find you dream home and learn more about your mortgage options

Forest Area Federal Credit Union (FAFCU) now offers a full array of Mortgage and Home Equity products to meet our member’s needs. We have competitive rates and a variety of mortgage programs to suit any buyer’s needs. Browse our offerings and see which one is right for you.

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 choosing that is a more conventional financing option for your newly completed house.


  • There must be a qualified builder involved.
  • The lender needs 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 to 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 principal 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.

Neighborhood Mortgage Solutions (NMS) is a Credit Union owned Credit Union Service Organization (CUSO) providing Mortgage services to fellow Credit Unions. NMS provides the expertise needed to work with Fannie Mae and government Sponsored loan programs. NMS offers the convenience of a seamless mortgage offering to our members while Forest Area FCU retains the servicing of these loans.

NMS helps FAFCU offer a competitive mortgage product to members with a competitive interest rate and low closing costs.  =NMS offers fixed rate and adjustable rate mortgage loans from 10 years to 30 years. NMS offers Private Mortgage Insurance for those with less than 20% down and Rural Development loan with zero down.

Member will work with FAFCU mortgage loan officer and Neighborhood Mortgage Solutions personnel from application thru processing, thru underwriting, thru closing, thru servicing and thru loan payoff. 

Apply now!

Benefits to having a Mortgage from FAFCU:

What To Expect

Applying for a mortgage is easy at FAFCU. Visit your nearest branch or click here to get started. Be prepared to provide the following: 

1. Personal Information

  • Provide your income, expenses and assets, and credit history
  • Verify your personal identification information including address, date of birth and social security number. Please note, you must be 18 years or older to apply. 

2. Property Information

  • Provide details regarding the property or home you are looking to finance 

3. Loan Selection

  • Your Mortgage Loan Officer will make recommendations and offer alternative options

4. Submit Your Application

  • A Mortgage Loan Officer will be in touch shortly regarding your pre-approval

At FAFCU, we strive to make your home mortgage process as quick and easy as possible. That’s why you’ll be assigned to your very own Mortgage Loan Officer (MLO). They’ll be there to offer advice and answering any questions you may have.

1. Complete a pre-approval application

  • Visit your nearest branch or click here to get started

2. Sign a purchase agreement

  • Once you’ve found your dream home, you will need to sign a purchase agreement so your MLO can begin the mortgage financing process.
3. Loan file goes to underwriting
  • Your MLO will reach out if additional information is needed 
4. Loan Estimate / Early Disclosure Received 
  • Sign initial disclosures rate lock forms
  • Supply financial information
  • Pay appraisal

5. Appraisal Review

  • Your MLO will set up an appointment to asses the home in-person, and provide an appraised value
  • If the appraised value is at or above the purchase price, you can move forward with your loan
  • If the appraised value is lower, you will need to discuss a new agreement to ensure you are getting the best rate

6. Underwriting Conditions Cleared

  • You are now clear to close your mortgage

7. Schedule Closing

  • A final closing disclosure will be sent by mail prior to closing
  • Make sure you obtain a certified form of payment, such as a cashier’s check, 1-2 days before your closing date from your nearest branch. 
8. Closing Day
  • Make sure to bring your driver’s license & cashier’s check
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 vary. 

To ensure a quick and easy application process, please provide copies of the following documents:

  • Copy of Driver’s License for each borrower
  • Most recent pay stub showing year-to-date W-2’s for the previous two years
  • Gift letter (if using gift funds)
  • Last mortgage statement (for refinance transactions) Executed purchase agreement (for purchase transactions)

If Applicable:

  • Social Security income award letter
  • Most recent pension/retirement statement
  • Disability income award letter
  • Divorce Decree

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

Not a Member?

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

Discover our low mortgage rates, mobile banking convenience, and friendly staff. Apply to be a member today!