FHA Loans

Flexible loan for low down payments

HELOC

12-month introductory fixed rate as low as 3.99% APR* then an ongoing variable rate as low as Prime minus 0.25%*

Put as little as 3.5% down

More lenient credit and income requirements than other mortgages

Our mortgage experts are ready to help

Advantages of FHA Loans

FHA Loans are ideal for first-time homebuyers looking for a home loan with low down payment options and more flexible credit and income requirements. Let MECU Credit Union mortgage experts in and around Maryland guide you to the best mortgage option for your budget and lifestyle.

  • More lenient income and credit requirements
  • Buy a home with a down payment as low as 3.5%
  • Up to 100% of your down payment can be a gift from a family member or friend
  • Required mortgage insurance is often tax deductible1
  • We'll help you find homebuying grants and incentives that provide down payment assistance

Banking with MECU Credit Union in Maryland means belonging to a local financial institution that invests in the Baltimore community and offers competitive rates on mortgage loans and other home lending products.

Frequently Asked Questions

Quickly and easily estimate your monthly mortgage costs by using our calculator.

When determining a mortgage, first decide how much you can comfortably afford, factoring in:

  • mortgage loan payment (principal and interest)
  • property taxes 
  • insurance
  • any HOA fees
  • miscellaneous funds for maintaining your home

Try our mortgage calculators.

To qualify for an FHA loan, your credit score should be 500 or higher, with verifiable steady income, and a debt-to-income (DTI) ratio usually below 43%. You will also be required to make a down payment of at least 3.5% up to 10%, depending on your credit score. It's best to submit a prequalification request to determine if you meet the requirements for this government-backed loan.

The cost of refinancing your mortgage varies depending on your lender, location, and loan details. Typically, refinancing costs range from 2% to 6% of your total loan amount. Most lenders will allow you to roll the closing costs into the new loan, but you'll pay interest on the closing costs over the life of your loan. Try our mortgage calculators.

Guiding you home with confidence.

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1 Consult a tax advisor. 

Handbook on Adjustable Rate Mortgages
Adjustable Rate Pricing Disclosure
Home Mortgage Disclosure Act (HMDA) Notice

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