Community Resource Federal Credit Union
Community Resource Federal Credit Union

First Time Homebuyer

HomeSweetHome

HomeSweetHome is a turn-key mortgage program that allows an affordable, low down payment financing option first-time homebuyers!

    Help your members 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 click the button below

      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 StatusRetained
      *Some loans may be non-saleable
      Borrower EligibilityOne 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 LimitsCombined borrower income not to exceed the Area Median Income
      ami-lookup-tool.fanniemae.com
      Homebuyer EducationHomebuyer education required for all borrowers
      www.fanniemae.com
      Loan PurposePurchase
      OccupancyPrimary Residence
      Loan AmountUp to conforming loan limit
      singlefamily.fanniemae.com
      Property Eligibility1 to 2 Units, Condominiums, Double-Wide Manufactured Homes
      Loan TermFixed Rate, up to 30 Years
      Loan to Value Ratio'sMaximum 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 ScoreMinimum 660
      *Exceptions may be made by the credit union
      Qualifying Ratio'sMaximum 43%
      *Exceptions may be made by the credit union
      EscrowMandatory escrow account for taxes and insurance
      PricingLoan level pricing adjustments waived
      PMIAvailable if seller concessions do not exceed 3%
      Automatic PaymentsFully executed ACH authorization required prior to closing