First Time Homebuyer

First Time Homebuyer Loan Options

First Time Homebuyer: 1 Program, 2 Great Options!

Making the move to your first home is exciting! Often, that excitement can turn in to 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
  • 0.25% Rate Discount on Any Term with Relationship Pricing
  • 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
  • Homebuyer Privileges®- savings and shopping discounts

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
  • Homebuyer Privileges®- savings and shopping discounts

Let's Talk About How This All Applies To You Personally.View Mortgage Rates   Let's Talk About Your Options

SECNY Mortgage Department2235 Downer Street Baldwinsville, NY 13027Call (315) 638-7061 or email [email protected]NMLS # 402177

Saturday Appointments AvailableContact 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 3% 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

  • We Don't Have 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. 

Open an Account Online

 

1 Option 1: Relationship pricing requires SECNY checking account with e-statements and direct deposit. Requires auto pay from a SECNY account. Member must complete a FREE online Homebuyer Education course through SECNY via our financial literacy partner Banzai. Certain credit and other conditions may apply.

2 Option 2: Closing costs paid by the credit union:
• Appraisal fee
• Credit report fee
• Flood determination fee
• Mortgage tax
• Deed & mortgage recording fee
• Bank attorney fee
• Title insurance
• Application fee
Additional fees may apply at the responsibility of the borrower. Relationship pricing requires SECNY checking account with e-statements and direct deposit. Requires auto pay from a SECNY account. Member must complete a FREE online Homebuyer Education course through SECNY via our financial literacy partner Banzai. Certain credit and other conditions may apply.

3 Contact SECNY for cancellation requirements.