First Time Homebuyer
HomeSweetHome
HomeSweetHome is a premier mortgage program offering an affordable, low, down payment financing solution tailored specifically for first-time homebuyers. With HomeSweetHome, achieve your dream of homeownership without breaking the bank. Let us guide you through the process and secure your path to your new home sweet home!
Let CRFCU help you achieve the dream of Homeownership!
Key Program Benefits
- As little as 3% Down Payment
- Up to 6% in Seller Concessions
- Reduced PMI
- Affordable Interest Rates
- No Points
- Loan Terms up to 30 Years
Get started today by clicking the button below
Leaving the Community Resource FCU Website
You will be linking to another website not owned or operated by Community Resource FCU. Community Resource FCU is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by Community Resource FCU of any information in any hyperlinked site. We encourage you to review their privacy and security policies which may differ from Community Resource FCU. If you “Proceed”, the link will open in a new window.
Key Program Requirements
- Loan to be Retained in Portfolio by Credit Union
- For Borrowers At or Below Area Median Income Limit
- One or More Borrowers Must Be a First-Time Homebuyer
- Homebuyer Education Course Required
- Mandatory Escrow for Taxes & Insurance
- Financing for 1-2 Unit Primary Residence
- 660 Minimum Credit Score
- 43% Maximum DTI
First Time Homebuyer – HomeSweetHome
| Product Eligibility Matrix | . |
|---|---|
| Portfolio Status | Retained *Some loans may be non-saleable |
| Borrower Eligibility | One or more borrowers must be first-time homebuyers (A first time homebuyer defined as a borrower that has not owned a home in the last 3 years) |
| Income Limits | Combined borrower income not to exceed the Area Median Income ami-lookup-tool.fanniemae.com |
| Homebuyer Education | Homebuyer education required for all borrowers www.fanniemae.com |
| Loan Purpose | Purchase |
| Occupancy | Primary Residence |
| Loan Amount | Up to conforming loan limit singlefamily.fanniemae.com |
| Property Eligibility | 1 to 2 Units, Condominiums, Double-Wide Manufactured Homes |
| Loan Term | Fixed Rate, up to 30 Years |
| Loan to Value Ratio's | Maximum 97% LTV for Single Family and Condo's Maximum 95% LTV for 2 Unit and Manufactured Homes Maximum 105% CLTV *Exceptions may be made by the credit union |
| Credit Score | Minimum 660 *Exceptions may be made by the credit union |
| Qualifying Ratio's | Maximum 43% *Exceptions may be made by the credit union |
| Escrow | Mandatory escrow account for taxes and insurance |
| Pricing | Loan level pricing adjustments waived |
| PMI | Available if seller concessions do not exceed 3% |
| Automatic Payments | Fully executed ACH authorization required prior to closing |
Leaving the Community Resource FCU Website
You will be linking to another website not owned or operated by Community Resource FCU. Community Resource FCU is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by Community Resource FCU of any information in any hyperlinked site. We encourage you to review their privacy and security policies which may differ from Community Resource FCU. If you “Proceed”, the link will open in a new window.
Leaving the Community Resource FCU Website
You will be linking to another website not owned or operated by Community Resource FCU. Community Resource FCU is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by Community Resource FCU of any information in any hyperlinked site. We encourage you to review their privacy and security policies which may differ from Community Resource FCU. If you “Proceed”, the link will open in a new window.
Leaving the Community Resource FCU Website
You will be linking to another website not owned or operated by Community Resource FCU. Community Resource FCU is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by Community Resource FCU of any information in any hyperlinked site. We encourage you to review their privacy and security policies which may differ from Community Resource FCU. If you “Proceed”, the link will open in a new window.