First-Time Home Buying
Ready to unlock your next chapter?
Let’s find the solution that fits your financial goals.
Recently married? Graduate college? Or just tired of renting? With a low down payment and flexible income and credit guidelines, you’ll get into the home of your dreams in no time.
| BCU Smartbuyer™ | FHA Mortgage | Fannie Mae HomeReady™ | |
|---|---|---|---|
| Description | Adjustable Rate Mortgage (ARM) with easy qualifications and no mortgage insurance required. | Backed by the Federal Housing Administration (FHA) with low down payment and minimum credit score requirements. | Financed through the Federal National Mortgage Association (Fannie Mae) and offer reduced down payment and mortgage insurance options. |
| Loan Purpose | Purchase | Purchase or Refinance | Purchase or Refinance |
| Loan Types | Adjustable-Rate Mortgage (ARM) | Fixed Rate | Fixed Rate & ARM Options |
| Min. Credit Score | 650 | 620 | 620 |
| Down Payment | 3% | 3.5% | 3% |
| Down Payment Gifts | 100% gift funds allowed | 100% gift funds allowed | 100% gift funds allowed |
| Mortgage Insurance | Not Required |
Upfront and Monthly Not cancellable for less than 10% down payment |
Standard Monthly Cancellable at 80% Loan-to-Value |
| Income Limitations | None | None | Possible Income Limits |
Member Testimonial
“Thank you wholeheartedly for your tireless work to help me with my home loan application. I am officially a homeowner today thanks to you working with me to find the best program that suits my needs and budget.
Words cannot describe how grateful I am to you and the joy I feel for owning my first home.”
Abdou D.
Let The Search Begin
Are you trying to find that "just right" home, but don't know where to start?
Connect with a local real estate agent and save up to 20% on their commission when you close on your home!
Why Get Pre-Approved?
When it's time to start your search in a competitive market and make an offer on a home, a preapproval is key.
It shows the maximum purchase price you're approved for and gives you more credibility than other potential buyers who aren't yet approved.
Understanding the Process
Check out this article to get a feel for milestones throughout the home loan process.
Our Home Loan Consultants will guide you every step of the way.
When you’re ready, let’s get started
Buying your first home can be heavy lifting (literally!) – that’s why we’re here to help lessen the load.
To preapproval and beyond, enjoy the homebuying hustle with your Credit Union team at your side!