Buying your first home is about so much more than making a financial investment. Home ownership helps build a stronger foundation for resilient communities where people are invested in their neighborhoods—and willing to invest in each other.
That’s why OCCU is committed to removing barriers for first-time buyers. If you’re saving up for your first home, we want to help you get through the door as quickly and easily as possible.
For starters, hold on to that down payment you’ve been saving. With our 100% home loan financing program, you won’t need it. In today’s fast-moving housing market, buying a home with zero down means you can stop delaying your dream of home ownership and dive right in. Plus, you can use your down payment savings for renovations, furniture or whatever you need to make your new house feel like home. Other benefits of 100% home loan financing:
- No down payment required.*
- No private mortgage insurance included.
- Your loan stays at OCCU and won’t sell to another lender.
If all this feels a little fast—don’t worry. Our team of expert mortgage loan officers are here to guide and support you every step of the way. We’ll talk you through the mortgage process, answer all your questions, and help you make the best financial choices possible. Before you get started, here’s what you need to know about buying your first home:
You might be more ready than you realize
Think rent is cheaper than a mortgage payment? You might be surprised. Soaring rental costs over the past few years have helped close the gap between renting and owning a home. Check out our mortgage loan calculator to estimate what your monthly payment might be.
It’s also important not to underestimate the financial security that can come from owning a home. Even if rental costs keep rising, your monthly mortgage payment—which is based on your home price and interest rate—will stay more fixed. Who knows? In five years, you could end up paying less on your home loan than if you continued to rent.
Pre-approval helps seal the deal
Houses are selling quickly, so be prepared to roll up your sleeves and get a little competitive. The first thing you’ll need is a pre-approval letter from a lender to show that you’ve got your financing lined up and ready to go.
Your homebuying journey really begins when you get pre-qualified for a home loan. Once you’re pre-qualified, we’ll send you a letter to let you know how much you qualify for. Not only will this help you narrow down your search to homes that fit your budget, but most sellers will want to see proof of financing before they’ll consider your offer.
It’s important to work with people you can trust
Buying your first home is a big step, so you need people on your side who not only know the industry, but who will make your needs priority. That starts with having a community-minded financial institution like OCCU behind your back. Financing your home through a not-for-profit credit union means you’ll not only get the lowest fees and rates, but you’ll have a financial partner that will put your financial well-being front and center.
Next, you’ll need a real estate agent you can trust—someone who will help you find homes within your budget that reflect your priorities. Our expert team knows the local housing market inside and out, and we’ve spent years networking with real estate professionals. If you need a good recommendation, we can help connect you with the right person.
The mortgage process isn’t as complicated as you think
Sure, there’s paperwork involved. And you’ll need to become familiar with some new vocabulary terms. But we’ve got plenty of resources to help you navigate the process.
Look at our Homebuying 101 guide to find out what to expect and make a list of questions to ask when you talk to your mortgage representative. That’s all the preparation you need to get the ball rolling.
Ready to start making your home ownership dreams come true? Connect with our team today to learn more about our 100% home loan financing program.
*Standard closing costs and prepaid escrows apply. Borrower is required to contribute a minimum of $1,000 and can be used toward closing costs. Borrower must have a minimum 680 credit score, other credit qualifications, conditions and restrictions apply.