Wolverine Conventional Mortgage
The Wolverine Mortgage is a conventional mortgage with 20-year/15-year/10-year fixed terms or 5-year/7-year balloon terms. Our Wolverine Mortgage is available for a variety of property types including primary homes, secondary/vacation homes, investment homes, and vacant land. The Wolverine Conventional Mortgage requires a maximum loan-to-value of 80%. Contact a member of our team for more information today!
Benefits of Wolverine Conventional Mortgages:
- Pre-qualifications and Pre-approvals available
- Secure and convenient online application
- Experienced mortgage team
- Low closing costs
- Flexible payment options (weekly, bi-weekly, monthly)
- Escrow accounts for taxes and insurance
- Pay at local area branches or through shared branching
Wolverine Conventional Mortgage FAQ’s
Do I need to have a down payment?
Yes, WSCU Mortgages require a 20% down payment on purchase transactions. Down payments are not typically needed for refinance transactions. If you don’t have 20% for the down payment, we have options for you! Check out our Fannie Mae or Rural Development options.
Can I get a mortgage on Vacant Land?
Yes! WSCU Mortgages offer you the opportunity to buy that property you’ve always wanted or refinance the property you already own.
How long will my appraisal take?
Appraisals ordered through WSCU can take up to one week or more. It all depends on your schedule and when the appraiser can complete the inspection. If this is a purchase transaction, scheduling will be up to the seller and/or realtor.
What is the maximum mortgage amount I can get?
Wolverine State Credit Union offers our conventional mortgage for a loan amount up to $600,000.
What is the lowest credit score accepted for a mortgage?
Our conventional mortgages do not have a limit on credit score. However, 620 is the minimum credit score for Fannie Mae and Rural Development mortgages.