We understand it can feel overwhelming buying your first home. But it doesn't have to be that way.
FOUR WAYS WE HELP FIRST-TIME HOME BUYERS.
For a traditional mortgage, lenders require a down payment between 5-20%. With the 1st Time Home Buyer Program, we require just 3% down. Bonus: you're down payment can be a gift!
What's PMI? It stands for Private Mortgage Insurance, and it's typically required when you put less than 20% down on a home. In other words, it's another fee. However, you can save money as there's no PMI with this program.
LOW FIXED RATES
We believe in helping our members get there, wherever that may be. One way of doing this is by offering consistently competitive rates for our 1st Time Home Buyers Program.
Some programs for first-time home buyers are limited to 30-year mortgages. Pick the terms that works best for you, from 15, 20, or 30 year options.
WHAT OTHERS HAVE SAID ABOUT OUR 1ST TIME HOME BUYER PROGRAM.
"We’ve banked with the credit union for years and wanted to do business with the people we knew. Being first-time homebuyers, we really had no idea what went into buying a house. Donna and Regina really educated us through the process. Any time we had questions, the Mortgage Team was a phone call away. They made the confusing parts simple for us."
JONATHAN & ASHLEY LAMBERT
COMPARE YOUR HOME LOAN OPTIONS.
THREE SIMPLE STEPS TO HELP YOU GET STARTED.
REQUEST A CALL BACK
Simply complete the form, and a Mortgage Specialist will be in touch with you within two business days to outline the next steps.
GET ANSWERS TO FREQUENTLY ASKED QUESTIONS
Will I need a down payment?
Yes, 3% of the purchase price is required as your down payment. The funds may be your own or a gift from someone else.
What if I own a mobile home? Can I qualify for this loan?
No. Mobile homes are considered a primary dwelling, which would make you a present homeowner.
What if I owned a home before? Would I qualify?
Yes, you may still qualify if you have not owned a home or been on a mortgage loan for at least three years.
Can I get a pre-approval?
Yes, you can. We can also assist in determining your price range.
How does this loan compare to an FHA loan?
Our first-time homebuyer loan has a lower down payment; lower closing fees and lower monthly payments with the possibility of no mortgage insurance payments.
What is PMI?
PMI stands for Private Mortgage Insurance. It is a monthly payment lenders require if you do not put down 20%.
In addition to my down payment, will I need any additional funds?
Yes, you are required to pay your closing cost, taxes and insurance premiums.
Can the seller assist with these fees?
Yes, please consult with your realtor for help with seller paid fees.
Minimum credit score is 680. Minimum loan amount is $50,000.