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To Get Started
- Apply online or complete the detailed residential loan application.
- Review application for accuracy and completeness.
- Review Consumer Handbook on Adjustable-Rate Mortgages booklet.
- Review U.S. Department of HUD Settlement Cost Booklet.
- If completing the detailed residential loan application, mail form to LCEF.
- Call 800-843-5233 if you have any questions.
Well-Qualified Buyer Loan Program
Features:
- Up to a 30-year fixed rate mortgage so the principal and interest portion of your monthly payments remain the same for term of loan.
- Competitive interest rates.
- Friendly, knowledgeable loan officers.
- Internet and automated telephone access to loan information.
- Available for rostered church workers in active or emeritus status.
Program participants receive and give the "ministry dividend." We ask that you invest with LCEF so that you may help other church workers in the future. Your true investment is in helping others—just as others have helped you.
Qualifications:
- Program is available for the purchase of a primary, single-family residence.
- 20% minimum down payment required.
- No borrowed funds allowed, 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).
Further example:
| $ | 300.00 | /month | —car loan payment |
| +$ | 150.00 | /month | —student loan payment |
| +$ | 50.00 | /month | —credit card payment |
| $ | 500.00 | —Total monthly payment of recurring debt | |
| +$ | 1,500.00 | —Possible maximum totally monthly mortgage payment | |
| $ | 2,000.00 |
To apply for a residential loan, Apply Online or download an application.
Review these important items:
- LCEF offers residential loans in 16 states. Before submitting your application, please view the list of states in which LCEF is able to provide residential RCW loans.
- The U.S. Department of Housing and Urban Development (HUD) Settlement Cost Booklet, as it includes important information to consider before buying a house.
- RCW mortgage loan rates are subject to change daily.