Home Loans

Your Path to Homeownership
Starts Here

Buying a new home is intense and at times overwhelming, whether you’re a first-time home buyer or have done it before. TelComm Credit Union will help you navigate each step of the process, starting with helping you find the right loan with the right terms, tailored to your specific situation, finances, and ultimate goals.

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› Apply Online

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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 or reach out to our expert loan officer!

Megan McGuire

Mortgage Loan Officer
MMcguire@TelCommCU.com | 417.891.1018

I have had the pleasure of working with TelComm Credit Union for the past 6 years, with a total of 12 years in the finance industry. In my career I have experienced an abundance of growth and opportunities to assist our members financially. Helping families find their dream home and guiding them through the mortgage process allows me to blend my passion for finance and building lasting relationships with our members. I am originally from Bolivar, MO but Springfield is home to me and my family. Springfield has a lot to offer to the community and what I appreciate most for my family includes play dates at Nathaniel Greene Park, the hiking trails in the area, and the supportive school system. I enjoy watching our community grow & showing support to small businesses.

I am excited and eager to help you on your journey of purchasing your home!