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FHA Loan

For lower interest rates and less-stringent approval requirements.

Apply Now Call for Rates 1-800-561-9433

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FHA Loan Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30 Year Fixed 2.750% 3.775% 0.0 $985.00 360
15 Year Fixed 2.875% 3.897% 0.0 $1,652.00 180

FHA Mortgage Rates effective as of September 22, 2020. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 96.5% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $250,000, FICO® score of 740 or greater, and 3.5% or more down payment, and loan amount of $241,250; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.

FHA Loan

An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment.


  • Government-backed, fixed-rate loan
  • May be a good fit if you have less than perfect credit and don’t have enough for the standard 5-20% down payment
  • Trade-off: Rates are generally slightly higher than conventional loans


Our experienced, helpful member service team is ready to support you!


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Personal Loan Guidance

  • Experienced loan team to support you
  • Direct line of communication to your personal loan expert
  • Closing location of your choice

Why Consider Elements for a Loan


Elements Financial is a credit union. That means we’re like a bank, only better! Securing your mortgage through Elements Financial means you will benefit from:

  • Better rates & fewer fees – On average, an Elements Financial member saves an estimated $309 each year compared to customers elsewhere.1
  • Personal attention – Headquartered in Indianapolis, with member service available 24/7.
  • Today’s technology – We offer online banking, making it easy to pay your loan every month.
  • Heritage – With nearly 90 years of experience building and nurturing lifelong relationships with members.
  • Seasoned professionals – Our experienced team will walk you through the loan process, step-by-step.
  • Credit counseling – If you're working toward a loan application, pursue our confidential and supportive assistance to develop healthier financial habits for life.

How to Get Started


You can apply online in as little as 10 minutes! Or call 1-800-561-9433 to get started.

What you’ll need to apply:

    • Your government-issued ID (driver’s license, state ID or passport)
    • Estimates of your household income, assets, home value and price you paid for your home

From application to closing takes an average of 30 days. What to expect during the application process:

  1. We’ll contact you within 1 business day after you submit your application to review documentation that we’ll need from you and answer questions you may have.
  2. We’ll be in close contact with you throughout the process until final loan approval. Your closing will be scheduled at a location convenient for you if approved.
  3. That’s it – your FHA loan is complete!

What Would My Mortgage Payments Be?

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Principal and Interest $____
Property Tax* $____
Home Insurance* $____
Mortgage Insurance* $____

* Estimates based on national averages.

  1. 1 Competitive Values are estimated by comparing historical savings and lending rates at Elements Financial and at the five banks and credit unions with the largest market share in Central Indiana; data valid as of 6/30/2019.