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About SchoolsFirst FCU

“The Credit Union has something for everyone, from someone who is financially savvy to a person who just needs basic services.”


– Amy C.
Member Since 2010

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First-Time Home Buyer Mortgage
First-Time Home Buyer Mortgage

 

 

Buying your first home? Our first-time home buyer mortgage has a low down payment, low closing costs and reduced mortgage insurance.

It can be a great option if you are buying your first home and are looking to make a smaller down payment and monthly payment.

Features

  • Down payment as low as 3%
  • Less closing costs on average as compared to an FHA loan
  • Less mortgage insurance on average as compared to an FHA loan
  • Low rates
  • Rate lock that covers the period between credit approval and closing1

Benefits

  • Low down payment makes qualifying for a home easier
  • Ability to remove mortgage insurance after period of time
  • Ask about our Home Advantage Program with concierge service for first time home buyers

Also, learn more about the “do’s” and “don’ts” of first time home buying by attending one of our free home buying seminars and reading home buying tips on our Extra Credit blog.

 


Other Loan Options

 

School Employee Mortgage Program

30-Year Fixed Mortgage
15-Year Fixed Mortgage
Adjustable-Rate Mortgages


Apply Now

 

Online
 

Complete an Online Application

 

Call

Call 

 

800.462.8328 ext. 8288

Monday through Friday, 8 a.m. - 7 p.m.

Saturday, 9 a.m. - 3 p.m.

 

 

"Conforming" loans meet the general or high-cost area loan limits set by the Federal Housing Finance Agency (FHFA). In most of the US, the maximum conforming loan is $484,350. High-cost area loan limits vary by geographic location. Loans above that amount are considered "jumbo" loans and usually have higher interest rates.

30-Year Fixed First-Time Home Buyer (Conforming)
Loan amounts from $50,000 - $484,350

Interest Rate Annual Percentage Rate (APR)2 Points Estimated Payment Per $1,000 Borrowed2
3.500% 3.64% 1.000 $4.49
3.750% 3.81% 0.000 $4.63
4.000% 3.98% -1.000 $4.77

 

30-Year Fixed First-Time Home Buyer (Conforming, High-Cost Area)

Maximum Loan Amount: Based on county where property is located.3

Minimum Loan Amount: $484,351

Interest Rate Annual Percentage Rate (APR)2 Points Estimated Payment Per $1,000 Borrowed2
3.500% 3.64% 1.000 $4.49
3.750% 3.81% 0.000 $4.63
4.000% 3.98% -1.000 $4.77

 

 

Disclosures

All loans subject to approval. Rates, terms, and conditions are subject to change.

The interest rates, points, and APRs listed above are effective as of date are subject to change, and examples of the loan pricing offered for a particular product. Loan pricing that you may qualify for can be different based on your credit history, loan-to-value (LTV), occupancy, property type, loan amount, loan purpose, and income/financial obligations. A minimum credit qualifying score is required. Payment examples do not include the cost of property taxes or insurance, so the actual payment obligation will be greater. Rates and programs are subject to change without notice. 

 

160 days maximum from request of rate lock. See our "Rate Lock Information" for terms and conditions. Not applicable to loan pre-approvals without property selected.

 

2The APRs and estimated payments are based on a loan amount of $350,000. APRs include an estimate of 30 days of prepaid interest and PMI.

 

3Orange, and Los Angeles Counties = $726,525; San Diego County = $690,000; Ventura County = $713,000. Please contact a real estate loan representative for other county loan limits. 
 

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