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Help & Tools
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Mortgage Programs for First Time Home Buyers
The 95% Mortgage
Qualify with as little as 5% down using funds for closing costs, which can come from a variety of sources, including a gift, seller’s assist, government grant or your personal funds. This low down payment program requires a minimum credit score of at least 660 and we can lend you up to $417,000. You will need to occupy the home as your primary residence and it is for all types of detached or attached housing, including condominiums. The eligible loan types are all of our fixed rate and adjustable rate mortgage products. Fixed rates can have terms of 30-, 25-, 20-, 15-, and 10-year terms. The ARM products can be a 1/1 ARM, 3/1 ARM, 5/1 ARM, 7/1 ARM and 10/1 ARM, which often offer a significantly lower start rate than our fixed rate options.
The 3/2 ARM
This product is unique to your credit union and offers a no down payment option with no Private Mortgage Insurance (PMI) for those with a 720 score and a moderate amount of overall monthly debt. Member who use this product enjoy the reduced rate caps that are significantly lower than other traditional ARM products. The rate is fixed for the first three years and then adjusts every two years thereafter. There is no prepayment penalty, which allows you to refinance at any time into a fixed-rate product once you have sufficient equity. Requires less money to close than an FHA mortgage and does not carry the upfront Monthly Insurance Premium (MIP) fee (1.75%) or the monthly ever-increasing MIP charge. An ideal choice for members with good credit and low monthly debt who have found it challenging to save enough money for both a down payment and closing costs.
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