Woman finding the assistance she needed to purchase a home for her family.

Special Mortgage Programs and Loans

These special mortgage programs can help take some stress out of homebuying, so you can focus on getting home. And don’t worry, our mortgage lending partners will work with you to find the best programs and loan options for you. Let’s get started.

Start

Find the resources you need to get started

Save

Lower the costs of homeownership

Care

Get support from a team that’s focused on you

Community Partners Product

FHLBA’s Community Partners Product helps with home purchase assistance for essential workers and other qualified members, whether you’ve owned a home before or not.

Members must contribute $1,000 of their own funds towards the down payment and/or closing costs
At the time of application and at closing, your household must have incomes at or below 80 percent of the area median income
Homebuyers must complete the credit union’s prescribed homebuyer counseling, debt management planning, and default prevention program
The maximum subsidy amount is $15,000 (this amount may change annually)

FHA Loans

The Federal Housing Administration (FHA) has loans designed to help low- to-moderate income people, often first-time homebuyers, become homeowners.

People aged 62 or older, those making energy efficient updates, and manufactured housing and mobile home buyers may also find FHA loans helpful.

These loans:

Have low down payment and closing costs
Allow qualification with a lower credit score than traditional mortgages

Speak with a Mortgage Center associate.

Mature couple receiving assistance from Civic to purchase a home.

VA Loans

The Department of Veterans Affairs (VA) offers loan programs to help service members, veterans, and their families buy homes.

Qualified members may have the ability to finance up to 100% of the home purchase and get reduced closing costs
VA Loans may not require Private Mortgage Insurance (PMI)

The VA sets the terms for loan qualification and guarantees any loan made under the program.

The VA can help you determine benefits and eligibility and assist members with issuance of a Certificate of Eligibility (COE). If members have already bought and sold a home that was financed through a VA loan, their eligibility may be restored quickly
Spousal status is evaluated the same for all borrowers. If members are applying for a VA loan with a co-borrower who is not their legal spouse, the VA requires specific underwriting requirements
Member veterans and current service members can access their eligibility online. Registration is free, immediate, and provides information on many benefits for service members, veterans, and their families. With your COE, you have evidence that the VA will “stand behind” your loan. Obtaining a COE does not guarantee approval

Military family celebrating the purchase of a VA loan through Civic Credit Union.

Visit the Mortgage Center

We've partnered with the Credit Union Mortgage Association (CUMA) for a streamlined homebuying process. Apply online through the Mortgage Center and a CUMA agent will reach out to you to talk next steps to prequalification.

For the best member experience, use the Mortgage Center with a computer.

Civic percent graphic to help find the best rate for your mortgage.

1. Find your rate

Civic graphic that shows how easy it is to apply for a mortgage.

2. Apply online

3. Talk with an agent

You know the details matter (and you are in good company)

Here are a few FAQs

What is a 5/1 ARM?

A 5/1 ARM is one type of adjustable-rate mortgage. The 5 refers to the length of the fixed-rate period which is the first five years. The "1" is how often the interest rate may adjust after that which is once per year.

Can I prequalify for a mortgage online?

Once you apply for a loan through the Mortgage Center, a CUMA agent will contact you to discuss the next steps to prequalification.

What is an escrow account?

It’s an account held by your mortgage service provider that holds money from your monthly mortgage payments to pay your taxes and insurance when they are due.

What is cash-out refinancing?

This is where you get a mortgage loan for more than you currently owe on your home. The difference between the new, refinanced mortgage and the balance on your previous mortgage goes to you as cash at closing.

Is a fixed-rate mortgage better than an adjustable-rate mortgage?

Your needs will determine which one will best fit your unique circumstances. A fixed-rate mortgage has predictable payments for the entire term of your mortgage loan. An adjustable-rate mortgage (ARM) starts off as fixed and moves to a variable – meaning a changing rate. An ARM option can be helpful for short-term ownership, but your specific needs will help inform your decision.

How do I pay my property tax?

Each month, when you make your monthly mortgage payment, your lender will take a portion of that money and put it in your escrow account. Your mortgage servicer will hold that money until your property taxes and insurance are due.

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