MSU Federal Credit Union

Heroes Mortgage Loan

We admire your dedication to taking care of others, and want to recognize that. MSUFCU's Heroes Mortgage Loan provides you the financial flexibility you need.

• No down payment required, only pay the closing costs
• For purchase of primary residence only
• Rates as low as 6.125% APR
• Available for purchases with at least one borrower employed in Law Enforcement, Fire Department, Medical Care Providers, Education, and Active Duty Military
• Also includes veterans, retirees, and support staff directly employed in these fields, such as central dispatch and custodial staff

To apply, click the Apply Now button below, in the MSUFCU Mobile app, by phone or at a branch. If you have questions, contact the Mortgage Department directly at 517-333-2424 option 3.

Apply Now

60-Day Pre-Approval
Rate Guarantee

With a preapproval, you'll have a guaranteed rate for 60 days while you look for the perfect home.

Apply in the
Mobile App

On-the-go looking at houses? With just a few taps of your finger, you can apply for a mortgage from anywhere with our mobile app.

0% Down Payment

With 0% down payment on your mortgage, you'll be able to save the rest of your money for the expenses that come with owning a new home.

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Who qualifies for the Heroes Loan?

This loan may be perfect for you if you are associated with or employed in the following fields:

• Teacher, or Professor (Schools and Universities, public and private)
• Fire Department
• Law Enforcement (Federal, State, or Local Government, includes corrections officers)
• Medical Care Provider, EMT, Paramedic, Nurses, Doctors
• Active Duty Military, National Guard, Reserves, and Veterans (excludes dishonorable discharge)
• Credit Union Employees (not limited to MSUFCU)

Also including:
• Support staff in these fields directly employed by qualifying employer (such as central dispatch operator, custodial staff, etc.)
• Retirees that retired from an eligible employer
• Full or part time employees

If you have questions about qualification, contact the Mortgage Department directly at 517-333-2424 option 3

View All FAQs

Home loans available for owner occupied homes in the following states: Michigan, Alabama Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Minnesota, Missouri, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, Wisconsin. Currently non-owner-occupied, construction, and manufactured home loans are only available in Michigan. Rates are based on creditworthiness, loan-to-value (LTV), property type, and other factors associated with your loan application, your rate may be higher.

Fixed-Rate Mortgage Loan Payment Example: A primary residence, owner-occupied, single family home in Michigan, with a purchase price of $250,000 with 20% down payment, all borrowers with credit scores of 740 or higher, the mortgage for $200,000 borrowed at a 5.50% interest rate (5.581% APR) for a term of 360 months would require monthly payments of $1,135.58. Payment example does not include property taxes, homeowners insurance, and/or private mortgage insurance and your monthly payment obligation will be higher. Credit and collateral is subject to approval. Rates, terms, and conditions are subject to change at any time based on market conditions or other business factors. Equal Housing Lender.
Jumbo Fixed-Rate Mortgage Loan Payment Example: (Minimum loan amount $647,200): A primary residence, owner-occupied, single family home in Michigan, with a purchase price of $809,000 with 20% down payment, all borrowers with credit scores of 740 or higher, the mortgage for $647,200 borrowed at a 5.50% interest rate (5.525% APR) for a term of 360 months would require monthly payments of $3,674.73. Payment example does not include property taxes, homeowners insurance, and/or private mortgage insurance and your monthly payment obligation will be higher. Credit and collateral is subject to approval. Rates, terms, and conditions are subject to change at any time based on market conditions or other business factors. Equal Housing Lender.

5/1 ARM Mortgage Loan Payment Example: A primary residence, owner-occupied, single family home in Michigan with a purchase price of $250,000 with 20% down payment, all borrowers with credit scores of 740 or higher, the mortgage for $200,000 borrowed at 4.25% interest rate (APR Rate 4.521% ) for a term of 360 months would require monthly payments of $983.88. Payment example does not include property taxes, homeowners insurance, and/or private mortgage insurance and your monthly payment obligation will be higher. With a 5/1 ARM, your loan will have an initial fixed-rate period of 60 months. After the fixed-rate period, your interest rate will adjust up or down according to market rates at the time of the reset. Rate is variable after the fixed-rate period and subject to change every year for the remaining life of the loan. Credit and collateral is subject to approval. Rates, terms, and conditions are subject to change at any time based on market conditions or other business factors. Equal Housing Lender.

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