Purchase your new home with zero down payment
Rates as low as 6.49%1
6.727% APR* | 100% Financing Fixed-Rate – 15-Year Term115/20/30-Year Terms Available with no PMI Requirement
At Members Choice Credit Union, we feel that a financially responsible payment history should count for something and that not having the funds for a down payment should not stand in the way of homeownership. Our 100% financing fixed-rate mortgage loans were designed for homebuyers looking to purchase with no money down.16.49
No down payment required
Get 100% financing, plus, low closing costs to save more and get into a home sooner. 15, 20 and 30-year fixed-rate terms available. View our rates.
No mortgage insurance required
Most lenders require mortgage insurance unless you can make a down payment of 20%. This loan does not require MI, which saves you money each month.
Local loan servicing and advice
Our personal loan advisor will make your home buying experience easy and stress-free. We’ll never sell your loan and will service it locally through your entire term.
Making homeownership more affordable
Stop paying rent and start building equity
No down payment required to help you buy a home sooner
Our Choice100 Mortgage is a 100% financing conventional mortgage option with great benefits for home buyers who qualify for a mortgage, but don't have the available savings for a down payment. By purchasing a home with no down payment, you may be able to get the home you want sooner without waiting years to save for your down payment.
Gain more buying power with no mortgage insurance requirement
Most home loan programs require mortgage insurance (MI) if you are purchasing a home with less than 20% down. That insurance can cost you hundreds of dollars per month, in addition to your regular mortgage payment. By eliminating the mortgage insurance requirement, you will reduce your total monthly payments, helping you to qualify for a larger purchase price.
Get started with an estimated rate quote – No credit pull required
Fill out the short form below to get a call back from a Mortgage Loan Officer within the next business day.
Ready to get your mortgage loan started?
Start your Application Online
Apply by Phone
Call us at 281.754.1103 to start a new loan by phone
FAQs about 100% Financing Fixed-Rate Mortgage Loans
Can I apply for a mortgage home loan before I find a property to purchase?
Yes, applying for a mortgage loan before you find a home may be the best thing you could do. When you apply in advance, you are issued a pre-approval letter subject to you finding your new home. You can use the pre-approval letter to assure your real estate agent that you are a qualified buyer and that you are looking in the right price range to fit your budget. Having been pre-approved for a mortgage may also give more weight on any offer you make.
Is mortgage insurance required for this 100% financing option?
No, Members Choice does not require mortgage insurance for this financing option.
Mortgage Insurance (also referred to as MI or PMI) is insurance that a buyer pays to protect the lender in case your loan ends up in foreclosure. Though most lenders require PMI for home purchases with down payments of less than 20%, Members Choice Credit Union does not require MI on this 100% financing options, which can keep your monthly payment lower.
What fees should I expect on my mortgage?
Common types of mortgage fees include origination, application, credit report, appraisal, processing and underwriting. Applicable fees will be listed on your loan estimate form, which you'll receive after applying for a mortgage.
Members Choices does not charge a fee to complete an online application for any of our Mortgage loan products.
Why choose Members Choice for my 100% financing mortgage?
Our promise is to provide a high level of service and work in your best interests:
- We have personalized customer service that aims to meet your personal needs
- Our member service team offers a local person to talk to and provide faster service
- You're a member, not just a number
- We try to make the home buying experience a great one – easy and stress-free
- We’ll never sell your loan and will retain servicing for the life of the loan
Mortgage Resource Center
Free Home Buying Guide
Get our guide for finding, buying and financing a new home for yourself or a family member
Disclosures
APR = Annual Percentage Rate.
1100% Financing Fixed-Rate Mortgage: Purchase for primary residence Single Family Home or Townhome located in Texas only. Manufactured homes, and Condominiums not allowed. Our maximum loan-to-value is 100% with a 43% maximum DTI and a minimum 680 FICO. Requires minimum of two years employment in same industry. No history of bankruptcy or foreclosures. Appraisal fee collected at time of ordering. $50,000 minimum loan amount. $806,500 maximum loan amount. Rates shown are based on a $300,000 loan amount with a 740 FICO credit score.
If not currently a Members Choice member, a $5 deposit is needed to establish membership. All memberships and credit products are subject to approval including credit approval.