You must be a commissioned or ordained minister of the LCMS on active or emeritus status. (Note: Certified lay church workers and individuals currently on candidate status are not eligible to participate in this program).

No. LCEF residential loans currently are not available in some states. A list of states from which LCEF can accept applications is available here.

LCEF made changes to the RCW loan program to become compliant with federal and state regulations set forth in the Secure and Fair Enforcement Mortgage Licensing Act of 2008 (also known as the SAFE Act). Because of the excessive requirements and fees, the states from which the greatest concentration (83%) of rostered church workers reside were identified. LCEF now only makes loans to residents of 16 states.

Purchase or refinance of primary single-family residences only. Construction loans, purchase of multifamily dwellings, or second homes/investment properties are not available through this program.

In order to offer the lowest rates possible to all borrowers, most LCEF residential loans are adjustable rate mortgages (ARMs). Loans may be structured as a five-year ARM which fixes the rate for five years and then adjusts to a new rate every five years thereafter, or a 10-year ARM which fixes the rate for 10 years and then adjusts annually thereafter. All interest-rate adjustments, whether an increase or decrease, are made based on the LCEF Cost of Funds (the weighted average rate paid to LCEF investors) at the time of any adjustment. Both the preceding ARMs may be amortized up to 30 years. LCEF also offers a 15-year fixed-rate mortgage loan which fixes the rate for the full 15 years, but the amortization terms cannot exceed 15 years.

Yes. The interest rate will not increase or decrease more than 3.5% during the term of the loan. In addition, each change frequency (occurring each year or every five years) will not allow more than a 2.5% increase or decrease from the previous rate.

LCEF requires at least a 5% down payment in addition to enough funds to cover closing costs. We also do not require private mortgage insurance (PMI), which is required by most lenders if a 20% down payment is not obtained.

The rate is based on the LCEF Cost of Funds plus administrative costs.

The LCEF Rostered Church Worker Loan Program exists to assist qualified participants, therefore fees are kept to a minimum wherever possible. However, standard fees associated with, but not limited to, securing a home mortgage are applicable, including: loan origination fee, credit report, title insurance premium, appraisal, title company closing fees, transfer taxes (if applicable), attorney fees (if applicable), and a two-month escrow reserve for taxes and insurance.

No. These are separate programs. In order to capture all the advantages of the LCEF Rostered Church Worker Residential Loan Program, the applicant must initiate and complete the entire loan approval process.

A pre-qualification decision will be made on the application within one week. The loan will be funded within three to four weeks.

You must be a commissioned or ordained minister of the LCMS on active or emeritus status. (Note: Certified lay church workers and individuals currently on candidate status are not eligible to participate in this program).

No, not at this time. We are able to make loans in 15 states however. See a list of states from which LCEF can accept applications.

Effective Nov. 15, 2009, LCEF will work to become compliant with federal and state regulations set forth in the Secure and Fair Enforcement Mortgage Licensing Act of 2008 (also known as the SAFE Act). As the requirements and fees are so excessive, LCEF has had to identify the states from which a majority of RCW loans were made in the last several years. The list of 16 states represents where historically 80% of our business has been derived.

Home equity loans are available to borrowers who own and occupy single-family residences. (Manufactured and mobile homes do not qualify.)

LCEF offers home equity loans from $5,000 up to $100,000. LCEF can fund a home equity loan up to 95% loan to value (LTV) with approved credit. To calculate the LTV ratio, the current market value of the home is multiplied by 0.95. This amount equals the available loan amount. Then, all amounts owed on any outstanding mortgage(s) are subtracted. The amount remaining is available for a home equity loan from LCEF.

For example, if a house with a market value of $100,000 has an outstanding mortgage of $40,000, then with approved credit, the homeowner could obtain an LCEF home equity loan for up to $55,000 ($100,000 x 0.95 = $95,000 - $40,000 = $55,000).

All LCEF home equity loans are fixed-rate mortgages with a one-time disbursement. We currently do not offer a home equity line of credit (HELOC). Rates are based on LCEF’s Cost of Funds, where allowed, plus administrative costs.

The interest rates are based on the borrower’s credit rating, how many of the underwriting guidelines are met, and the term of the loan. Click here for the range of interest rates available for the home equity loan.

Terms from five years up to 15 years are available.

Borrowers also are responsible for appropriate closing costs, including but not limited to credit report expenses, title insurance premiums, appraisal fees, title company closing fees, and applicable transfer taxes and attorney fees.

You must complete the Home Equity Loan Application and either fax or mail it to us. The fax number and mailing address are listed on the bottom of the application.

Once we receive the application, we will contact you with a loan decision within one week. To obtain a loan application, you may:

1. Download the application here.
2. Contact an LCEF Information Representative at 1-800-843-5233 between 7:45 a.m. and 4:15 p.m., CT, Monday through Friday.

You must be a commissioned or ordained minister of the LCMS on active or emeritus status. (Note: Certified lay church workers and individuals currently on candidate status are not eligible to participate in this program).

No. LCEF consolidation loans currently are not available in some states. A list of states from which LCEF can accept applications is available here.

Consolidation loans are available with terms up to seven years.

As with residential loans, consolidation loan rates are based on LCEF Cost of Funds. Rates are adjusted annually throughout the length of the loan.

An initial payment is due 30 days from the date of the loan funding/closing, with monthly payments due on the anniversary date. Payments will be made electronically to LCEF through automated clearinghouse (ACH) transfers.

Borrowers will pay a one-time origination fee of up to $250 per loan, which will be included in the total loan amount.

You may contact LCEF in several ways:

1. Call the automated service system at 1-800-678-2285.
2. Call an LCEF Information Representative at 1-800-843-5233 any time between 7:45 a.m.—4:15 p.m., CT, Monday through Friday.
3. E-mail LCEF using our contact us form. (When referring to a specific account, please show only the last four digits of your account number.)
4. View consolidation loan information via the Internet using LCEF’s MyAccount online financial service.

LCEF can fund consolidation loans up to $25,000 based on credit worthiness.