First Time Home Buyer Mortgage
You've got plans for your future. We have the tools to get you there. If they involve buying a home for the very first time then we want your first impression of the experience to be a good one. That's why we offer the First Time Home Buyer Loan.
What are the benefits?
Up to 100% Financing (0% down payment)
No private mortgage insurance (PMI)
No Origination Fees or Lender Closing Costs
100% financing means that the Credit Union will provide you up to 100% of the loan you are applying for OR essentially putting ZERO down payment towards the home.*
Private Mortgage Insurance, or PMI,* adds an extra monthly bill to homeowners who do not possess at least 20% equity in their home (you have paid in at least 20% of the house value). However, we waive this fee entirely, saving years of monthly payments and thousands of dollars.
We also waive origination fees (a fee to complete your loan transaction) and the appraisal fee (The process of valuing the home as a result of evaluating the neighborhood and its amenities by an authorized person: the appraiser).
*First-time Homebuyer Home Loan program available to members with no homeownership within past three years. Valid only on single family, 1-4 story condo and townhome unit owner-occupied properties. Maximum 97% LTV for condo; all loans require escrow for property taxes, homeowners insurance, PMI, and flood insurance, if applicable. No lender closing costs; member is responsible for all title/recording fees, escrow reserve, and initial interest. All loans subject to approval. Membership eligibility required. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
If you’re thinking about buying your first home and want to know where to start, check out this video!
Here are a few things you’ll take away
- Step-by-step guide to the home buying process
- Understanding your pre-approval letter
- Learn the importance of your credit score
- Discover your mortgage loan options
- Meet the Mortgage Loan Officers