First Community CU
First Community Credit Union Mortgages & Home Loans
Purchase or refinance your home with competitive fixed and adjustable rates, FHA loans, and home equity products. All underwriting performed locally. NMLS #489352.
First Community Credit Union provides a comprehensive range of home financing solutions for members at every stage of the homeownership journey — from first-time buyers to experienced homeowners looking to refinance or tap into accumulated equity. As a member-owned cooperative, we prioritize your long-term financial wellbeing over short-term profit, which means honest advice, competitive rates, and lending decisions made by people who understand your community.
All mortgage applications are underwritten locally by our in-house team, meaning faster decisions and more flexible qualification criteria compared to large national lenders. Whether you need a straightforward 30-year fixed loan, an FHA purchase mortgage, or a HELOC to fund a renovation project, our mortgage advisors are here to guide you through the process from pre-qualification to closing.
Home Loan Products
30-Year Fixed-Rate Mortgage
Our most popular home loan product, the 30-year fixed mortgage offers predictable monthly payments and long-term stability. At a current rate of 6.75% (APR 6.89%), this option is ideal for buyers who plan to stay in their home long-term and prefer the security of a fixed payment that never changes. No PMI is required when you put down 20% or more.
15-Year Fixed-Rate Mortgage
For members who want to build equity faster and pay significantly less total interest, the 15-year fixed mortgage is an excellent choice. At a rate of 6.10% (APR 6.24%), payments are higher than a 30-year loan, but you will own your home free and clear in half the time. Total interest paid over the life of the loan is dramatically lower, making this a sound long-term wealth-building strategy.
5/1 Adjustable-Rate Mortgage (ARM)
The 5/1 ARM offers a fixed introductory rate of 5.90% for the first five years, after which the rate adjusts annually based on a market index. This product suits buyers who plan to sell or refinance within five years, as it delivers a lower initial rate and payment. The APR on our 5/1 ARM is currently 6.15%. Rate caps limit how much the rate can increase at each adjustment and over the loan's lifetime.
FHA Loans
Insured by the Federal Housing Administration, FHA loans are designed to make homeownership accessible to buyers with limited down payments or lower credit scores. First Community offers FHA purchase loans with down payments as low as 3.5% and credit score minimums lower than conventional loan requirements. FHA mortgage insurance premiums (MIP) apply but can often be offset by the lower down payment requirement.
Home Equity Line of Credit (HELOC)
Leverage the equity you have already built in your home with a flexible HELOC. Rates are variable at Prime + 0.50%, with a 10-year draw period during which you can borrow, repay, and borrow again up to your approved credit limit. A repayment period follows. HELOCs are widely used for home improvement projects, education expenses, debt consolidation, or as a financial safety net.
Home Equity Loan
For members who prefer the certainty of fixed payments, our home equity loan provides a lump sum disbursement at a fixed rate, secured by your home's equity. This is ideal for one-time expenses like a major renovation, a new roof, or consolidating higher-interest debt into a single manageable payment at a lower rate.
Current Mortgage Rates
| Product | Rate | APR | Term | Notes |
|---|---|---|---|---|
| 30-Year Fixed | 6.75% | 6.89% | 30 years | No PMI with 20% down |
| 15-Year Fixed | 6.10% | 6.24% | 15 years | Fastest equity build |
| 5/1 ARM | 5.90% | 6.15% | 30 years | Fixed 5 yrs, then adjusts annually |
| HELOC | Prime + 0.50% | Variable | 10-yr draw period | Revolving credit line |
Rates are subject to change daily. APR includes applicable fees. All loans subject to credit approval. NMLS #489352. Equal Housing Lender.
The First Community Mortgage Process
Getting a mortgage with First Community Credit Union is designed to be straightforward and transparent. Begin with a pre-qualification conversation with one of our mortgage advisors — this gives you a clear picture of your purchasing power before you start home shopping. Pre-qualification does not affect your credit score and can often be completed in a single phone call.
Once you have found a home and have a purchase agreement, submit your full mortgage application along with documentation including W-2 forms or tax returns, recent pay stubs, bank statements, and proof of down payment funds. Our in-house underwriting team reviews your file promptly, typically within 3 to 5 business days, and we work to close most loans within 21 to 30 days of application approval.
For more information on your rights as a mortgage borrower and what to expect during the homebuying process, the U.S. Department of Housing and Urban Development (HUD) offers comprehensive homebuyer guidance and housing counseling resources.
Frequently Asked Questions
What is the minimum down payment for a First Community mortgage?
Conventional loans require as little as 5% down, though putting down 20% or more eliminates private mortgage insurance (PMI) and reduces your monthly payment. FHA loans allow down payments as low as 3.5% for qualified borrowers. Our mortgage advisors can model different down payment scenarios to show you how each affects your monthly payment, total interest paid, and break-even timeline.
Does First Community Credit Union offer FHA loans?
Yes. First Community Credit Union is an approved FHA lender and offers FHA-insured purchase mortgages with down payments as low as 3.5%. FHA loans have more flexible credit score requirements than conventional mortgages and are a popular choice for first-time buyers. Mortgage Insurance Premium (MIP) is required on all FHA loans, and our advisors can explain how MIP affects your overall cost compared to a conventional loan with PMI.
What is a HELOC and how does it work?
A Home Equity Line of Credit (HELOC) is a revolving credit line secured by the equity in your home. During the draw period (typically 10 years), you can borrow up to your credit limit, repay, and borrow again as needed — much like a credit card but at a far lower rate. Our HELOC is priced at Prime + 0.50% (variable). After the draw period, the outstanding balance enters a repayment phase. HELOCs are commonly used for home improvements, education, or debt consolidation.
How long does the mortgage underwriting process take?
Because First Community performs all underwriting in-house, our process is significantly faster than lenders who outsource this step. Most members receive an underwriting decision within 3 to 5 business days of submitting a complete file. Closings are typically scheduled within 21 to 30 days of approval. Submitting a complete application package — income documentation, bank statements, and purchase agreement — at the start helps avoid delays.
Can I lock my mortgage rate with First Community?
Yes. Once you have an approved application, you may lock your interest rate for 30, 45, or 60 days at no additional charge. A rate lock ensures your quoted rate is protected from market movements while you proceed to closing. If your closing is delayed beyond the lock period, extensions may be available. Contact your mortgage advisor at (800) 342-8575 to discuss the best rate lock strategy for your timeline.
First Community Credit Union NMLS #489352. All mortgage loans subject to credit approval. Rates shown are for informational purposes and are subject to change without notice. Equal Housing Lender.