First Time Homebuyer: 1 Program, 2 Great Options!
Making the move to your first home is exciting! Often, that excitement can turn into confusion for a first time home buyer. Between trying to figure out how anyone can make sense of mortgage jargon and balancing what you want in a home with your budget, getting a first time home buyer loan can seem overwhelming.
Get one-on-one guidance from a SECNY mortgage professional throughout the home buying process.
We'll explain your options to you in a way that makes sense, and you'll be able to make a decision you're confident in.
Your Options for a First Time Homebuyer Loan
Option #1: Credit at Closing1
- $500 Lender Credit at Closing
- 5% Down Payment Required
- Escrow Required
- Private Mortgage Insurance (PMI) Required
- Requires Auto Pay from a SECNY Account
- Requires completion of FREE Homebuyer Education course
Option #2: No Closing Costs2
- 5% Down Payment Required
- Escrow Required
- Private Mortgage Insurance (PMI) Required
- Requires Auto Pay from a SECNY Account
- Requires completion of FREE Homebuyer Education course
Let's Talk About How This All Applies To You Personally.
View Mortgage Rates Let's Talk About Your Options
SECNY Mortgage Department
3508 W Genesee St, Fairmount NY 13219
Call (315) 638-7061 or email [email protected]
NMLS # 402177
Saturday Appointments Available
Contact by phone or email to make an appointment
What is Private Mortgage Insurance?
Many people looking for a first time home buyer loan can be intimidated by down payments (what's owed at the time that the mortgage is finalized). While a typical down payment may be 20% of the home purchase price, you could significantly reduce your down payment with SECNY.
With Private Mortgage Insurance (PMI) at SECNY, you may be able to buy a house with as little as 5% of the home purchase price for a down payment.
When your first time home buyer loan reaches 78% of the original value, you can cancel PMI, lowering your monthly payments.3
At SECNY, We Want to Get You the Best Deal Available for Your Mortgage Loan
- Our members are our Shareholders, So You Know Our Decisions Are Local and Made with Your Best Interest in Mind - SECNY is a Credit Union Serving Onondaga County, Cayuga County, Madison County and Oswego County, Not a Big Bank Looking for a Quick Profit.
- We Make Your First Time Home Buyer Loan Affordable
Not a member?
All eligible borrowers will need to become a member of the credit union and open their membership account prior to or at time of application. View membership eligibility.
