a young couple smile and holds keys to their new house while standing in front of the home.


Home Loans

At Forest Area Credit Union (FAFCU), we strive to make your home mortgage process as quick and easy as possible. That's why a dedicated Mortgage Loan Officer (MLO) will be assigned to work with you one-one-one to offer advice, answer questions and guide you through the process.


Browse our offerings and make an appointment at your nearest branch to get started.

FAFCU offers low closing cost options for home purchase and refinance transactions. We will work hard to find the best mortgage loan solution to meet your needs. 

A fixed rate home loan programs offer amortization up to 30 years and fixed rates for up to 15 years on all types of homes including stick built, modular, BOCA, single and double wide mobile homes.

Getting the home of your dreams is easy at FAFCU. We offer flexible lending options to finance manufactured, BOCA, single and doublewide homes with real estate.

Use the equity in your home to make home improvements, go on vacation, help out a child with schooling, or purchase a new recreational vehicle. This loan allows our members to use the equity they have built up how they choose. FAFCU offers two products to meet member needs:

  • A Home Equity Line of Credit which allows the member to qualify for a certain limit and to be able to use those funds when they need to. The HELOC offers a draw period of 5 years with a repayment period of 15 years for a total term of 20 years. This is a variable rate product that is tied to prime.
  • A Fixed Home Equity Loan works more like a mortgage in that all of the funds are disbursed up front, and there, is no draw period. This is a 5 year-balloon product with a 20-year amortization. The rate is fixed for the 5 year term.

A Construction Loan is a short-term loan used to pay for the cost of building a home. It is offered for a set term (usually around six months) to allow the member time to build their home. At the end of the construction process when the house is done, members will need to get a new mortgage to pay off the Construction Loan.

Essentially, this means you must refinance at the end of the term and enter a brand-new mortgage of your chooisng that is a more conventional financing option for your newly completed house.


  • There  must be a qualified builder involved.
  • The lender needs to detailed specifications of the home you want to build.
  • The home value must be estimated by an appraiser.
  • A large down payment typically, 20%, is the minimum you need to put down for a construction loan.
  • Funds are disbursed in draws from the loan during the build at the designated interval for which the builder can receive the funds to continue the project.

Once you have qualified and been approved for a construction loan, the lender begins paying out the money they agreed to loan the member.

With a Construction Loan, as with all other loans, members must pay interest on the money they have already paid out. FAFCU's Construction Loans are set up as interest-only loans. This means members only pay interest on the money they have borrowed instead of paying down any part of the principle loan balance. Monthly payments are required on construction loans.

Whether you're purchasing vacant land to build your dream home or business, FAFCU offers vacant land loans in purchase and refinance transactions. Vacant land may include improved or unimproved lots, acreage and farmland.

FAFCU offers commercial mortgage financing with flexible terms and structure. This makes it possible to provide you with a loan that suits your individual needs and goals.

Apply for a MortgageContact Us

Not a Member? 

We proudly serve members in Grand Traverse, Kalkaska, Antrim, Crawford, Missaukee, and Wexford counties who meet our membership requirements.

Discover our mobile banking convenience and secure debit and credit cards. Apply to be a member today!




Benefits to having a Mortgage from FAFCU:


Your Mortgage payment will always stay at FAFCU


Always know where your escrow account deposits are and what your balance is

At Forest Area FCU, we strive to make your home mortgage process as quick and easy as possible. That's why a dedicated Mortgage Loan Officer (MLO) will be assigned to work with you one-on-one to offer advice, answer questions and guide you through the process.

Each transaction is unique but generally follows this process:

1. Complete a pre-approval application

  • Visit your nearest branch or call 231-879-4154 to start your application

2. Start planning

  • Use your pre-approval to find your dream home or make plans to maximize your refinance

3. Lock in your interest rate

  • Gain peace of mind knowing your rate has been locked in.

4. Keeping it official 

  • Forest Area FCU will fully underwrite your application, order a real estate appraisal and title work as necessary.

5. Getting close to closing

  • A final review is conducted and any final items needed are addressed

6. The mortgage loan closing 

  • Your Mortgage Loan Officer will schedule a closing appointment and make your new home purchase or refinance a reality

Please note: Every mortgage is different. This step-by-step outline is a general guide of what you can expect during the mortgage process. Timelines, required documentation, etc. may var. Call us at (231) 879-4154, visit your nearest branch or visit forestarea.com/mortgages to get started.



Providing the following items with your application will make the process quick and easy!

  • Driver's license: copy from each borrower
  • Pay stubs and W-2 forms: pay stubs covering the last 30 days with year to date information and W-2's for the prior two years
  • Property Information: address & property type
  • Bank Statements: two months
  • Most recent mortage loan statement (refinance transactions)
  • Execute purchase agreement (purchase transactions)

If Applicable:

  • Social Security or Disability income award letter
  • Pension income verification
  • Disability income award letter

Please note: Every mortgage is unique. This is a general checklist of what you should provide for your mortgage. You may be asked to provide additional documentation.