Types of Loans

The Mission Investment Fund Long-Term Loan
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: the long-term loan. Adjustable and fixed interest rates are available. Maximum term is 25 years for adjustable rate and 10 years for fixed rate. 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. Long-term loans are also available to refinance loans with other lenders. No points, origination fees or pre-payment penalties.

The Construction Loan
Mission Investment Fund construction loans are generally offered for periods of  up to 18 months, depending on the length of construction. You pay only the interest during construction. No points, origination fees or pre-payment penalties. Construction loans are only available when long-term financing of the project is provided by the Mission Investment Fund.

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 or five-year adjustable rates. Maximum amortization of 10 years. No points, origination fees or pre-payment penalties.

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. Interest rates are adjusted after each five years. No points, origination fees or pre-payment penalties.

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

Beginning January 1, 2009, the Mission Investment Fund will make loans to new-start congregations at reduced rates to purchase land, or to construct or purchase their first church building. The interest rate will be a reduction of 2.5% from the 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.