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100% Financing

First Time Home Buyer Mortgage

With a First Time Home Buyer mortgage, no down payment is required so you can keep more money in your account. Check out all the advantages of financing your first home with SFCU.


100% Financing

The SFCU First Time Home Buyer mortgage offers eligible members 100% financing of the purchase price or appraised value (whichever is lower). This mortgage requires buyers to have the funds for closing costs.



Private Mortgage Insurance is costly and often required. The SFCU First Time Home Buyers mortgage does not require PMI. Potentially saving you hundreds per month.

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Interest Rate Cap

The interest rate won't increase or decrease more than 2% over the lifetime of the loan to make it easy to predict how much your payments could be in the long run.


Gifts Allowed

First Time Home Buyers may use funds given to them as gifts.


Seller Concessions

Up to 3% of sellers concessions are allowed. This gives you room to negotiate for additional funds at closing when purchasing your home!


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Monthly Payment

Loan Amount
15/15 Adjustable Rate Mortgage

First Time Home Buyer Mortgage

A fixed rate for the first 15 years, makes it easy to predict your monthly payments and get a head start on growing the equity value in your home.

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Additional Benefits

SFCU First Time Home Buyer Mortgage Advantages

SFCU offers 100% financing of the purchase price or appraised value (whichever is lower), no PMI, allows for 3% seller concessions and so much more. Looking for something else? SFCU can find the loan to suit your unique needs with rates and terms that work for you.

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How it works

Becoming a homeowner is achievable in a few steps with SFCU

  • 1

    Complete an application

    Our friendly & professional Mortgage Specialists will guide you through the application process

  • 2

    Get an answer

    We'll crunch the numbers and let you know if you're approved.

  • 3

    Buy your home

    With your mortgage funds you can purchase your first home!

Apply Now


Have a question? Get in touch with us

No down payment makes homebuying more affordable

The home you need is within reach with an SFCU First Time Home Buyer Mortgage!



Annual Percentage Rate (APR) - Based on the final loan amount and applicable finance charges.

Monthly Payment Examples (excludes any applicable taxes & insurances):ย Assumes a loan amount of $100,000. Payments quoted assume a 30-year amortization.

Homeowners Insurance: Proof of homeowners insurance is required on all residential loans. Proof of flood insurance may be required.
Jumbo Mortgages:ย Are available and are 0.25% higher rate. Contact the Credit Union for details.

First Time Home Buyer Program: 
15/15 Adjustable-Rate Mortgage with 30-year amortization.
100% financing of the purchase price/appraised value, whichever is lower.
Private Mortgage Insurance (PMI) not required.
Single Family primary residences only.
Escrow Required.

Adjustable-Rate Mortgage rate and payment changes:
The rate indicated for adjustable-rate mortgages is the initial rate and is subject to increase. Adjustable-Rate Loans may be amortized over 20, 25 or 30 years. Manufactured/Mobile with land is amortized over 15 or 20 years.

Example: The 5/1 ARM will have a constant interest rate for the first five years. Then the adjustable rate may change annually thereafter ("Change Date" as indicated in the Note) based on an "Index" which is the 1-Year Constant Maturity Treasury (1-Yr CMT) adjusted to a constant maturity of 1 year as made available by the Federal Reserve Board. The most recent index available as of 45 days before each Change Date is called the "Current Index". Before each Change Date, the Note Holder will calculate the new interest rate by adding the "Margin" to the "Current Index". The note holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). This rounded amount will be the interest rate until the next "Change Date". The rate may not adjust more than the Per Adjustment Cap indicated above on each "Change Date". The total loan adjustment will not adjust more than the Lifetime Cap indicated above over the lifetime of the loan. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that would be due in full on the maturity date at the new interest rate in substantially equal payments. The result of the calculation will be the new amount of monthly payment.

Additional Disclosure Details:
  • Rates are subject to change at any time.
  • The Credit Union reserves the right to modify or suspend any conditions of the loan programs at any time without prior notice.
  • Loan must meet credit, appraisal, and other guidelines. Title insurance is required.
  • Mortgage loans are available in NY, NJ and PA only.