Fixed-rate, adjustable-rate, VA, FHA, and home equity products — all underwritten locally by a mortgage team that understands military pay, BAH, and PCS timelines. NMLS #547890.
Eglin Federal Credit Union does not ship your mortgage application to a processing center three states away. Every file is underwritten locally by loan officers who live in the same community, understand Okaloosa and Walton County property values, and have closed hundreds of mortgages for military members navigating compressed PCS timelines. That local knowledge matters when an appraiser flags a discrepancy, when a title search turns up a lien from a previous owner's contractor dispute, or when a borrower's income documentation looks unusual because it includes combat zone tax exclusion, hazardous duty pay, and BAH at the with-dependents rate.
The credit union's mortgage products cover the full spectrum of home financing: conventional fixed-rate loans for members who want payment predictability for 15 or 30 years, adjustable-rate mortgages for those who plan to PCS before the rate adjusts, VA loans for eligible veterans and active-duty members, FHA loans for first-time buyers with smaller down payments, HELOCs for homeowners who want to tap accumulated equity, and fixed-rate home equity loans for members who prefer a lump-sum disbursement. Detailed VA loan information, including zero-down-payment options and IRRRL streamlined refinancing, is available on the dedicated VA loans page. The U.S. Department of Housing and Urban Development provides additional resources for first-time home buyers navigating the mortgage process.
Six home financing options for purchase, refinance, and equity access.
The most popular option for members planning to stay in a home long-term or who want the lowest possible monthly payment. The rate locks in at 6.625% for the full 360-month term — no adjustments, no surprises, no resets. Principal and interest remain the same from the first payment to the last. For a $300,000 loan, that translates to approximately $1,921 per month in principal and interest, excluding escrow for taxes and insurance.
Higher monthly payments in exchange for faster equity accumulation and substantially less total interest paid over the life of the loan. At 5.99%, a $300,000 15-year mortgage costs approximately $2,531 per month in principal and interest — about $610 more than the 30-year option — but saves over $150,000 in total interest and builds full equity in half the time. This product suits dual-income military households or members with higher BAH rates who can absorb the larger payment.
Fixed at 5.75% for the first five years, then adjusting annually based on market index plus margin. The initial rate is lower than both fixed options, reducing monthly payments during the fixed period. For service members who expect to PCS within five years, the 5/1 ARM can save thousands compared to a 30-year fixed — they sell or refinance before the first adjustment. Rate caps limit annual adjustments to 2% and lifetime adjustments to 6% above the initial rate, preventing runaway payment increases if the member stays longer than planned.
Priced at Prime + 0.25%, the HELOC lets homeowners borrow against accumulated equity on an as-needed basis. Draw funds for renovations, debt consolidation, tuition, or any purpose over a 10-year draw period, paying interest only on the outstanding balance. A 20-year repayment period follows. The revolving structure means members can borrow, repay, and borrow again without reapplying — making it a flexible tool for ongoing expenses like phased home improvements.
A fixed-rate, lump-sum loan secured by home equity. Unlike the HELOC's variable rate, the home equity loan locks in a rate at closing and disburses the full amount immediately. Monthly payments are fixed and predictable. This option suits members who know exactly how much they need — a $40,000 kitchen renovation, for example — and prefer the certainty of a fixed rate over the flexibility of a revolving line.
Current rates for all Eglin FCU mortgage products, effective April 2026.
| Product | Rate / APR | Term | Down Payment | PMI Required |
|---|---|---|---|---|
| 30-Year Fixed | 6.625% | 30 years | 5% min (conventional) | Yes, if LTV > 80% |
| 15-Year Fixed | 5.99% | 15 years | 5% min (conventional) | Yes, if LTV > 80% |
| 5/1 ARM | 5.75% initial | 30 years (5 yr fixed) | 5% min (conventional) | Yes, if LTV > 80% |
| VA Loan | Varies | 15 or 30 years | 0% | No |
| FHA Loan | Varies | 15 or 30 years | 3.5% min | MIP required |
| HELOC | Prime + 0.25% | 10 yr draw / 20 yr repay | N/A | No |
| Home Equity Loan | Fixed (varies) | 5 – 20 years | N/A | No |
Rates subject to change and credit approval. NMLS #547890. VA and FHA rates depend on borrower qualifications. LTV = Loan-to-Value. PMI = Private Mortgage Insurance. MIP = Mortgage Insurance Premium.
Current rates: 30-year fixed at 6.625%, 15-year fixed at 5.99%, 5/1 ARM at 5.75% initial. VA and FHA rates vary by borrower. HELOC is Prime + 0.25%. All rates subject to credit approval and market conditions. NMLS #547890.
Yes. The mortgage team is based in Northwest Florida, understands local property values, and has direct experience with military-specific income documentation. Local underwriting typically results in faster closings and more responsive communication.
Yes. Eglin FCU offers VA loans with zero down payment, no PMI, competitive rates, and IRRRL streamlined refinancing. Visit the VA loans page for full details on eligibility, rates, and the application process.
The HELOC is priced at Prime + 0.25%. Members borrow against home equity on a revolving basis over a 10-year draw period, paying interest only on the outstanding balance. A 20-year repayment period follows the draw period.
NMLS #547890. This identifier is required for regulatory compliance and can be verified through the NMLS Consumer Access website. All Eglin FCU mortgage loan officers are individually registered through NMLS.
Explore other Eglin Federal Credit Union loan products and services.
Zero down payment, no PMI, competitive rates for veterans and service members.
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Finance new or used vehicles from 5.24% APR with terms up to 84 months.
Return to the Eglin Federal Credit Union homepage for a full overview of services.
Eglin FCU