Mortgage Loans for RCWs
Home is where your call is. Let LCEF help you achieve your dream of homeownership. We offer home purchase and refinance loans for LCMS RCWs on active or emeritus status, with competitive rates and flexible options to support your ministry journey.
About Residential Loans with LCEF
At LCEF, we understand the unique calling and needs of LCMS RCWs. Whether you are purchasing your first home or refinancing your current mortgage, LCEF is committed to providing affordable, accessible and flexible loan options designed specifically at any stage of their homeownership journey.
Our mortgage program includes competitive interest rates, low down payment options and no private mortgage insurance (PMI) required. With the support of our knowledgeable loan officers and easy online access, we aim to make the home-buying process as seamless as possible.
Prior to applying for a residential loan from LCEF, please check the map below to verify that you reside in a state where this loan is available.
Why Choose LCEF
Competitive interest rates.
As low as 5% minimum down.*
No private mortgage insurance (PMI) required.
Friendly, knowledgeable loan officers.
Online and automated telephone access to loan information.
*As low as 5% minimum down payment obligation for purchase loans (up to 95% Loan-to-Value for refinances).
Mortgage Rates
| Loan Term | Down Payment | Rate | APR | Monthly Payment |
|---|---|---|---|---|
| 30-year fixed rate | 20% down payment | 6.500% | 6.641% | $948 |
| 10% down payment | 6.625% | 6.767% | $960 | |
| 5% down payment | 6.750% | 6.893% | $973 | |
| 15-year fixed rate | 20% down payment | 6.250% | 6.481% | $1,286 |
| 10% down payment | 6.375% | 6.607% | $1,296 | |
| 5% down payment | 6.500% | 6.733% | $1,307 | |
| 10-year ARM rate | 10% down payment | 6.375% | 6.515% | $936 |
| 5% down payment | 6.625% | 6.767% | $960 | |
| 7-year ARM rate | 10% down payment | 6.250% | 6.389% | $924 |
| 5% down payment | 6.500% | 6.641% | $948 |
The rates and monthly payments shown are based on a loan amount of $150,000 and does not include property taxes and insurance. The above rates, APRs and monthly payments may change at any time. The rates listed assume you have a credit score of 710+.
Effective March 2, 2020, unless otherwise disclosed to existing loan customers, all interest rate adjustments on ARM loans are based on the One Year Constant Maturity Index.
The 7-year Adjustable Rate Mortgage (ARM) and 10-year ARM loan products are variable rate loans and the interest rate may increase after consummation of the loan. For the 7-year ARM, the interest rate will never increase or decrease more that 4.0% from the initial rate during the term of the loan. For the 10-year ARM, the interest rate will never increase or decrease more than 5.0% from the initial rate during the term of the loan. In addition, each change frequency (occurring each year) will not allow more than a 2.0% increase or decrease from the previous rate. APR= Annual Percentage Rate. The APR is a uniform measurement of the cost of a loan, including interest and financed costs of closing, expressed as a yearly percentage rate.
APR = Annual Percentage Rate. The Annual Percentage Rate is a uniform measurement of the cost of a loan, including interest and financed costs of closing, expressed as a yearly percentage rate.
How much home can you afford?
Use one of our calculators to get a better idea of how much you can afford.
Availability by State
Looking for a Home Equity Loan? Check the Home Equity Loan availability map here.
Denotes states where Lutheran Church Extension Fund (LCEF) offers the residential mortgage loan program for Rostered Church Workers.
Denotes states where Lutheran Federal Credit Union (LutheranFCU) offers the residential mortgage loan program for Rostered Church Workers.
LCEF Residential Loan applications are accepted from: Arizona, California, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, Ohio, Texas, Washington, Wisconsin. Specific state regulations are applicable in Arizona and Wisconsin. Call 800-853-5233 for details. For those states not listed above, RCW mortgage loans are available through the Lutheran Federal Credit Union (LutheranFCU).
* Texas– Specific state regulations apply. All cash out refinances and straight refinances in excess of 80% loan-to-value are not available. Call 800-843-5233 for details.
The RCW Mortgage Loan Program offers adjustable and fixed rate options and is available for the purchase or refinance of a Primary Residence home. Applicants must be active or emeritus status and meet specific underwriting guidelines.
Join Lutherans Like You
Rev. Matthew Wietfeldt
Concordia Theological Seminiary, Fort Wayne
“LCEF made possible our dream of home ownership in these complicated times.”
Helpful Documents
Want to learn more about the homebuying process?
Check out our interactive Homebuyer’s Hub.
While together LCEF and LFCU support the mission and ministry of The Lutheran Church—Missouri Synod, they are independent organizations and not affiliated with each other. Lutheran Federal Credit Union: 10733 Sunset Office Drive, Suite 406, St. Louis, MO 63127-1020. Phone number: 314-394-2790. Website: Lutheranfcu.org. (NMLS# 1301052).