We can help you to help you finance your new home
UFirst Credit Union offers mortgages with competitive rates
and local service to help you finance your new home.
Apply for a first mortgage loan Speak with a Mortgage Consultant Search for Homes
What is a First Mortgage Loan?
A first mortgage is the initial or primary loan used to
pay for a piece of property (not to be confused with a first-time home buyer loan, which references whether
the borrower has taken out a mortgage in the past). Refinanced mortgages maintain the first mortgage
position, and the first mortgage lender has priority over any other liens or claims in the case of a
If you’re purchasing a home for the first time, you may benefit from other perks the first-time home buyer loan has to offer. However, if you have already purchased a home in the past and are ready to upgrade to a new one, the first mortgage loan is a great option.
Buying a new home is a big step–and an exciting one. If you’re purchasing a new home, you probably have many questions about whether to buy, what you can afford, and which type of mortgage to choose. Contact one of our Mortgage Specialists to help you complete the process!
First Mortgage Options
Buying a new home is a big step—and an exciting one. If you’re a first-time home buyer, you’ll have many questions about whether to buy, what you can afford, which type of mortgage to choose, and more. We can help assist you in every step of the journey to owning a new home. To get started, apply for pre-approval, then contact one of our Mortgage Specialists to help you complete the process.
First-time homebuyer loan details
- Loan amounts up to $300,000 or higher based on home location
- Seller can contribute up to 3% toward closing costs
- No prepayment penalties
Get the loan you need for your dream home
- Terms from 10 to 30 years
- Borrow up to 100% of the value of your home
- Competitive Rates
UFirst first homebuyer program benefits
- Up to 100% loan-to-value financing*
- Down payments as little as $1,500
- No income limitations
MLS Home Search
Your dream home is waiting for you. Using our online MLS home finder, you can search through thousands of homes for sale in your area.
Frequently asked questions of first-time homebuyers
Who is considered a first-time homebuyer?
A first-time homebuyer is anyone who hasn’t owned a primary residence for three years or more.
How do you qualify for a first-time homebuyer loan?
Most first-time homebuyers can qualify a first-time home buyer loan with a 660 credit score and a $1,500 down payment. Lenders will also look at your debt-to-income. Members with a score between 660-679 can have a max DTI of 41% and credit scores above 680 can have a max DTI of 43%.
How do you apply for a first-time homebuyer loan?
To apply for a first-time homebuyer loan, you will want to first get pre approved by a lender. The lender will check your credit history and then will need to verify your income and assets. You’ll need to provide the following for financial verification:
- Recent pay stubs
- Most recent W-2 form
- Last two years of tax returns
- Bank statement
- Proof of down payment
Additional items may be required depending on an individual’s unique situation.
What are the benefits of a first-time homebuyer loan?
First-time home buyer loans have many advantages, such as access to federally-backed loans, state programs, tax breaks, and lower down payments.
How much can first-time home buyers afford?
Shop for homes that have a purchase price equal to 2.5x your salary or household income. Other experts suggest people should be able to afford up to 28% of their gross income.
Which loan is best for first-time homebuyers?
Our first-time homebuyer program is a great option for first-time homebuyers. With in-house financing and surprisingly low costs and fees, we'll make that first purchase a great experience.
Have questions or need assistance?
Loans subject to credit approval. See current rates and terms. Mortgage financing will require a minimum of a 3% down payment. For example a $100,000 loan approved at 97% of value would require a down payment of $3,000. The minimum payment for a $97,000 loan with a 6.750% APR and 30-year term is $629.14. This payment example does not include taxes and insurance. Your actual payment may be higher. The monthly obligation will be determined by the total loan amount at the time of closing and the term and interest rate of the loan. See our Loan Calculators for specific examples.