Home Loan Programs

Mortgage Loans

You’ve found the perfect home. Now it’s time to finance it. We offer mortgage loans for purchases and refinances. Our home loan programs consist of fixed and variable rate options, with financing up to 100% loan-to-value. Fees will vary and interest rates can change daily.

Product Description  
In-House Finance up to 100% loan-to-value. Great pricing, local decisions, and local service. Learn More Apply
Conventional Various loan-to-value options available, including 97%, 95%, 90%, and 80%. Learn More Apply
FHA Loan-to-value up to 96.5%. Federal Housing Administration (FHA) program. Learn More Apply
USDA Loan-to-value up to 100%. U.S. Department of Agriculture (USDA) program. Learn More Apply
VA Loan-to-value up to 100%. U.S. Department of Veteran Affairs (VA) program. Learn More Apply
THDA Loan-to-value up to 100%. Tennessee Housing Development Agency (THDA) program. Learn More Apply
Doctor Loan-to-value up to 100%. Available to a variety of medical professionals, not just M.D.s. Learn More Apply
Bridge Transition into your next home using current home's equity, prior to current home's sale. Learn More Apply
Home Equity Lines of credit from $10,000 up to $200,000. 12 month introductory rate of 2.99% APR*. Learn More Apply
Unsure? That's ok, our Mortgage Champions can help. Contact Us Apply
Family Coming into House

In-House Loans

You don't have to choose between low cost pricing and local service at Leaders.

No Down Payment Option: Saving your funds for the transition from homebuyer to homeowner makes sense for many people. Leaders can help you become a homeowner, without upending your finances. In some instances, you can even avoid monthly private mortgage insurance (PMI).

Common Sense Underwriting: Our in-house mortgage loans are underwritten by Leaders, locally. While the majority of our in-house loans meet standard guidelines, we understand not every situation fits into a neat box.

Quicker Loan Closing: Making the leap to homeownership is often a matter of timing, and speed counts. We've eliminated many of the "hurry up and wait" hurdles of the traditional mortgage process.

Local Loan Servicing: Most lenders don't perform long term loan servicing on mortgages they originate. Our in-house home loans are serviced by Leaders. We'll be here to help on the first day and last day of your mortgage.

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Welcome Home Children

Conventional Loans

At Leaders, you don't need 20% down to obtain the benefits of conventional financing.

Down Payment Options: Many believe conventional loans require 20% down. At Leaders conventional mortgage down payment options actually start as low as 3% or 5%.

Down Payment Source: Another misconception is that the down payment must come from your savings. Actually, it can come from many sources, including a family gift, retirement account(s), and an equity loan on other property.

Faster Loan Processing: Once in the process of closing your home, speed becomes important. Conventional mortgages typically present less hurdles and can be closed quickly.

Less Mortgage Insurance: Mortgage insurance can be avoided on 20% down conventional loans. Fortunately, smaller down payment conventional mortgages typically require less monthly mortgage insurance than government programs like FHA.

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Father and Daughters Playing Outside

FHA Loans

Federal Housing Administration (FHA) home loans are affordable and accessible.

Low Down Payment: One of the biggest mortgage challenges is down payment. FHA mortgages only require 3.5% down, making homeownership affordable for the masses. Since its inception, over 47 million Americans have achieved homeownership with FHA financing.  

Low Interest Rates: FHA mortgages offer low interest rates, often even lower than conventional loans. How? Because FHA is a government backed mortgage program, lenders are exposed to less loan risk and in turn can offer lower interest rates to consumers.

Reasonable Underwriting: FHA mortgages make homeownership accessible through reasonable underwriting criteria. Along with lower credit score minimums, FHA allows higher debt-to-income ratios than other programs.

Cost Solutions: Purchasing a home cost money, it’s a reality. Fortunately, FHA allows family gifts toward down payment and/or closing costs. FHA also allows sellers to pay toward buyers closing cost, which is common.

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Father Chasing Daughter on Bike

USDA Loans

USDA home loans offer 0% down payment and great interest rates.

No Down Payment: Available in roughly 97% of the geographic United States, the USDA mortgage offers a large percentage of the population access to 0% down home financing.

Low Interest Rates: USDA home loan interest rates are among the lowest. As a government backed program, approved lenders can offer the USDA mortgage with reduced loan risk. In turn, lenders can offer competitive fixed interest rates to homebuyers.

Reasonable Credit Criteria: The USDA home loan program was created to make homeownership accessible, not unobtainable. Relative to many mortgage programs, USDA credit qualifications are less rigid.

Closing Cost Options: The USDA mortgage program sets closing cost thresholds and provides various ways to address them. Beyond out of pocket, options include family gifts, seller concessions, and financing when appraised value supports.

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Veteran Dad Coming Home

VA Loans

Veteran Affairs (VA) home loans are reserved for veterans and active duty service members.

No Down Payment: VA mortgages offer our veterans 0% down payment home financing. The VA home loan is the only federally backed no down payment mortgage program, with the exception of USDA.

No Monthly Mortgage Insurance: VA mortgage loans do not require monthly mortgage insurance. While the terminology varies by program, most home loans require it and avoiding it is a huge savings.

Limited Closing Costs: The VA loan program limits certain closing costs. As a not-for-profit financial institution, Leaders Credit Union is already extremely competitive, but obtaining a VA mortgage maximizes veterans' savings.

Seller Concessions: Even with the low cost VA mortgage, financing a home cost money. Fortunately, VA home loans allow sellers to pay toward veterans' closing costs. Negotiating “seller concessions” is common.

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Daughter in Father's Arms

THDA Loans

Tennessee Housing Development Agency (THDA) loans offer down payment/closing cost assistance. Below are highlights of two THDA programs.*

Great Choice Plus Loan: This THDA loan program offers qualified applicants up to 5% of the home purchase price in down payment/closing cost assistance. This program is available ANYWHERE in Tennessee.

HHF-DPA Program: This THDA loan program offers qualified applicants $15,000 down payment/closing cost assistance. This program is available in 62 designated Tennessee zip codes, including 38301 & 38305.

Eligible Zip Codes (HHF-DPA Program)

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*Qualification criteria may vary by county/zip code. Assistance is in the form of a 0% interest rate, no/deferred payment second mortgage. Second mortgage forgiveness and/or repayment varies by program.

Doctor with a Patient

Doctor Loans

Our Doctor Home Loan Program is unique, accessible, and as versatile as the medical professionals it is intended to serve. 

Not Just for M.D.s: Along with Medical Doctors, eligible medical professionals include: Doctors of Dental Sciences, Dental Surgeons specializing in oral and maxillofacial surgery, Doctors of Optometry, Doctors of Podiatric Medicine, Doctors of Osteopathy, Doctors of Pharmacy, Nurse Anesthetist, and licensed medical professionals that have completed their residency within the last 10 years.

No and Low Down Payment Options: Purchase financing options begin at 100% loan-to-value. Rate and term refinance options begin at 95% loan-to-value. Cash-out refinance maximum loan-to-value of 80%.   

Loan Term Choices: 15-year, 20-year, and 30-year fixed rate term options. Balloon loans also available.

Closing Costs Options: No closing cost option available. Gift funds and/or seller contributions may be applied toward closing costs.

Ongoing Savings: No private mortgage insurance required. No prepayment penalty. 

Initial Employment and Student Loans: Closing may occur up to 45 days before beginning employment. Any student loan debt may be calculated using current repayment amount (even if repayment is graduated).

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Grandfather, Father, and Son on Bridge

Bridge Loans

This loan program allows you to bridge the divide between your current home and your next home.   

What is a bridge loan?  While loan terms vary by lender, generally bridge loans are short term financing used to pay off a homeowner’s current mortgage, freeing up the home’s equity for use toward down payment/closing costs on the homeowner’s next home, prior to the sale of the current home. When the current home is sold, the proceeds are used to pay off the bridge loan.

Why choose a bridge loan? There are countless reasons why homeowners choose bridge loans - your dream home has come on the market for sale, you need to relocate for a new job, your family is about to outgrow your current bedroom count, you don’t have a temporary housing solution between selling and buying homes, etc. The common denominator among the myriad of reasons: the need to transition into the next home. They say timing is everything, but real estate opportunities and life transitions rarely come at a convenient time - bridge loans can span the transitional divide.

Why choose Leaders’ bridge loan? While helping you transition to your new home, our bridge loans offer interest only payments on a fixed interest rate. Our bridge loans are typically for six (6) month terms with no prepayment penalty. Our bridge loan is intended to help members smoothly navigate this all too common homeownership predicament.

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Home Equity SmartLine™

Put your home's value to work for you

Using your home's value is smart. Choosing a home equity line of credit that gives you the most control is even smarter. Leaders' Home Equity SmartLine™ allows you to use your home's value for home improvements, vehicle repairs, extra cash or as an emergency funding source. Here's what you need to know about our Home Equity SmartLine™:

  • Apply here, or by visiting any of our branches.
  • Lines of credit begin at $10,000 up to $200,000
  • Connect your Home Equity SmartLine™ to your Leaders checking account and make automatic advances to spend using your Leaders debit Mastercard®
  • You can receive an introductory rate for the first 12 months of 2.99% APR*
  • $199 closing cost applies to all lines of credit less than $50,000
  • The line of credit is amortized over 15 years, and you may make draws on the line of credit up to 7 years


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*Annual Percentage Rates (APR) are subject to change at any time. Rates shown are for well-qualified borrowers. Your actual rate will be determined by your creditworthiness and ability to repay. Rates are variable, based on Wall Street Journal Prime (as of 12/18/18, 5.5%) and are subject to change at any time. Smartline Home Equity Line: Rates as low as 2.99%. Rate shown is valid for the first 12 months on credit scores of 680 and higher. The rate is subject to change after the introductory period with a floor/ceiling rate of 3.25%/18%. Homeowner's insurance is required. All loans subject to credit approval. Introductory rate shown is based on credit scores of 680 and higher and CLTV 80% or less.