First Time Home Buyer Program

First-time home buyer programs help reduce common barriers to home ownership. One of the biggest challenges is saving for a conventional down payment, which can range from 10–20% of a home’s value.

At Freedom Credit Union, our First-Time Home Buyer Program offers up to 100% financing, so qualified buyers can purchase a home with little or no down payment. We also don’t require private mortgage insurance (PMI), which most lenders typically require for borrowers who can’t make a 20% down payment. Buyers are still responsible for escrow and closing costs.

Prequalification is an initial estimate of how much you may be able to borrow based on self-reported financial information. Preapproval is a more detailed process where the lender verifies your income, credit, and assets to give you a conditional loan offer.

Getting prequalified or preapproved for home financing before you begin serious house hunting puts you in a much stronger position with a seller when you choose to make an offer, as it shows you are serious about buying a home. This may allow you to negotiate a better deal.

Private mortgage insurance (PMI) is insurance that protects the lender if you stop making payments on your mortgage. It’s typically required when you make a down payment of less than 20%.

Through our First-Time Home Buyer Program, Freedom Credit Union offers loans up to $500,000. Your individual credit limit is determined by several factors, including your credit and employment history, income and debt-to-income ratio, available down payment, and other standard underwriting considerations.

To meet the eligibility requirements for the First-Time Home Buyers Program, you must be able to prove that you have not owned a home within the past three years. You must also be eligible to become a member of Freedom Credit Union.

Membership is open to anyone who lives, works, attends school, or volunteers in Bucks, Chester, Delaware, Montgomery, or Philadelphia counties, or is related to an existing Freedom Credit Union member.

Yes, our First-Time Home Buyers Program offers both fixed-rate and adjustable-rate mortgages for qualified borrowers.