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First Community Credit Union mortgage review

Offers competitive rates, but it’s only available in select states and loan availability by state can be confusing.

  • Choose this lender for competitive rates.
  • Choose another lender if you want an FHA, VA or USDA loan.
  • A good option for first-time homebuyers.
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Loan products offeredConventional, Jumbo, Home Equity/HELOC, Refinance
Minimum credit scoreConventional: 620
Minimum down payment (Conventional)3%
State availabilityOnly available in: AL, AR, CO, FL, GA, IL, KS, MO, NC, SC, TN
NMLS #684198

First Community Credit Union requirements

To see if you’re eligible for a First Community Credit Union home loan, visit the company’s website. Borrower eligibility and loan availability by state includes:

  • Residency in AL, AR, CO, FL, GA, KS, NC, SC, TN — for mortgages and home equity loans under $20,000
  • Residency in IL or MO — for home equity loans over $20,000
  • Residency in IL or MO — for home equity lines of credit (HELOCs)
  • Two years’ history of employment
  • FICO credit score of 620 or higher
  • No bankruptcy history in the past two years


When applying for a mortgage with First Community Credit Union, be prepared to provide copies of the following documentation and/or information where applicable:

  • Government ID
  • Social Security number
  • One month of pay stubs
  • Last two years’ W-2 forms
  • Last two months’ bank account statements
  • Funds estimated for down payment
  • Maximum monthly mortgage payment estimate

Self-employed borrowers should also be prepared to provide:

  • Last two years’ 1099 forms
  • Profit and loss (P&L) statement and balance sheet

Costs and fees

First Community Credit Union doesn’t charge application, processing or underwriting fees. However, you’re still required to pay closing costs, which can range anywhere from 1.3% to 4% of your total loan amount. Closing costs typically include:

  • Appraisal
  • Home inspection
  • Land survey fee
  • Private mortgage insurance (PMI)
  • Homeowner’s insurance
  • Title search and insurance
  • Recording fees
  • Transfer taxes
  • Courier fees

How to apply for a mortgage with First Community Credit Union

To apply for a home loan with this credit union:

  1. Go to the First Community Credit Union website. Select the Loans menu option, then Home Loans, then Apply Now.
  2. Choose the option to start a new application. Enter your personal information, Social Security number, property information, loan type, asset information, expenses and income.
  3. Answer the loan, financial and demographic disclosure questions, then submit the application.
  4. Wait to be contacted by a loan officer about the next steps.

If you’re not ready to submit a full application and want to speak with a loan representative first, contact the First Community Credit Union mortgage department directly at 636-728-3380 or 888-642-7969, or send an email to

What types of mortgages can I get through First Community Credit Union?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Other mortgage products First Community Credit Union offers

First Community Credit Union also offers these specialized types of mortgages:

  • First-time homebuyer loan. This special loan program requires no down payment and charges no origination fees, closing costs or PMI and has no prepayment penalties.
  • Vacation home loans. With this loan option, you can pay for a home-away-from-home using a range of loan programs through the credit union.
  • Land loans. Allows you to finance land for the purposes of building or investing. All First Community land loans have a 15-year term, with 2-, 3- and 5-year balloon loan options.
  • Home equity loans. Allows you to tap into your home’s equity with a fixed-rate installment loan with lending limits from $2,500 to $50,000. Maximum limits vary by state.
  • HELOCs. An adjustable-rate, revolving line of credit that lets you access cash when you need it. Features a minimum credit line of $5,000 and financing up to 90% loan-to-value (LTV).
  • Mortgage refinancing. Allows you to refinance your current mortgage with a new mortgage at a lower interest rate and better terms. Choose from 10- to 30-year repayment terms.

How First Community Credit Union’s mortgage products compare to other lenders

Compared to other lenders, First Community Credit Union offers a standard range of mortgage options and a few speciality loans, like its first-time homebuyer program with no PMI. The credit union also offers home equity loans, HELOCs and cashout mortgage refinancing for borrowers looking to tap into their home equity. But unlike other lenders, First Community doesn’t offer government-backed FHA, VA and USDA loans.

Compare mortgage lenders and brokers

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First Community Credit Union reviews and complaints

As of July 2021, First Community Credit Union has a 3.6 out 5 rating on WalletHub from 28 reviewers. Reviews are mixed, where over half of customers praised the credit union for its personalized, friendly and helpful in-person service, whereas others complained that the credit union wasn’t flexible in resolving issues related to loan payments and funds access.

First Community Credit Union has been accredited with the Better Business Bureau (BBB) since 2000. It has an A+ business rating, a 1- out of 5-star rating from seven customers and 18 complaints closed in the past three years.

Overall, the majority of customer complaints center on bill payment issues and a lack of flexibility from customer service. We found one complaint related to mortgages, mentioning a lost $900 rate-lock fee after a mortgage refinance didn’t close at the last minute.

First Community Credit Union pros and cons

First Community Credit Union might be a good choice for your mortgage and refinancing needs, but consider the perks and downsides first.


  • Closing cost discounts. First Community Credit Union offers closing cost discounts on its home loans.
  • Personalized rate quotes online. The website allows you to view your available rates based on your credit score. However, your rates may differ from what is quoted.
  • Low-limit home equity loans. Unlike many lenders, First Community allows you to borrow as little as $2,500 on its home equity loans and a minimum of $5,000 on its HELOC product.


  • Limited availability. First Community Credit Union only offers mortgages in select states and branch locations are unevenly distributed within the states where they’re available.
  • No government-backed mortgages. If you’re looking for an FHA, VA or USDA loan, you’ll need to find another lender.
  • Uneven home equity product availability. Home equity loan options and lending limits vary by state.

What is First Community Credit Union?

Founded in 1934 and headquartered in Chesterfield, Missouri, First Community Credit Union was known as Monsanto Credit Union prior to 1983. It was originally established to serve customers in Missouri and Illinois, but now offers financial services in multiple states. According to the company’s website, it has nearly 350,000 members, 38 retail branches and over $3 billion in assets.


Review by

Kat Aoki is a mortgage writer at Finder. Since 2011, she’s helped consumers make better financial decisions with their home loans, credit cards, insurance and more. As a business writer for the real estate, mortgage and personal finance industries, she’s written hundreds of helpful, informative articles for some of the leading brands around the globe that include iSelect, InfoChoice,, GE Money and Amex. Kat earned a BS in Marketing from California State University, Sacramento. She enjoys travel, hiking and photography in her spare time.

Expert review

First Community Credit Union may be a good choice if you’re after low rates or live in Missouri or Illinois and want in-person service at a branch. The credit union offers a range of home loans and competitive interest rates on its mortgages and home equity loans. But you won’t find any government-backed options and home loans are only available in select states.

If First Community Credit Union doesn’t have what you need, compare more lenders to find the right one for you.

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