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.
SECNY FCU Mortgage Department
3508 West Genesee Street
Syracuse, NY 13219
(315) 638-7061
[email protected]
Fax (315) 638-7103
NMLS # 402177
Monday-Friday 8:30 am-5:00pm
Saturday Appointments Available
Contact by phone or email to make an appointment
Why Syracuse Is a Strong Market for First Time Home Buyers
If you're a first time home buyer in the Syracuse area, you're starting your home search in one of the most affordable housing markets in New York State. The greater Syracuse metro has consistently maintained median home prices well below the statewide and national averages, which means your dollar stretches further here than in most parts of the country.
The Syracuse housing market does move quickly, though. Homes in the area typically sell within about 30 to 45 days, and many receive multiple offers. That's one more reason it pays to work with a local lender who can help you get pre-qualified and ready to make an offer when the right home comes along.
Thinking about buying your first home in the Syracuse area? Getting pre-qualified is a smart first step. It gives you a clear picture of what you can afford and shows sellers you're a serious buyer.
First Time Home Buyer Requirements
One of the most common questions we hear from people exploring a first time home buyer loan is: "What do I actually need to qualify?" The specifics depend on the type of mortgage you choose, but here are the general factors any mortgage lender will look at when evaluating your application.
Credit Score
Your credit score plays a significant role in the type of mortgage you qualify for and the interest rate you're offered. If you're not sure where your credit stands, SECNY members can use Credit Sense to check their score and get personalized improvement recommendations at no cost.
Down Payment
The down payment is the upfront portion of the home's purchase price that you pay out of pocket. With SECNY's first time home buyer program, the minimum down payment is 5% of the purchase price.
Stable Income and Employment History
Lenders want to see that you have a reliable source of income that's likely to continue. Most mortgage programs look for at least two years of consistent employment or income history.
Debt-to-Income Ratio
Your debt-to-income ratio (DTI) compares your total monthly debt payments to your gross monthly income. If you have car payments, student loans, or credit card balances, those will factor into this number. Reducing existing debt before you apply can strengthen your position considerably.
Homebuyer Education Course
SECNY's first time home buyer program requires completion of a homebuyer education course, which is offered for free. This course, offered through our financial literacy partner, covers the fundamentals of the mortgage process, budgeting for homeownership, and what to expect at closing. Many state and federal down payment assistance programs also require a homebuyer education certificate, so completing this step early can open additional doors for you.
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 First Time Home Buyer Loan
When you're buying a home for the first time, where you get your mortgage matters. 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.
SECNY's mortgage professionals are deeply rooted in Central New York. They understand the Syracuse-area housing market, including the neighborhoods, the price ranges, and the nuances that a national lender simply won't know. When you call with a question, you get someone who actually knows the community you're joining.
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.
