Fannie Mae Federal Credit Union -- Loans

First mortgage loans	Share loans
Vehicle loans	Recreational vehicle loans
Signature loans	Home equity loans
Secured loans	Individual lines of credit

The loan process
Loan application

Loans

As a member of Fannie Mae Federal Credit Union, you can borrow money for a variety of needs -- quickly, conveniently, and at low rates. You can borrow for a home purchase or refinance, a new or used car, home repairs, investments, or other personal financial needs. And be sure to check our rate information page for current loan specials!

First mortgage loans

The Fannie Mae Federal Credit is pleased to now be able to offer its members a full line of first mortgage products. This includes a wide variety of fixed- and adjustable-rate mortgages, including low down payment loans, and jumbo loans.

Our mortgage services will be offered through Credit Union Mortgage Association (CUMA), a national credit union service organization (CUSO) located in Fairfax, Virginia. CUMA, which provides a full range of mortgage solutions, will perform the underwriting, originating, processing, closing, secondary marketing, and servicing of all loans. It was organized in 1978 by twelve credit unions of which FMFCU was a founding partner and currently has relationships with the nation’s largest mortgage wholesalers and investors, including Fannie Mae, CitiMortgage, Chase, and Washington Mutual.

For more information, visit the On-Line Mortgage Center – which includes rate and mortgage option information, an online application and pre-approval option, and mortgage calculators; contact the Credit Union at (202) 752-6662; or call CUMA directly at 800-231-8855 (703-425-1204 in the Washington, DC area).

Vehicle loans
Loans for the purchase of both new and used automobiles and trucks are available from the credit union. Loans on new cars and trucks are available for up to 90 percent of the price of the vehicle, and for up to 80 percent on used vehicles. The interest rate is determined by term of the loan, with the lowest rate offered for the shorter terms. Terms ranges from one to six years on new vehicles, and from one to five for used vehicles.

Share loans
Share loans allow you to borrow money for your personal financial needs against your savings at a reduced rate. The annual interest rate charged on share loans is only 1.5 percent above the dividend rate being paid on the share account at the time the loan is made. (For example, if a share account is earning dividends at an annual rate of 2.5 percent, the annual percentage rate for a share loan secured by that account would be 4 percent.) Share loans receive immediate approval.

Signature loans
Unsecured personal loans and lines of credit are available at competitive rates for a variety of needs such as home improvements, tuition bills, and tax payments. The repayment schedule will depend on the amount borrowed and the purpose of the loan.

Recreational vehicle loans
Loans are available for all recreational vehicles, such as boats, campers, and motorcycles. The interest rate and loan terms vary depending on the vehicle.

Secured loans
A secured loan is one made using collateral such as stocks or bonds. Fannie Mae Federal Credit Union will grant a loan of up to 75 percent of the current market value of the security. The interest rate is generally lower than that charged for personal loans.

Home equity loans (second trust loans)
Turn your home into cash with our fixed-rate equity loans. These lump sum loans give you a guaranteed interest rate that never changes. The credit union will lend you up to an amount that, when combined with a first mortgage on the property, does not exceed 80 percent of the value of the property.

Individual lines of credit
You may apply for a open-ended, individual line of credit of up to $5,000 -- available at just 2 percent above Prime Rate, adjusted quarterly as needed. You may obtain an advance by signing a voucher at the credit union, or, if you have a checking account at the credit union, by writing a check or using your ATM card, so you'll have convenient access to cash as you need it, with no need to reapply each time you need to borrow. Payments are made monthly at $50 per $1,000 borrowed.

The loan process

Please note: the loan process and application provided here do not apply to first mortgage loans; please refer to our On-Line Mortgage Center for more information on the first mortgage application process.

1. Complete a loan application available below and send it the Fannie Mae Federal Credit Union (8H-102), or to your regional office credit union representative. Loan applications may be submitted any business day. (Detailed instructions for filling out the application appear on the reverse side of the application.) Applications are available in our offices, from our regional office Credit Union representatives, via fax by calling 202-752-6662, or in the loan application.

2. The credit union loan officer will review your application, credit report, and debt-to-income ratios (total unsecured debt/annual gross income and total monthly debt/monthly gross income). If your ratios are within our lending guidelines (no more than 20 and 50 percent, respectively) and your credit report is satisfactory, the loan officer will notify you of approval and disburse the loan amount within 24 to 48 hours.

3. If the loan officer cannot approve the loan, it will be submitted to the Credit Committee. The Credit Committee meets once a week, generally on Wednesdays. Upon approval by the Credit Committee, you will be notified, and the loan can be disbursed within 24 to 48 hours.

4. If the Credit Committee cannot approve the loan, you may request that the board of directors review it.

Please note that in every case all information on the loan application or documentation submitted with the application is kept in the strictest confidence. The loan file is the property of the credit union and is securely maintained in the main credit union office.

Loan application
This application is available as a PDF file. Print* and complete the application, and fax it to us at (202) 752-3563 for the fastest possible review. Then bring or send us the original when you receive your funds. (*Please note that the application is formatted to print on legal-size paper. To print on letter-size paper, select File, Print, and the "Shrink To Fit" option.)


Your savings insured to $250,000 by NCUA.		The Fannie Mae Federal Credit Union does business in compliance with the Federal Fair Housing Laws and the Equal Credit Opportunity Act.

Contact: Helen Bunn

Last Updated: 03/24/08