First-time home buyers now can get a mortgage loan with a no down payment at Communication Federal Credit Union. With CFCU’s new 100% LTV mortgage, qualified borrowers may be able to purchase a primary residence with a no down payment mortgage option available.
Saving for a down payment can be one of the biggest hurdles for first-time homebuyers. That’s why Communication Federal Credit Union is introducing a new first-time homebuyer mortgage option designed to help eligible buyers take the next step toward homeownership.
A New Way to Help First-Time Homebuyers Get Started
For many first-time buyers, although the monthly mortgage payment may be manageable, but the upfront savings needed for a significant down payment can delay the ability to become a homeowner.
This first-time homebuyer mortgage program is designed to help eligible buyers move forward sooner by offering up to 100% financing on a qualifying home purchase.
That means qualified first-time homebuyers may be able to finance the full purchase price of an eligible primary residence, while still receiving access to standard 30-year fixed mortgage rates, subject to current rate offerings. This credit union mortgage option is built to help make homeownership more accessible.
Program Highlights
CFCU’s 100% LTV mortgage program includes several helpful features for eligible borrowers:
- No down payment required for qualified borrowers through this no down payment mortgage program
- Available for purchase transactions on a primary residence only
- Standard 30-year fixed mortgage rates (subject to daily rate sheet)
- Up to 3% seller credits may be used toward closing costs
- Gift funds from an eligible party may be used toward closing costs
- Minimum required credit score of 680
- Available to first-time homebuyers or buyers who have not owned a home in the past three years
This can be a strong option for eligible buyers who are ready to purchase a home but need a first-time homebuyer mortgage with more flexibility around the down payment.
What “No Down Payment” Means
While this ‘no down payment’ mortgage does not require a down payment, it does not necessarily mean no money is due at closing. Buyers should still plan for other costs associated with purchasing a home, including:
- Closing costs
- Prepaid items
- Required reserves
- Mortgage insurance, if applicable
These vary based on many factors. A minimum borrower contribution may still be required. This requirement may be met through a combination of personal funds, eligible closing costs, prepaid items, reserves, and gift funds.
Who May Qualify as a First-Time Homebuyer?
This program applies to first-time homebuyers in Oklahoma and Kansas.
For this program, a first-time homebuyer is generally someone who is purchasing the home, will live in the home as their primary residence, and has not had an ownership interest in a residential property during the previous three years.
That means this program may also be available to some buyers who have owned a home in the past, if they have not had an ownership interest in a residential property during the three-year period before purchasing their new home.
Certain displaced homemakers or single parents may also be considered first-time homebuyers if they meet program guidelines.
Important Things to Know
Borrowers must meet program qualification requirements, including:
- Minimum credit score of 680
- Debt-to-income (DTI) requirements, which vary based on credit profile
- Occupancy as a primary residence
- Property must be located in Oklahoma or Kansas
All loans are subject to credit approval and program guidelines. Not all applicants will qualify for this first-time homebuyer mortgage.
What Types of Properties Are Eligible?
This credit union mortgage program is available for the purchase of an eligible primary residence. Eligible collateral types include single-family residences and condos.
This program is not available for refinances, construction single-close loans, manufactured homes, raw land, non-occupant co-borrowers or co-signers, non-traditional credit, or bank statement income loans.
Why Work with CFCU for Your First Home?
Buying your first home comes with a lot of questions. CFCU’s mortgage team is here to help you understand your options, review your eligibility, and walk through the process from application to closing.
Whether you are just starting to think about buying a home or are ready to make an offer, our team can help you compare mortgage options, including this 100% LTV mortgage and other credit union mortgage solutions—to determine the best fit.
Ready to Take the First Step?
If you are a first-time homebuyer in Oklahoma or Kansas, or if you have not owned a home in the past three years, CFCU may be able to help you move closer to homeownership with a no down payment mortgage option.
Contact the CFCU Mortgage team today to learn more about this first-time home buyer mortgage or to get started.
All loans are subject to approval. Programs, rates, terms, and conditions are subject to change without notice.
Disclosures:
- All offers are subject to credit approval and credit union membership eligibility.
- We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
- CFCU NMLS # 403254.
- Rates and terms are subject to change at any time without notice. See daily rate sheet for current rates.
- No down payment required for qualified borrowers; other closing costs, prepaid items, reserves, and mortgage insurance (if applicable) may apply. Minimum borrower contribution may be required.
- Seller credits and gift funds may be used for closing costs, subject to program guidelines.
- Eligible property types and program restrictions apply.
