Some Things To Think About

Ask Questions
Our home lending team is comprised of real estate loan officers who do much more than just help you get a loan. Our lenders will be your partner and will work with you to understand not just your home ownership needs, but also your life circumstances. Schedule an appointment with a member of our team and get the conversation started. Don’t be shy. Ask questions.Access Our Homeownership Resources
Our Home Ownership Center is loaded with useful information about the home buying and mortgage process. In addition to many other resources you will find some handy calculators and a detailed glossary of industry terms.

Home Buyer Education
There are some excellent classes available to people who want to study the home buying process in a structured learning environment. One great local resource is offered by Homeword.

Fannie Mae released a mobile app that has detailed information about the home buying process Learn More….

NEW! MFCU and Homeword have teamed up to provide MFCU members with a two hour 1st Time Homebuyer Workshop, loaded with great information! Come and learn about the advantages and disadvantages of homeownership, steps to homeownership, mortgage basics, and much more! Click below to view the upcoming seminar dates.
Register Here

Improve Your Credit Score

If you’re thinking about purchasing a home, one of the early, not to mention easiest steps you can take is getting your credit report. To get a free credit report, visit AnnualCreditReport.com.

If you want some help understanding your credit report and what you can do to improve it, you can also consult with the credit union’s Financial Coach, Debra Casper.

Your Savings Plan

As you know, there are some real advantages to being able to make that 20% down payment. But we recognize that isn’t always feasible. The credit union has a variety of down payment options to fit a variety of different needs. There are options for lower or even no down payment, particularly for first-time home buyers. You and your Loan Officer should work together to understand these options.

But even with these programs available, it’s always a good idea to be working on developing a savings plan. If you want some help developing that plan consult with the credit union’s Financial Coach, Debra Casper.

Down Payment Assistance

Can I buy a home if I haven’t saved much for a down payment?
Saving for a down payment to purchase a home can be challenging – especially with student loan debt and the high costs of rental housing. But there are mortgage option available that require down payments as low as 3%, and assistance programs that can help with both down payments and closing costs.

Can down payment assistance be used with any type of mortgage?
You may be able to use certain “flexible funds” to help pay your down payment or closing costs when purchasing a home. Examples of flexible funds include those given to you as a gift from a family member, a grant from a source such as your local government agency, housing finance agency or nonprofit, or even funds provided by your employer. We can help you understand what funds are eligible.

Is down payment assistance available only to a small number of homebuyers?
According to a report* by RealtyTrac® and Down Payment ResourceTM, more than 87% of homes in the United States could qualify for down payment assistance. It’s important to do your research and find what’s available in your area.

Does some or all of the down payment have to come from my own savings?
No. Although some mortgage companies do require this, we provide you with the flexibility to use certain gift funds, grants, or even a Community Seconds® loan to cover all or part of your down payment and closing costs.

What is a Community Seconds® loan?
Many down payment assistance programs make funds available in the form of second loan. This means that an organization – like a housing financing agency (HFA) or a nonprofit – loans you money to use for a down payment or closing costs. These programs typically provide low interest rates and flexible repayment terms. This could mean you need very little cash to close on your mortgage. It is very important to understand that not all second loans are eligible to be used for down payment assistance, and only certain types can be considered Community Seconds®.

How do I find out what down payment assistance programs are available where I live?
With more than 2,300 down payment assistance programs available throughout the country, many options may be available but you’ll have to do some research. Use the internet to search for down payment assistance options, consult your local housing finance agency, ask your real estate professional, or ask us!

*Source: report by RealtyTrac®; and Down Payment Resource (http://www.realtytrac.com/news/home-prices-and-sales/down-payment-assitance-analysis-q1-2015)