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First-Time Buyers

Helping you open the door to homeownership

Down payments

As low as 3%

Expert advice and guidance

With a Home Loan Consultant

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:

Loan Program

Down Payment

Borrow up to1

Key benefit
First Time Buyer loan 3% down $726,200 Low down payment with no closing costs2
VA loan 0% down $726,200 Affordable options for Veterans
and active duty service members
FHA loan 3.5% down $726,200 Low down payment and easier credit qualifications
Jumbo loan 5% down3 $1 million Buy in higher price range
Piggyback (80/10/10) loan 10% down +
10% down from 2nd mortgage 		$2 million 20% overall down payment may help qualify
for larger loan and save on costs

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.

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Low rates, flexible options

Competitive rates and specialty programs

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Expert advice and guidance

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

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Homebuyer resources

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

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Fast and free pre-approvals

Shop for homes with confidence with our full credit approvals

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Lock while you shop

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

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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.)

Calculations provided are for demonstration purposes only and do not guarantee credit approval for the rate and terms displayed.

Frequently Asked Questions

    Your mortgage loan’s interest rate is affected by a variety of things, including your credit score, down payment, and the amount of your mortgage loan, among other factors. We encourage you to use our mortgage loan calculator to see your options.
    It’s a common misconception that you need a 20% down payment to buy a home. In fact, we offer programs with down payment assistance and down payment options as low as 3% and no closing costs2. We offer several programs designed to help make homeownership more affordable and we understand everyone’s financial picture is unique. We recommend setting up a preliminary conversation with a Home Loan Consultant to find the best option for you.
    It is a type of insurance protection on your mortgage and is typically required on loans with a down payment of less than 20%. It provides less risk to the lender while offering buyers a lower down payment option. There are several ways to cover the cost of mortgage insurance, but the most common option is to pay for it monthly, as part of your total principal, interest, taxes, and insurance (PITI) payment on your mortgage.

    Closing costs are fees charged for services related to your loan. These are additional fees (aside from your down payment amount) and are due once your loan closes. Both buyers and sellers may have to pay closing costs, which can range from 3 – 6% of the home purchase price. Some types of costs include your home appraisal, property search information, insurance premiums, and title services.

    Costs can vary depending on where your property is located, your loan amount, and total purchase price. Your Home Loan Consultant will provide an estimate with a detailed breakdown of your costs after you apply for your loan.

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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.

Find a Consultant
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.
Learn More

Home Buying 101

Learn more through our Financial Wellness library.

1 Loan amount may vary by county.

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.

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