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First-time Homebuyer Loan
Let your homeowner era begin! Get special financing and flexible options with our first-time homebuyer loan.
Affordable
No down payment required
Eligible
Have not owned a home in past 3 years (or ever!)
Flexible
Fixed or adjustable rates
Be a homebuyer, no down payment
Owning a home is a big deal. Especially if it is your first time (or if it’s been a while). A great first step is knowing how to get a first-time homebuyer loan and what is involved. The Civic First-time Homebuyer Loan requires no down payment and up to 97% financing to keep up-front costs low.
Our professional lending team will be at your side, every step of the way. They know about first-time homebuyer programs and ways to use equity gifts from family or grant funds toward any optional down payment. It’s time. Enter your homeowner era with confidence!
Terms
- No down payment required
- Applicant is not a homeowner (for past 3 years or ever!)
- Choose a fixed or adjustable rate (ARM)
- Must be a Civic member to apply
Features
- Fewer up-front costs, up to 97% financing
- Primary residence only
- No PMI (private mortgage insurance) if you make a down payment exceeding 20%
- ARM has fixed interest rate then adjusts; fixed-rate mortgage has predictable rate
Visit the Mortgage Center
We've partnered with the Credit Union Mortgage Association (CUMA) for a streamlined homebuying process. Apply online through the Mortgage Center and a CUMA agent will reach out to you to talk next steps to prequalification.
For the best member experience, use the Mortgage Center with a computer.
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You know the details matter (and you are in good company)
Here are a few FAQs
What is an escrow account?
It’s an account held by your mortgage service provider that holds money from your monthly mortgage payments to pay your taxes and insurance when they are due.
What is cash-out refinancing?
This is where you get a mortgage loan for more than you currently owe on your home. The difference between the new, refinanced mortgage and the balance on your previous mortgage goes to you as cash at closing.
Is a fixed-rate mortgage better than an adjustable-rate mortgage?
Your needs will determine which one will best fit your unique circumstances. A fixed-rate mortgage has predictable payments for the entire term of your mortgage loan. An adjustable-rate mortgage (ARM) starts off as fixed and moves to a variable – meaning a changing rate. An ARM option can be helpful for short-term ownership, but your specific needs will help inform your decision.
How do I pay my property tax?
Each month, when you make your monthly mortgage payment, your lender will take a portion of that money and put it in your escrow account. Your mortgage servicer will hold that money until your property taxes and insurance are due.
What is a 5/1 ARM?
A 5/1 ARM is one type of adjustable-rate mortgage. The 5 refers to the length of the fixed-rate period which is the first five years. The "1" is how often the interest rate may adjust after that which is once per year.
Can I prequalify for a mortgage online?
Once you apply for a loan through the Mortgage Center, a CUMA agent will contact you to discuss the next steps to prequalification.
Get a First-time Homebuyer Loan with special financing and flexible options
Becoming a homeowner is a big deal. Keep up-front costs low with a first-time homebuyer loan, with no down payment required and up to 97% financing.
All mortgage loans are subject to approval and to credit union underwriting standards. Loan product, availability and terms are subject to change.
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