MECU’s mortgage experts unlock the possibilities of homeownership.
Which mortgage option is right for you?
|FHA Loans||Fixed-Rate Mortgages||Adjusted-Rate Mortgages (ARMs)|
|More lenient income and credit requirements||Choose a term that works for you||Choose from 3/1, 5/1, 7/1 or 10/1 ARMs|
|Put as little as 3.5% down||Down payments of 5% to 20%1||Down payments of 5% to 20%1|
|Up to 100% of your down payment can be a gift from a family member or friend||0.25% rate discount for all first-time homebuyers or Baltimore City home purchases2||0.25% rate discount for all first-time homebuyers or Baltimore City home purchases2|
|Learn More||Learn More||Learn More|
HomeReady® Mortgage Loan
Fannie Mae’s HomeReady Program is a government backed loan designed for creditworthy borrowers with low to moderate incomes.
- Down payments as low as 3% for home purchases
- Can be used for the down payment and closing costs with no minimum contribution required from the borrower's own funds (1-unit)
- The online Framework® course prepares borrowers for homeownership
2/ ** Buying Into Baltimore and First-Time Home Buyer rate discounts not available on all loan types. Discounts cannot be combined.