SAVING FOR A HOME
If you dream of owning your own home, now is a great time to take your first steps.
Saving for a Home
Thinking about buying a home? It can feel both exciting and daunting. But the sooner you start saving, the smoother the journey will be.
How much will you need?
Most people aim for a down payment of 10–20% of the home’s price. Check out our First Time Homebuyer and Community Contributor programs for options that require 3% or less for certain buyers. Even with a smaller down payment, you’ll also want to save for closing costs (usually 2–5% of the price) and a little cushion for moving expenses or early repairs.
Set a realistic goal
Look at home prices in areas you’re considering and estimate your savings target. For example, if you're aiming for a $250,000 home, a 10% down payment would be $25,000. Break it into monthly or weekly savings goals to make it feel more doable.
Open a dedicated savings
You can add a separate account (under your same member number) for saving toward your future home. Set up recurring transfers from your checking account to make it automatic. Check out our savings options to choose the best account type for your goal.
Boost it
Consider putting away tax refunds, work bonuses, or gig income into your savings account to reach your goal even faster.
Saving for a home takes time, but every dollar brings you closer to crossing that threshold. Start now, and let us help you build a plan that makes homeownership feel possible. It may be sooner than you think.
First Time Homebuyer Tips
- Determine how much you will need for a down payment
- Set a realistic goal
- Get preapproved
- Open a dedicated savings account
- Boost your savings to reach your goals faster
Tools and Resources
First Time Homebuyers
Community Contributor Loan
Savings Options
First Time Home Buyer Mortgage
You've got plans for your future. We have the tools to get you there. If they involve buying a home for the very first time then we want your first impression of the experience to be a good one. That's why we offer the First Time Home Buyer Loan1.Apply online today for a fast and easy approval process or schedule a phone appointment with our mortgage experts.
What are the benefits?
- Up to 100% Financing2 (0% down payment)
- No private mortgage insurance3 (PMI)
- No Origination Fees or Lender Closing Costs4
Good to Know: What do these benefits mean?
100% financing means that the Credit Union will provide you up to 100% of the loan you are applying for OR essentially putting ZERO down payment towards the home.*
Private Mortgage Insurance, or PMI,* adds an extra monthly bill to homeowners who do not possess at least 20% equity in their home (you have paid in at least 20% of the house value). However, we waive this fee entirely, saving years of monthly payments and thousands of dollars.
We also waive origination fees (a fee to complete your loan transaction) and the appraisal fee (The process of valuing the home as a result of evaluating the neighborhood and its amenities by an authorized person: the appraiser).
*First-time Homebuyer Home Loan program available to members with no homeownership within past three years. Valid only on single family, 1-4 story condo and townhome unit owner-occupied properties. Maximum 97% LTV for condo; all loans require escrow for property taxes, homeowners insurance, PMI, and flood insurance, if applicable. No lender closing costs; member is responsible for all title/recording fees, escrow reserve, and initial interest. All loans subject to approval. Membership eligibility required. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
Private Mortgage Insurance, or PMI,* adds an extra monthly bill to homeowners who do not possess at least 20% equity in their home (you have paid in at least 20% of the house value). However, we waive this fee entirely, saving years of monthly payments and thousands of dollars.
We also waive origination fees (a fee to complete your loan transaction) and the appraisal fee (The process of valuing the home as a result of evaluating the neighborhood and its amenities by an authorized person: the appraiser).
*First-time Homebuyer Home Loan program available to members with no homeownership within past three years. Valid only on single family, 1-4 story condo and townhome unit owner-occupied properties. Maximum 97% LTV for condo; all loans require escrow for property taxes, homeowners insurance, PMI, and flood insurance, if applicable. No lender closing costs; member is responsible for all title/recording fees, escrow reserve, and initial interest. All loans subject to approval. Membership eligibility required. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
Financial Wellness Resources
Here are some tips to getting started on your journey to homeownership.
Is now really the right time to buy a home? Ask yourself these five questions to find out!
Thinking about buying a home? This is a great place to start!