Get answers to commonly asked questions

Home Loans

The way you've handled your finances in the past can help predict how you may do so in the future, so lenders will consider your credit rating when you apply for a mortgage or other loan. A higher credit score may help you qualify for a better mortgage interest rate, and some lenders may lower their down payment requirement for a new home loan if you have a high credit score.

Credit Union One works with their partner Member First Mortgage for loan servicing. *Credit Union One does have the right to sell servicing of our loans.

Payments can be made a variety of ways including through your Credit Union ONE online banking portal, setting up automatic payments, direct mail to 400 E Nine Mile Rd Ferndale MI 48220, bill pay, or by phone at 800.451.4292.

For those who qualify, VA loans allow for 0% down payment, lower interest rates, limited closing costs and no private mortgage insurance(PMI). You can also use the guaranty multiple times. To learn more about VA loans click here.

A Max Refi loan is a closed-end/term loan with a fixed rate. This is for borrowers who own their home free and clear or plan to pay off their current mortgage with the loan proceeds. This allows you to borrow against your home without paying closing cost as you would for a refinance. Read more in our Home Equity section.

A Home Equity Loan is a closed-end/term loan for a borrower who plans to keep their primary mortgage. Max Refi is for borrowers who own their home free and clear or plan to pay off their mortgage with the proceeds from the equity loan. A Home Equity Loan allows you to have two liens against your home while a Max Refi only allows you to have one. Read more in our Home Equity section.

FHA and conventional loans are two types of mortgage loans that differ in their requirements and costs. FHA loans are insured by the federal government and offer lower down payments, lower credit scores, and more flexible income and credit guidelines. FHA loans require mortgage insurance for the life of the loan regardless of loan to value. Conventional loans are not insured by the government and typically have higher down payments, higher credit scores, and lower mortgage insurance rates. Conventional loans can also end mortgage insurance once the loan-to-value ratio reaches 78%. Learn more from our Home Mortgages page.

Active service members, veterans, national guard and reserve members as well as some surviving spouses who are eligible for VA benefits. Click here to check your eligibility status. 



FHA loans are unique in that they offer opportunities to potential home buyers who have had previous financial difficulties, such as past due collections, bankruptcy, and foreclosures. This loan has the lowest credit score requirement and the highest debt-to-income ratio eligibility. FHA loans also offer lower down payment options. To learn more about FHA loans click here.

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