Purchasing a home is one of the biggest financial commitments you will make, and with MCU’s First-Time Home Buyers Program we give you the information and resources you will need to make home ownership a reality. MCU’s First-Time Home Buyers Program offers flexible loan options and features such as:

  1. Home Loan Payment Relief (HLPR), which is designed for first-time home buyers who are purchasing an owner-occupied principal residence. Among the many benefits of this program is a highly competitive rate of 1% below the national average.
  2. Community 97 is another option offered to first-time home buyers with a flexible source of funds for down payment. Among the benefits are: a low down payment of just 3%, flexible credit guidelines and no monthly reserves.
Want more information? Go to Buying a Home in the Life Events section where you will get a clear understanding of what you can afford. We’ll help you with all the relevant numbers—the size of your mortgage, mortgage rates, costs of home ownership, your other expenses and your income. For example, a rule of thumb is that your total mortgage payment, property taxes and insurance should be no more than 32% of your household income. By using the following tools: Home Buying Calculator, Home Buying Learning Guide and Home Buying Coach, you can estimate these figures, allowing you to negotiate intelligently with the seller and come out ahead. And as an MCU member you can be assured that you will receive a range of flexible mortgage options and rates so you can find the mortgage that is right for you.