MB Foundation Home Loans are available to purchase primary residences in the United States for licensed/ordained ministers of MB Churches, Multiply missionaries, and other licensed/ordained MB ministers. A “licensed/ordained minister” is defined as an individual who is recognized by the U.S. Conference as a minister.
Benefits
- Kingdom impact. Interest paid on your loan would resource our efforts to Champion Biblical Stewardship, assist a church with financing the purchase of a new facility, facilitate charitable giving and support USMB, and many other benefits. Not every lender can claim that kind of impact. What a great way to partner together for the benefit of the MB church family!
- Simplified application process. Our process is fast and easy and will save you the frustration of filling out multiple forms.
- Cost savings. MB Foundation does not charge a fee for our loan services. Closing costs would be the responsibility of the borrower. We also do not charge mortgage insurance which can be common with other lenders if a sufficient down payment is not provided.
Terms
- Interest rates are calculated by adding a margin of 2.50% to the current 11th District Cost of Funds Index. Adjustments are then applied based on your credit score and down payment/equity.
- 5 year adjustable rate mortgage. The interest rate is fixed for 5 years and then reset and fixed every 5 years until maturity.
- Amortization up to 30 years.
- Financing is available up to 95% of the value of the home.
- No fees.
- No mortgage insurance.
How to Apply
- Fill out a loan application. Download an application and loan policies here.
- Submit three (3) credit scores. You can get credit scores from various credit monitoring websites such as www.freecreditreport.com. Often a fee of approximately $40 is required to obtain the scores.
- Submit an appraisal.
It is recommended that the application and credit scores be submitted for pre-approval prior to ordering the appraisal. They will allow for pre-qualification and a rate quote before incurring the cost of an appraisal.
Download a flyer. Questions or applications can be directed to Bruce Jost at bjost@mbfoundation.com or 800.551.1547.