Adjustable-Rate Mortgages (ARM)
Mission Investment Fund offers ARMs with terms of one, three, five and seven years. Maximum amortization is 25 years; minimum loan amount is $100,000. This loan combines a short-term loan to finance construction (except for the one-year term) and a long-term loan that pays off the construction loan and spreads debt over many years. The interest rate is reviewed at the end of the term, when the rate may be adjusted to reflect general market conditions. These loans provide financing for new buildings, additions, renovations, accessibility projects, "green" initiatives, land purchases and loan refinancing. $850 documentation preparation fee.

Mission Investment Fund Long-Term Loan -- Fixed Rate
Construction generally involves two loans: a short-term loan to finance the construction and a long-term loan that pays off the construction loan and spreads the payment of debt over many years. The Mission Investment Fund combines these two loans into one convenient loan.  Maximum term is 10 years. Interest rates for adjustable-rate loans are reviewed every five years, when the rate may be adjusted to reflect general market conditions. Minimum loan amount is $100,000.  These loans provide financing for new buildings, additions, renovations, accessibility projects, "green" initiatives, land purchases and loan refinancing.  $850 documentation preparation fee.

Loans for Smaller Projects
The Mission Investment Fund provides smaller loans for shorter periods to finance special capital projects. Loans are available in amounts from $20,000 to $100,000. Available with fixed rate or five-year adjustable rate. Maximum amortization of 10 years.

Loans for Second Sites
This adjustable-rate loan is for congregations that are constructing a building or purchasing a building for a satellite congregation. Maximum amortization is 25 years; maximum loan amounat is $5 million. Interest rates are adjusted after each five years.  $850 document preparation fee.

Determine your approximate monthly mortgage payment with our convenient loan calculator.

The Mission Investment Fund  makes loans to new-start congregations at reduced rates to purchase land, or to construct or purchase their first church building. The interest rate is a reduction of 2.5% from the five-year adjustable-rate MIF Long Term Loan that is in effect at the time.

The fund will continue to purchase and hold property for mission congregations for up to three years. During this period, the ministry will be required to make payments to the fund of three percent of the purchase price per year. All payments will be applied to reduce the loan necessary to purchase the land and construct a new church building or purchase an existing facility.

If the building program is delayed and not started by the end of three years, the fund may transfer the real estate to the ministry as a loan at the new-start congregation building program interest rate. Such loans will be considered to be part of the 10-year maximum term. 

Interest rates for Mission Investment Fund loans to ELCA-related ministries will be based on criteria that include, but are not limited to, a ministry's overall financial performance, collateral values as well as historic and future operating performance trends.