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Adjustable Rate Mortgages (ARM)

First Time Home Buyers Program

With an Adjustable Rate Mortgage from SFCU, you can get a competitive 15/15 ARM to keep your monthly payments low and more money in your account. Check out all the advantages of financing your first home with SFCU.


100% Financing

This First Time Home Buyers Program offers eligible members 100% financing of the purchase price or appraised value (whichever is lower).



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

023-money bag

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.


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15/15 Adjustable Rate Mortgage

First Time Home Buyers Program

You may enjoy a potentially lower rate for the first 15 years, making it easy to predict your monthly payments and get a head start on paying off your loan.

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Additional Benefits

SFCU First Time Home Buyers 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. SFCU can find the loan to suit your unique needs with rates and terms that works for you.

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    • Credit Union membership is required with minimum deposit of $5.
    • 1st Mortgages must be a 1-4 unit & owner occupied, except for the First Time Home Buyer Program, bare land and vacation/second home programs.
    • Vacation/Second Homes are 1.0% higher and have a maximum LTV of 80%. Can be the 10 or 15-year fixed program or any ARM program (except First Time Home Buyer) amortized over 15 years.
    • Manufactured/Mobile with Land loan has a maximum LTV of 80%. Purchases or limited cash-out refinances only.
    • The bare land loan requires 30% down and is for purchases only.
    • Jumbo mortgages are available and are 0.25% higher. Contact the Credit Union for details.
    • Escrow may be required.
    • Loans greater than 80% require PMI, except for the First Time Home Buyer Program.
    • Proof of homeowner’s insurance required. Proof of flood insurance may be required.
    • The 15/15 First Time Home Buyer Program allows for 100% financing of the purchase price/appraised value, whichever is lower. Single Family, Primary Residences Only. Other certain restrictions apply – Contact the Credit Union for more details.
    • Contact the Credit Union about maximum LTVs based on unit and purpose.
    • Mortgage loans are available in NYS only. Loan must meet credit, appraisal, and other guidelines. Title insurance is required.
    • 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.


    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.

    For 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.

5/1 ARM

An Adjustable Rate Mortgage with a low, fixed rate for the first five years. The rate then changes by no more than 2% every one year following the initial fixed-rate period.

5/5 ARM

Similar to a 5/1 ARM with a fixed rate period for the first five years, except rate changes only occur every five years after the initial fixed-rate period for longer periods with the same rate.

How it works

Becoming a homeowner is achievable in a few steps with SFCU

  • 1

    Complete an application

    Apply with one of our expert Mortgage Specialist

  • 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 home

Contact a Mortgage Specialist


Have a question? Get in touch with us

Low initial rates make homebuying more affordable

The home you need is within reach with an Adjustable Rate Mortgage from SFCU. ARM loans typically have lower rates for the initial fixed period, making it easier to afford the home you need.