Metro Credit Union Mortgage Rates Reviews: Today’s Best Analysis

Metro Credit Union was founded in 1926 as a small member-owned banking institution with less than 35 members.

Over its 93 years in business, Metro has grown into the largest state-chartered credit union in Massachusetts, with over $1 billion in assets and more than 200,000 active members.

This lender’s commitment to low-fee services, competitive loan rates, and community outreach have contributed significantly to its positive reputation and long-term success.

Metro Credit Union Quick Facts

• Only operates within the state of Massachusetts
• Formal credit union membership is required
• Offers an incredibly diverse selection of mortgage options, including adjustable and conventional fixed-rate, FHA, VA, HomeReady, Home Possible, and more
• FHA loans can be secured with as little as 3.5 percent down
• Supports low- to moderate-income borrowers by providing a variety of home loans with flexible qualification requirements
• Members can apply for a mortgage in person or online
• The website does not contain a rate quote process

Overview

Metro Credit Union was founded in 1926 as a small member-owned banking institution with less than 35 members. Over its 93 years in business, Metro has grown into the largest state-chartered credit union in Massachusetts, with over $1 billion in assets and more than 200,000 active members.

This lender’s commitment to low-fee services, competitive loan rates, and community outreach have contributed significantly to its positive reputation and long-term success.

Metro Credit Union has provided Massachusetts residents with affordable home financing solutions for over 90 years and has earned a reputation as one of the state’s most reliable lenders.

The credit union’s massive catalog of government-backed and conventional mortgage products eclipses many of its regional and nationwide competitors, though formal membership is a strict prerequisite.

This lender offers a variety of specialty programs aimed at low- to moderate-income borrowers and those unable to make a sizeable down payment, including Fannie Mae’s HomeReady mortgages and Freddie Mac’s Home Possible loans.

Both of these programs feature down payment minimums of just 3 percent, along with flexible credit requirements.

Almost all of Metro’s mortgages are tailored to borrowers who may face difficulties qualifying for a conventional loan from other lenders, which has helped the credit union distinguish itself as a community-focused lending institution.

Metro’s main branch earned an A+ rating from the Better Business Bureau, though it does hold a one-star customer review score. This credit union determines program eligibility by reviewing a wide range of financial information, including debt-to-income ratios, credit scores and histories, and household income, yet it is markedly flexible compared to other lenders.

Metro Credit Union Loan Specifics

Compared with most regional and nationwide lenders, Metro Credit Union offers a staggering variety of mortgage options to choose from.

The credit union’s website lists more than ten unique home loan programs, including conventional fixed- and adjustable-rate, FHA, VA, HomeReady, Home Possible, MassHousing, and a whole lot more.

Fixed-rate Loans

This popular mortgage type benefits from set interest rates that will not fluctuate over the full life of the loan, making it a solid choice for home buyers who plan to settle down for more than seven years.

Metro provides a variety of loan terms to choose from, including 10, 15, 20, and 30 years, though longer repayment terms often mean higher interest rates and monthly payments.

Adjustable-rate Loans

Unlike fixed-rate mortgages, this home financing option features variable rates that may fluctuate over the repayment period. Borrowers can negotiate an initial fixed-rate period of 5, 7, 10, or 15 years, after which their interest rates and monthly payments will automatically adjust to the market index.

This mortgage type is well-suited to home buyers who are unsure about their long-term plans, as it typically offers lower starting rates than traditional alternatives.

Jumbo Loans

Borrowers who plan to purchase or refinance an expensive home can take advantage of this specialty mortgage program, which provides loan amounts of up to $2.5 million.

Metro’s jumbo loans are available as either fixed- or adjustable-rate and feature markedly flexible loan terms. This home financing option was designed to support purchases that exceed the maximum conforming limits set by the Federal Housing Finance Agency, which currently stands at $766,550 in Massachusetts.

FHA Loans

This government-backed program was created by The Federal Housing Administration to support first-time home buyers and borrowers who are unable to make a sizeable down payment. FHA loans are available for 1-4 unit properties and do not possess income limitations, but some credit score restrictions do apply.

Qualified borrowers can secure an affordable rate with as little as 3.5 percent down, though mortgage insurance is required for down payments below 20 percent.

VA Loans

Eligible veterans and active-duty military personnel may want to consider this flexible home loan program, as it features 100 percent financing options for borrowers with credit scores as low as 620.

VA loans are federally insured by the U.S. Department of Veterans Affairs and have some of the lowest available interest rates and monthly payments. Additionally, mortgage insurance is not required to qualify, even for borrowers who put no money down upfront.

Operation Welcome Home Loans

This unique home financing option extends the closing cost and down payment assistance to members of the National Guard, active-duty military personnel, and veterans who are purchasing their first home.

The program is sponsored by MassHousing and features competitive rates that will not fluctuate over the repayment period, though certain income and loan limits do apply. Eligible borrowers can secure a closing cost credit of up to $2,500, along with discounted mortgage insurance premiums.

HomeReady Loans

This specialty mortgage was created by Fannie Mae to help creditworthy low- to moderate-income borrowers secure affordable rates and monthly payments.

Qualified home buyers with credit scores of 620 or higher can land a HomeReady loan with just 3 percent down, though some income restrictions do apply. These mortgages can be negotiated as either a fixed- or adjustable-rate loan, and possess a variety of repayment term options.

Home Possible Loans

Much like HomeReady mortgages, this financing program is designed to support low- to moderate-income borrowers in their search for affordable interest rates and flexible loan terms.

Eligible home buyers with credit scores of 660 and above can qualify with as little as 3 percent down and may submit non-traditional credit information alongside their mortgage application.

Metro Credit Union, in partnership with Freddie Mac, offers its members a choice between fixed or variable interest rates with a wide array of loan terms to choose from.

MassHousing Loans

This fixed-rate mortgage option features flexible underwriting and down payment requirements for Massachusetts borrowers looking to purchase a single-family home or condo.

While MassHousing has somewhat strict loan and income limits for this program, they do offer qualified borrowers the choice to opt out of mortgage insurance.

At Home Mortgage Loans

Metro Credit Union offers this specialty mortgage program for low- to moderate-income home buyers who are interested in moving to specific Massachusetts gateway cities.

The credit union works with MassHousing and other community development partners to supply affordable interest rates and flexible repayment terms on homes located in Chelsea, Everett, Revere, and Lawrence.

Additionally, this mortgage option can be used to finance a home in need of rehabilitation, as it will help cover the cost of repairing and restoring the property.

Metro Credit Union Mortgage Loan Programs

Loan Program	Description
Fixed-Rate Loans	Stable Interest Rates, Suitable for Long-Term Homeowners Loan Terms: 10, 15, 20, 30 Years
Adjustable-Rate Loans	Variable Rates, Initial Fixed-Rate Period (5, 7, 10, 15 Years), Lower Initial Rates
Jumbo Loans	High-Value Financing (Up to $2.5 Million) With Flexible Terms for Expensive Homes
FHA Loans	Supports First-Time Buyers With a Low 3.5% Down Payment, Government-Backed
VA Loans	Benefits Veterans and Active-Duty Military With 100% Financing, Low Rates, No Mortgage Insurance
Operation Welcome Home Loans	Provides Closing Cost and Down Payment Assistance to National Guard, Military, and Veterans. Competitive Rates
HomeReady Loans	Aids Low-to-Moderate Income Borrowers With 3% Down Payment. Fixed and Adjustable-Rate Options
Home Possible Loans	Supports Low-to-Moderate Income Borrowers With 3% Down Payment, Considers Non-Traditional Credit Info
MassHousing Loans	Fixed-Rate With Flexible Requirements and the Option to Opt Out of Mortgage Insurance
At Home Mortgage Loans	Focuses on Specific Massachusetts Gateway Cities, Offering Affordable Rates, Flexible Terms, and Rehabilitation Coverage

Metro Credit Union Mortgage Customer Experience

Metro Credit Union provides conventional lending services tailored to the specific needs of Massachusetts residents and is particularly committed to supporting low- to moderate-income home buyers.

While this lender only operates 15 physical branches throughout the Greater Boston area, it allows members to apply for a home loan directly through its website. Metro also supplies its members with a variety of useful online resources, including FAQ pages, rate calculators, and a dense collection of educational articles.

The credit union’s website does not feature a rate quote or pre-qualification process, though interested borrowers can contact a lending agent by filling out a web form, reaching out by phone, or visiting one of its branches in person.

On the downside, Metro’s website lacks specific information about many of its conventional mortgage programs, which may make comparative shopping a bit difficult.

Additional information about the credit union’s government-backed programs can be easily obtained by visiting one of its partners’ websites.

Despite its shortcomings, the credit union’s overwhelming selection of home financing options ensures that every one of its members has access to an affordable mortgage that suits their unique financial needs.

Metro Credit Union Lender Reputation

Metro Credit Union has been in operation for over 95 years and is considered a reliable and member-focused lending institution. The credit union’s main branch, located in Chelsea, Massachusetts, was awarded an A+ rating by the Better Business Bureau, yet it has not earned formal accreditation from the agency.

While Metro’s profile currently features a one-star customer review score, only ten complaints have been filed with the BBB over the past three years. Metro Credit Union is federally insured by NCUA and is a Member of MSIC.

• Information collected on October 2023

Metro Credit Union Mortgage Qualifications

Loan Type	Rate Type	Down Payment Requirements
Fixed-rate Loans	Fixed	5 – 10%
Adjustable-rate Loans	Variable	5 – 10%
Jumbo Loans	Fixed or Variable	10 – 20%
FHA Loans	Fixed or Variable	3.5%
VA Loans	Fixed	0%
Operation Welcome Home Loans	Fixed	3%
HomeReady Loans	Fixed or Variable	3%
Home Possible Loans	Fixed or Variable	3%
MassHousing Loans	Fixed	0 – 5%
At Home Mortgage Loans	Fixed	3 – 5%

Each of Metro Credit Union’s mortgage products has different qualification guidelines, though formal membership is a universal requirement.

A vast majority of this lender’s home financing options feature low down payment minimums, making it a solid choice for first-time homebuyers and low- to moderate-income earners.

For example, an FHA loan can be secured with just 3.5 percent down, while its HomeReady and Home Possible mortgages require down payments of 3 percent.

Although Metro’s website does not list concrete down payment guidelines for its conventional fixed- and adjustable-rate loans, most lenders ask for at least 5 percent of the total purchase price.

Typically, the higher your down payment, the lower your interest rate will be, though some restrictions do apply.

Many of Metro’s mortgage programs benefit from flexible credit score conditions, which can help borrowers with less-than-perfect credit obtain affordable interest rates. HomeReady loans are available to members with scores as low as 620, but a robust credit history may be required.

Home buyers with limited credit histories should look into Freddie Mac’s Home Possible mortgage program, as it allows applicants to submit non-traditional credit histories alongside their applications.

One limitation is that Metro does not list any information about its median income requirements, debt-to-income guidelines, or loan-to-value expectations, which may complicate the comparative shopping process.

The Bottom Line – Metro Credit Union Mortgage Rates Reviews: Today’s Best Analysis

Amidst the bustling mortgage market, Metro Credit Union emerges as a lender distinctly committed to providing accessible home financing solutions, particularly to low- and moderate-income borrowers.

With nearly a century’s expertise and a solid foundation in member-centric services, it has meticulously curated a diverse portfolio of mortgage products, ensuring a fit for varied financial situations and needs.

Though the union offers a compelling mix of traditional and specialized loan programs, potential members must navigate its prerequisites and the absence of online rate information.

Nevertheless, the union’s enduring reputation and holistic approach to community service and support remain its pivotal strengths, advocating for financial inclusivity within the Massachusetts housing market.

Metro Credit Union Phone Number & Additional Details

• Homepage URL: https://www.metrocu.org/
• Company Phone: 1-877-696-3876
• Headquarters Address: 200 Revere Beach Parkway, Chelsea, MA 02150

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