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So, you’re interested in buying a home and looking for a mortgage?

IAA Credit Union offers low closing costs and personalized service!

We're Here for You!

  • With decisions as big as home buying, you need to be sure that the person on the other end of the line is being honest with you. You can trust us to always look out for your best interests financially.
  • Did you know that the average mortgage is sold within the first year? That's a lot of transferring of records and escrow accounts.  At IAA Credit Union, we service your loan 100% of the time from application thru payoff.
  • You'll get lower rates and closing costs with us than at the "Big Banks". Since we are a not-for-profit institution, we can offer lower interest rates and fees for our mortgage products.

How long does it take to get a mortgage loan?

  • On average it takes 30-45 days for the completion of a new mortgage loan
  • To refinance an existing loan, we ask for 45-60 days to complete the transaction
  • Home Equity Loans (HELOCs) typically take 30 days to complete

Do you finance properties outside of in Bloomington-Normal?

Yes, we loan money to members in all fifty states!

Do you sell your loans?

 Yes, we will occasional sell loans. However, we do retain the servicing rights at IAA Credit Union. Your payments will always come to IAACU and any questions you have will be answered by a member of our knowledgeable staff.

How much of a down payment is required to purchase a home?

We require a minimum of 5% down on the purchase of any home. In addition, all loans above 80% of the purchase price and up to the 95% maximum, will require escrow for the real estate taxes, home-owners insurance, and PMI (private mortgage insurance). The required down payment can be determined by an applicant’s credit score and debt ratios.

Do you have any grant programs or down payment assistance available?

Yes, we offer a grant program through the Federal Home Loan Bank of Chicago called Down Payment Plus. This grant provides additional down payment assistance determined by the borrower’s own contributions. The money can be used towards the down payment and closing costs for qualified borrowers. We can include this when prequalifying you for the purchase of a new home.  

Here are our featured mortgage rates.

*APR= Annual Percentage Rate

Lower Borrowing Costs: Up to $6,000 in Down Payment Assistance*

What is Down Payment Plus?

With steady income and good credit, IAACU and the Federal Home Loan Bank of Chicago offer up to $6,000 towards the purchase of your new home!

The $6,000 is available to eligible homebuyers in 2021 until funds are depleted.

Down Payment Plus eligibility:

  • Homebuyers must meet income eligibility requirements**
  • Contribute at least $1,000 to the purchase of the home
  • Participate in homebuyer and financial literacy counseling
  • Live in the home as your primary residence

*Down Payment Plus is a program from the Federal Home Loan Bank of Chicago. Restrictions apply. Please see the Federal Home Loan Bank of Chicago’s website at for complete requirements. “Down Payment Plus” is a registered trademark of the Federal Home Loan Bank of Chicago.
**Household income and other restrictions apply. Applicants must have an annual household income at or below 80% of the HUD median income in the county in which the property is located. This figure will be adjusted based on household size. To find out the HUD income limits in your county, visit the HUD website.

IAACU is an Equal Housing Lender

UNDER THE FEDERAL FAIR HOUSING ACT IT IS ILLEGAL, ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, HANDICAP,OR FAMILIAL STATUS (HAVING CHILDREN UNDER THE AGE OF 18), TO: Deny a loan for the purpose of purchasing, constructing, improving, repairing or maintaining a dwelling, or deny any loan secured by a dwelling; or discriminate in fixing the amount, interest rate, duration, application procedures or other terms or conditions of such a loan, or in appraising property.

Loan Officer NMLS Numbers:

IAACU – 607491
Nicholas Brooks – 73544
Pamela Johnson – 767615
Carolyn Plesha – 767613
Nick Althiser – 1369464
Rachel Haworth-Smith – 1469299
Sasha Taylor – 1843470

This is not an application for mortgage.  Mortgage prequalification helps to determine if you meet the minimum requirements for a loan and how much home you can afford.  If the qualifications are met for the purchase price and loan terms you have listed you will be presented a pre-approval letter.  If you’re confident in your finances and are ready to apply now, you should complete a full application instead.

Continue to Pre-Qualify Now