Availability by State

Mouse over the state for details about the Rostered Church Worker mortgage loan program in which you are looking to purchase or refinance in.

* Arizona– Specific state regulations apply. Please call and speak with a licensed loan originator today for details (800) 843-5233.
* Texas– Specific state regulations apply. All cash out refinances and straight refinances in excess of 80% loan-to-value are not available.
Please call (800) 843-5233 for details!

 

Residential Loan

Benefits & Features

  • Competitive interest rates
  • As low as 5% minimum down payment obligation for purchase loans (up to 95% Loan-to-Value for refinances)
  • No private mortgage insurance (PMI) required
  • Friendly, knowledgeable loan officers
  • Online and automated telephone access to loan information

Residential Loan Rates

January 2019
Down Payment / Loan-to-Value (LTV)Loan TermRateAPR Range
*APR is based on $150,000 mortgage at the initial rate listed, 360 monthly payments. Rate includes 0.5% origination fee.
**APR is based on a $150,000 mortgage at the interest rate listed, 180 monthly payments. Rate includes 0.5% origination fee.
Purchase: 20% down payment
Refinance: 80% LTV
30-year fixed rate; for well-qualified buyers4.500%4.598% *
Purchase: 20% down payment
Refinance: 80% LTV
15-year fixed rate; for well-qualified buyers4.125%4.295%**
Purchase: 10% down payment
Refinance: 90% LTV
7-year ARM rate4.25% - 4.75%4.346% - 4.849% *
Purchase: 10% down payment
Refinance: 90% LTV
10-year ARM rate4.375% - 4.875%4.472% - 4.975% *
Purchase: 10% down payment
Refinance: 90% LTV
15-year fixed rate4.25% - 4.75%4.420% - 4.923% **
Purchase: 5% down payment
Refinance: 95% LTV
7-year ARM rate4.50% - 5.00%4.598% - 5.101% *
Purchase: 5% down payment
Refinance: 95% LTV
10-year ARM rate4.625% - 5.125%4.724% - 5.256% *
Purchase: 5% down payment
Refinance: 95% LTV
15-year fixed rate4.50% - 5.00%4.672% - 5.174% **

See all loan rates.

RCW mortgage loan rates are subject to change daily.

All interest rate adjustments on ARM loans are based on the 11th District Cost of Funds (“COFI”).
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.

 

Well-Qualified Mortgage Loan

LCEF offers a Well-Qualified Mortgage Loan program available for the purchase or refinance of a home. Applicants must be active or emeritus status RCWs, meet specific underwriting guidelines and have a minimum 20% down payment (maximum 80% LTV) using non-borrowed funds. RCW mortgage loan rates are subject to change daily.

Benefits & Features

  • Up to a 30-year fixed rate mortgage, so the principal and interest portion of your monthly payments remain the same for the loan term
  • Available for the purchase or refinance of a primary, single-family residence
  • Competitive interest rates
  • Friendly, knowledgeable loan officers
  • Online and automated telephone access to loan information

Qualifications

  • 20% minimum down payment
  • No borrowed funds permitted, including “equity sharing” agreements with your ministry organization
  • Minimum average credit score: 740
  • Debt-to-income ratio maximums:
    • Housing Expense Ratio cannot exceed 28%—the percentage of total household gross (pre-tax) income that goes toward housing costs (principal, interest, taxes, insurance and any association fees). For example, if your household gross monthly income is $5,000, your total monthly mortgage payment cannot exceed $1,400 ($5,000 x 0.28 = $1,400).
    • Gross Debt-to-Income Ratio cannot exceed 40%—the percentage of total household gross (pre-tax) income that goes toward paying all recurring debt, including your housing payment as described above, PLUS other debts such as personal loans, credit card payments, car loans, student loans, etc. For example, if your gross monthly income is $5,000, your housing payment and recurring debt monthly payment totals cannot exceed $2,000 ($5,000 x 0.40 = $2,000)
 

Frequently Asked Questions

  • Is there a limit on how much the interest rate can be adjusted on an ARM?

    Yes. Adjustment caps on both the 7/1 and 10/1 ARM are 2.00%. This means at each change frequency (occurring each year) your rate will not increase or decrease more than 2.00% from the previous rate. For the 7/1 ARM program your rate will not increase or decrease more than 4.00% during the term of the loan. For the 10/1 ARM program, your rate will not increase or decrease more than 5% during the term of the loan.

  • What are down payment requirements for residential loans?

    LCEF requires at least a 5% down payment in addition to enough funds to cover closing costs. We also do not require private mortgage insurance (PMI), which is required by most lenders if a 20% down payment is not obtained. A 20% down payment using non-borrowed funds is required for the fixed rate Rostered Church Workers Well-Qualified Buyer loan program.