Buying your first home can be scary, and you might even be hesitant to start home shopping, fearing you haven’t saved enough money for a down payment.
First-time homebuyers are often younger, still in the early stages of their careers with outstanding student loan debt. But you shouldn’t abandon the dream of owning a home if you can’t come up with the standard 20 percent down payment.
Let TCU’s first-time homebuyer program help make your home ownership dream a reality with a down payment as low as 3 percent.
The program makes it easier for potential buyers to become home owners with advantages like waiving loan origination fees (a $750 savings), the possibility of qualifying for a down payment assistance grant worth up to $8,000 and the option to use gifted funds toward a down payment.
- First-time buyers and buyers who have not owned a home within the past 3 years are eligible to participate in the program.
- The property must be the buyer’s primary residence.
TCU’s first-time homebuyer program could be your path to home ownership. Start today by contacting a TCU mortgage loan professional.
Even before you take that first step, TCU offers a checklist and tips for home buyers to help you get started.
First-time homebuyer eligibility Q & A:
Who can participate in the TCU first-time homebuyer program?
Buyers who have never owned a home and those who have not owned within the past 3 years are eligible.
Can I use an adjustable-rate mortgage (ARM) with the program?
No, the TCU first-time homebuyer program is only eligible for fixed-rate mortgages.
What types of properties qualify?
The TCU first-time homebuyer program is for single-unit homes only. This includes single-family detached homes and single-family attached homes, such as condominiums and townhomes.
Can I use the first-time homebuyer program for investment properties?
No, the program applies to a buyer’s primary residence only.
Does the first-time homebuyer program require mortgage insurance?
Yes, all lenders require borrowers to carry private mortgage insurance, or PMI, if you make a down payment of less than 20 percent of the home’s purchase price.
©Teachers Credit Union. NMLS #686706. Based on a $100,000 home purchase with $97,000 financed after $3,000 (3%) down payment.
Assumes a 30-year conventional 4.50% (5.10% APR) fixed-rate mortgage, with monthly payments of $547.26. APR is Annual Percentage Rate as of 3/21/2019.