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Types of Loans

We make it easy to explore options. We offer FHA, VA, and USDA home loans so that everyone can open the doors to home ownership.




Explore Your Options

 
Conventional fixed-rate or adjustable-rate loans aren't your only options for becoming a homeowner. Depending on your qualifications, an FHA, USDA, or VA loan may help you find the solution best tailored to your needs.






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FHA Loans

 
  • Good for first-time home buyers 
  • Lower down payments
  • Flexible terms
  • Lower credit score requirement
  • Gift funds can be used toward your down payment and closing costs

Young family

VA Loans

 
  • For qualified veterans, active duty personnel and their spouses
  • Flexible terms
  • Low, fixed rates
  • Low or no down payment
  • Lower credit score requirement
  • Gift funds can be used toward your down payment and closing costs

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USDA Loans

 
  • Good option if you are purchasing in a rural community
  • No down payment required for eligible properties and home buyers
  • Low, fixed rates
  • Lower credit score requirement
  • Income eligibility cap varies by community
 


















Frequently Asked Questions

USDA loans are government-backed loans that can help you buy a home in a suburban or rural area. USDA loans don’t require a down payment with a qualifying credit score. The home you want to buy must also be in an eligible rural area; you can check your potential home’s eligibility on the USDA website.


The U.S. Department of Veterans Affairs backs VA loans. VA loans are only for veterans, current military personnel and qualifying surviving spouses. The approval process will require you to have a valid certificate of eligibility (COE) as proof that you qualify for the loan. Like USDA loans, VA loans don’t require any down payment when buying a home. However, both types of loans still require the homebuyer to pay closing costs.


Federal Housing Authority (FHA) Loans are mortgage loans that have a lower down payment and credit requirements, making them accessible to more people. Depending on where you live, you can get an FHA loan with as little as 3.5% down. The downside of an FHA loan is that you’re required to pay an upfront mortgage insurance premium equal to 1.75% of your total loan value, followed by monthly mortgage insurance payments. Depending on the size of your down payment, you may be paying monthly mortgage insurance for the life of your loan
















































Loans subject to credit approval. Must be eligible for membership and open a share savings account to obtain a mortgage loan product. A $5 minimum balance is required to open and must be maintained in share savings account at all times. Annual Percentage Rate (APR) is determined by an evaluation of applicant credit at account opening. Variable rates are subject to change after consummation of the loan. Fixed APRs are fixed for the life of the loan. Other restrictions may apply. Rates, terms and conditions are subject to change without notice. Azura Credit Union is an Equal Opportunity Lender. Contact Credit Union for details. Various types of mortgage loan programs and terms are available.










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We're here to help!


If you have questions about your specific financial situation, we encourage you to apply online first. Without an application, we can answer general questions about our loan programs and process.