Take the first step toward your first home

Purchasing your first home is an exciting milestone. From choosing where you want to live, to selecting paint colors, and finding the perfect space for you or your growing family, it’s all part of the journey to becoming a homeowner.

But before you start touring homes, it's good to review your financing options first. There are many types of loans available and there's not a one-size-fits all option for everyone. We offer a variety of low down payment and down payment assistance programs for first-time buyers. These options are flexibly designed to make it affordable and easy for you to find a mortgage that suits your needs. Take a glance at some of the options below:

WISH Down Payment Assistance

3% Down First Time Buyer Loan

5% Down Jumbo Loan

10% Down Piggyback Loan

Down payment $5,500 with up to $22,000 in down payment assistance1 3% down with no closing costs2 5% down3 10% down + 10% down from Home Equity Line of Credit (HELOC)
Loan amount Borrow up to $726,200  Borrow up to $726,200 Borrow up to $1 million Borrow up to $2 million
Mortgage insurance Yes Yes Yes No
Interest rate Fixed or adjustable Fixed or adjustable Fixed or adjustable 1st mortgage: Fixed or adjustable
HELOC: Variable rate
Key benefit Helps new buyers by offering assistance with your down payment or closing costs Low down payment amount preserves cash and saves on closing costs Allows you to purchase a home in higher price range, while still having low down payment Maximize your buying power by putting 20% down

We'll review your financial goals and budget to match you with the right mortgage loan. Getting pre-approved is the next best step. Start a conversation with a Home Loan Consultant or apply online and we’ll find a Consultant for you.

First home. Many benefits.

Low rates, flexible options

Competitive rates and specialty programs

A Patelco member works with a Banzai financial planning coach.

Expert advice and guidance

Personalized advice and guidance at each step – find your Home Loan Consultant 

Homebuyer resources

Search for properties, receive special discounts and more with Home Advantage4

Fast and free pre-approvals

Shop for homes with confidence with our full credit approvals

Lock while you shop

Secure your rate for up to 30 days while you’re actively making offers5

On-time closings

We're committed to closing quickly to meet your contract deadlines

Mortgage Calculator

How much home can I afford? (Below, “Monthly child support payments” refers to child support payments made as a monthly expense, not to income from child support.)

Frequently Asked Questions

Connect with a Home Loan Consultant

We get it – buying your first home can seem overwhelming.

Our trusted team of Home Loan Consultants is here to make it easy and stress-free. They’re experts in all aspects of home lending and will break down all the numbers, answer your questions, and tailor their advice so you’re matched with the right financing to meet your financial goals.

Ready to begin your home search?
Start with a pre-approval. It will give you an overview of what you can afford so you can begin to make offers on homes with confidence.

Home Buying 101

Learn more through our Financial Wellness library.

1 Loans subject to credit and collateral approval. WISH program is not available in all counties. Terms and conditions are subject to change. Enrollment in the WISH Program is not a guarantee to the homebuyer of receipt of funds. The grant recipients must sign a Promissory Note, Deed of Trust and Rider to the Deed of Trust and there will be a lien placed against the subject property for the amount of the grant that will remain on the property for five years. The amount owed will decrease by 20% for each year the borrower retains homeownership of the property as their primary residence. No payments toward the grant are due as long as the homebuyer resides in the property and abides by the terms of the grant. After five (5) years, the grant is forgiven, and the lien is released from the property. This is a fixed-rate loan with fixed monthly principal and interest payments for the life of the loan. Loan amounts available up to $726,200 on 1-unit properties. Mortgage insurance is required for loans exceeding 80% LTV. Minimum credit score and reserve requirements apply and may impact the amount that can be borrowed and the interest rate/APR for which you are eligible.

2 Closing costs fees include applicable title, escrow and recording cost fees and will appear on the Closing Disclosure. The appraisal and credit report fee will be paid up-front by the member and reimbursed at closing. Hazard Insurance, Taxes, HOA fees, Purchase Owner’s Policy and Transfer Tax are not covered by Patelco. At least one borrower must be a first-time home buyer (had no ownership interest in a property in the last three years). Applicable on the purchase of a single-family residence and 30-year fixed conforming loans with minimum 740 FICO.

3 Eligible for conforming loan amounts and 95% loan-to-value (LTV) available on 15-and 30-year fixed jumbo mortgages only. Loans over 80% LTV require mortgage insurance (except for 10% down "combo loans" up to $2 million, which are only available in CA).

4 The HomeAdvantage program is made available to you through a relationship between Patelco Credit Union and CU Realty Services. Program rebates are awarded by CU Realty Services to buyers and sellers who select and use a real estate agent in the HomeAdvantage network of approved realtors. Home buyers or sellers are not eligible for the rebate if they use an agent outside this network. Using your credit union for a mortgage is not a requirement to earn a rebate. Rebate amounts are dependent on the commissions paid to the agent. Patelco may have specific rules on how your rebate will be paid out. Rebate incentives are available in most states; however, are void where prohibited by law or by the lender.

5 Lock and Shop program is available for first (1st) mortgage Jumbo loan purchase transactions only. Must have a home loan application with Patelco to lock in a rate. Patelco will honor your rate up to 30 days from the date it is locked. Once a fully-executed purchase contract is received, the rate will prevail until loan funding.

Rates, terms, conditions, and availability are subject to change or withdrawal at any time and without notice. Nothing herein is or should be interpreted as an offer or commitment to lend. Loans are subject to credit and property approval. Other conditions and restrictions may apply. Hazard insurance may be required. NMLS ID Number is 506373.