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 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.

For a Limited Time:

The 2024 Homebuyer Dream Program™ and the inaugural 2024 Homebuyer Dream Program™ Plus are underway. These limited-time grant programs are available to first-time homebuyers.

Learn More

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
  • 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 Department3508 W Genesee St, Fairmount NY 13219Call (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 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. 

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 Zogo. 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 Zogo. Certain credit and other conditions may apply.

3 Contact SECNY for cancellation requirements.