Home Loans2026-08-17T20:23:13+00:00

Home Loans

Your Path to Homeownership
Starts Here

TelComm Credit Union offers home loans to help buyers in Springfield, Missouri and the surrounding region purchase or refinance a home with personalized service and competitive rates. Our mortgage team guide members through every step of the process, from pre-approval to closing. Whether you are a first-time buyer or a seasoned homeowner, we are here to help you find the right loan for your situation.

Home Buying Process

We’ve streamlined the process with modern technology and personalized support to make financing your home simpler and faster.

#1 Financial Consultation

We will help you assess your financial situation and creditworthiness to determine the best loan options for your needs.

#2 Explore Your Options

Explore the latest loan rates and options before starting your application to find the best fit for your needs.

#3 Apply

Getting pre-approved is a quick and straightforward process in most cases. Keep in mind that the information you provide will need to be verified during the next steps to finalize your loan.

#4 Gather Your Financial Documents

When purchasing a home, you will need:

  • Most recent two years of W2 forms and the previous two year’s 1040 Federal tax returns
  • A completed and signed mortgage application
  • Two most recent pay stubs reflecting 30 days and year-to-date earnings
  • Copies of your last two months’ bank statements
#5 Closing/ Finalizing

We’ll prepare your documents for signing. After everything is finalized, the funds are disbursed, and the documents are recorded, you’ll officially be the owner of your new home. Welcome home!

Types of Home Loans

Depending on your situation, certain home loans might make more sense for you than others.

Conventional loans are the most common type of loans, as they offer a variety of options to buyers depending on a range of criteria, including income level, property location, and whether the borrower has served in the armed forces. This home loan is attractive to buyers for many reasons; since the rate is fixed, the monthly principal and monthly interest payments will stay the same.

These types of home loans are best suited to members who:

  • Are able to comfortably afford closing costs
  • Those who feel relatively certain they will be staying in the home for 5+ years

FHA loans, backed by the Federal Housing Administration, are a popular choice for homebuyers looking for an affordable path to homeownership. With lower down payment requirements, flexible credit score criteria, and competitive interest rates, FHA loans are designed to make buying a home more accessible, especially for first-time buyers or those with limited savings.

These types of home loans are best suited to members who:

  • Are buying their first home
  • Have average credit

There are additional factors to make when considering an FHA loan, such as mortgage insurance, often called private mortgage insurance (PMI) or mortgage insurance premium (MIP). The cost of this insurance is added to your mortgage statement and included in your monthly payment amount. As FHA loans often allow reduced down payments and have a lower credit requirement, the lender takes a larger risk in funding the loan. The PMI or MIP will help protect the lender in the event of a default.

PMI or MIP can be removed from your monthly payment after equity is built in the home or by refinancing into another loan down the line.

VA mortgages, backed by the U.S. Department of Veterans Affairs, offer an opportunity for eligible veterans, active-duty service members, and their families to achieve the dream of homeownership. Benefits include no down payment, competitive interest rates, and no private mortgage insurance (PMI) requirement, VA loans are specifically designed to honor and support those who have served our country.

These types of home loans are best suited to members who:

  • Are active-duty service members, veterans, members of the national guard, or Reserve members who meet service length requirements, or surviving spouses of veterans who meet specific eligibility requirements
  • Have limited savings to contribute to a downpayment
  • Have less-than-stellar credit but a solid credit history

Unlike FHA loans, VA home loans are guaranteed in part by the VA, which enables lenders to provide favorable terms without considerations like PMI.For more information about VA home loan options please click here: VA Home Loans

USDA loans, backed by the U.S. Department of Agriculture, are an option for individuals and families seeking affordable homeownership in rural and suburban areas. These loans are ideal for buyers with low to moderate incomes who may not have significant savings for a down payment, as USDA loans offer 100% financing with no down payment required.

These types of home loans are best suited to members who:

  • Are purchasing a home in a rural or suburban area, as these loans are only available for homes in eligible locations
  • Buyers with low to moderate income
  • Buyers with a steady, if not necessarily perfect credit history
  • First-time buyers or repeat buyers, provided income and property requirements are met

With competitive interest rates, flexible credit requirements, and the ability to consolidate closing costs into the loan, USDA loans make homeownership more achievable for those looking to settle outside urban centers.

For more information about rural housing opportunities please click here: USDA.gov

The mortgage with which you buy your home might not be ideal for the duration of your ownership. As circumstances change, other loan products might make more sense. TelComm will help you refinance your first mortgage to help reduce your interest rate and monthly payment or eliminate PMI or MIP.

TelComm Credit Union is here to help you grow your investment portfolio with financing options for purchasing or refinancing 1-4 unit rental properties. Whether you’re a seasoned investor or just starting to explore rental income opportunities, we offer competitive rates and flexible terms to make your investment goals a reality.

  • Available for dwellings with 1–4 units
  • 75% loan-to-value for purchases or refinances
  • 5 year ARMs (Adjustable Rate Mortgages) which do not require the member to re-qualify & can be amortized up to 30 years
  • Typically lower closing costs than conventional Fannie Mae/Freddie Mac loans
  • Local Servicing

For many people, the idea of an adjustable-rate mortgage can seem daunting. However, depending on your specific circumstances, it might be the right solution.

These types of home loans are best suited to members who:

  • Is not buying a “forever” home
  • Is a first-time homebuyer or individual who values lower closing costs
  • Is new to an area

HomeReady® is a flexible mortgage solution designed to help low-income and very low-income borrowers achieve homeownership with ease. With expanded eligibility criteria, a $2,500 credit for qualifying first-time homebuyers, and the ability to factor in positive rent payment history, HomeReady® helps break down financial barriers. Plus, borrowers can use a variety of funding sources for down payments and closing costs, making homeownership more accessible than ever.

Who is HomeReady® Best For?

  • First-time homebuyers looking for affordability and financial assistance
  • Low- to moderate-income borrowers needing flexible funding options
  • Renters with a strong payment history looking to transition to homeownership
  • Borrowers with limited savings who need down payment and closing cost support
  • Multi-generational households using combined incomes to qualify

Get Started

Ready to take the next step toward homeownership? Our team is here to guide you through the home loan process with ease and confidence. Get started today by applying online!

Frequently Asked Questions

Does TelComm Credit Union offer home loans?2026-08-17T20:20:13+00:00

Yes. TelComm Credit Union offers home loans for purchasing and refinancing homes in the Springfield, Missouri area and surrounding region, with personalized service and competitive rates.

What credit score do I need for a home loan at TelComm?2026-08-17T20:21:09+00:00

While credit scores are an important factor in your rate and downpayment requirements, our goal is to look at the entire picture and look beyond your score.  We work with members of all scores. A higher score can help you qualify for better rates and terms. Contact a TelComm loan officer for guidance specific to your situation.

Does TelComm offer pre-approval for home loans?2026-08-18T14:32:31+00:00

Yes. TelComm can provide a pre-approval letter after reviewing your initial application and documentation, which strengthens your offer when buying a home. Our goal is to get your preapproval to you the same day.

What documents do I need to apply for a home loan?2026-08-17T20:22:28+00:00

To get started, we don’t need any documents, just apply.  As part of the closing process, you will typically need a valid photo ID, W-2s from the past two years, recent pay stubs, two months of bank statements, and personal tax returns.

How long does the home loan process take at TelComm?2026-08-17T20:22:40+00:00

From pre-approval to closing, the process typically takes less than 30 days.

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417.886.5355

Sunshine Location
2155 E. Sunshine St.
Springfield, MO 65804
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2416 W. Battlefield Rd.
Springfield, MO 65807
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400 E. Chestnut St.
Springfield, MO 65806
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Republic St. Location
1750 E. Republic St.
Springfield, MO 65804
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Nixa Location
1564 N. Main St.
Nixa, MO 65714
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161 US Hwy. 60 West
Republic, MO 65738
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© 2025 TelComm Credit Union, All Rights Reserved. Equal Housing Lender | Member NCUA

Routing Number: 286582876
NMLS# 442955

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