  • Low interest rate for qualified borrowers

Want to learn more? Just ask.