• Private Lending: Conventional loans are arranged between the borrower and the lender (POE FCU or another mortgage partner) without federal insurance backing.

• Down Payment: While down payments can vary, many conventional loans allow as little as 3%–5% down for qualified buyers, though larger down payments are common — especially if the goal is to avoid extra insurance costs.

• Mortgage Insurance: If the down payment is less than 20%, most lenders require Private Mortgage Insurance (PMI) to protect the lender. Once enough equity is built (generally around 20%), PMI can often be removed.

• Credit and Qualification: Conventional loans usually have stricter credit and financial criteria than government-backed loans. Higher credit scores and a solid income/debt ratio generally improve approval odds and interest rates.

• Loan Terms: Borrowers can often choose from several repayment term lengths — such as 15-, 20-, or 30-year mortgages — allowing flexibility in how quickly they pay off the loan

• Mortgage Guidance: POE FCU doesn’t publish detailed conventional mortgage terms publicly, but it does support members with mortgage applications, quotes, and personalized assistance through loan officers.

• Application Process: Members can apply online or contact POE FCU to start the mortgage process, receive a quote, and discuss conventional loan options tailored to their financial situation.

• Part of Your Financial Plan: Conventional loans from POE FCU can be part of a broader borrowing and financial strategy, and the credit union’s mortgage team can help explain terms, required documentation, and potential costs including closing costs.

When you’re looking for a place to put down roots, keep it in the hometown. Stop by a branch and let us know what home means to you.