Mortgage Loans

LMEFCU is proud to offer our members Federally Secured Mortgage Programs – FHA, VA and Reverse Mortgages. There are several options for members looking to purchase or refinance and receive cash out. 96.5% and 100% financing available.

FHA and FHA 203K Rehab Loans
Purchase or refinance your home with the FHA (Federal Housing Administration) Loan Program.
Insured by the Federal Housing Administration As little as 3.5% down Down payment and closing costs can be in the form of a gift Seller can make contribution toward buyer’s closing costs Various payment options: 15- and 30-year terms 3/1 and 5/1 ARMs (Adjustable Rate Mortgage).

VA – Veteran Loans
VA Loans are made only to individuals who have served in one of the U.S. Armed Forces What are the benefits of a VA Mortgage? – For qualified borrowers, a VA Mortgage will allow you to borrow for the full value of the home with no down payment.Who can obtain a VA Mortgage? – The Veterans Administration will guarantee a no down payment, 100% financing mortgage on a home if you are in one of the following classes:

  • An eligible veteran of the US Army, Navy, Air Force, Marines, or Coast Guard
  • An eligible reservist of the above or a member of the Army National Guard or Air National Guard
  • An unmarried spouse of a deceased veteran
  • An eligible individual with service in certain organizations such as midshipmen and cadets at service academies, officers of the National
  • Oceanic and Atmospheric Administration, officers of the Public Health Service among others
  • Qualified individuals who are purchasing a VA foreclosed home

Reverse Mortgages
This mortgage, designed for people who are 62 years of age or older, lets you tap into your home’s equity without having to repay the debt for as long as you live there. Instead of making monthly payments, you receive monthly payments.
How do I know if Fannie Mae or Freddie Mac has my mortgage?
Fannie Mae and Freddie Mac have “lookup” forms on their respective websites. You may check to see if your loan is owned by either entity by using their websites – or

If you have any questions, please contact us at:

(978) 970-4088

or write to:

Lowell Municipal Employees Federal Credit Union
375 Merrimack Street
City Hall – Room 11
Lowell, MA 01852


Allanach Mortgage Group. Broker’s licenses CT#7160, MA# MB6033, RI#20051935LB, NH# 5616

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