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 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 will 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 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 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.

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 year 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. 

Benefits to having a Mortgage from FAFCU:

Not a Member?

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

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