What are the requirements for a First-Time Homebuyers Loan?
If you've never owned a home or haven't owned a home in the past three years, you are a first-time homebuyer.
Perks of getting your first mortgage here
Your Credit Union gives you step-by-step help whether you come in or call us. Our 5-year Adjustable Rate Mortgage (ARM) with a maximum term of 30 years has competitive rates and requires no private mortgage insurance.
We make financing your home affordable
Financing is available for up to 100% of the purchase price with a maximum loan amount of $500,000. Plus, you may be eligible for up to $2,000 in additional financing to help with closing costs. There are no application fees or credit report fees for you to pay.
Subject to approval. Mortgages are available for properties located in NC, SC, TN, VA and GA. For mortgages on primary residences, you must reside in North Carolina or bordering states to be eligible.
Use our mortgage calculators if you want to figure out how much home you can afford or if you want to calculate a mortgage payment.
Mortgage loan processing costs
Costs or fees may arise during the mortgage loan process. When you apply, your Credit Union loan officer will provide a loan estimate of all settlement costs involved with the mortgage process. Those costs include:
- Appraisal fee
- Origination fee
- Attorney fees
- Recording fees
- Title insurance
- Survey
- Pest inspection (not typically required)
Taxes and insurance are not included in the monthly mortgage payment estimates. Be sure to factor those increased costs into your actual monthly payment. The origination fee is 1% of the loan amount with a cap of $2,500. The initial interest rate for our ARM loans is set by the LGFCU Board of Directors and is subject to change daily.
I was in a bad rental situation and decided it was time to buy a house. I didn’t know how much house I could afford or what my payments would be. I turned to the Credit Union for help. After our meetings and phone conversations, I walked away very satisfied.
Down payment assistance and incentive programs
You may be eligible for additional cost-saving help with special mortgage programs.
The Mortgage Credit Certificate, offered through the North Carolina Housing Finance Agency, helps reduce the tax liability for members buying a first home.
Another program, the Federal Home Loan Bank of Atlanta (FHLBA) First-time Homebuyer Program, provides grants to help first-time homebuyers — but only for those applying for an LGFCU Adjustable Rate Mortgage (ARM). This special program cannot be used with the LGFCU First-Time Homebuyers Loan.
To see a side-by-side comparison of loans and incentive program features, get more details at ARM Loans. Work with your loan officer and consult your tax advisor to compare which combination of products and programs will reduce the costs of homeownership and work best for you.
Your resources: Loan Information Checklist and Home Loan Toolkit
The FHLBA First-Time Homebuyer Product is available only through our ARM products and cannot be used with the LGFCU First-time Homebuyers Loan. Mortgage loans are subject to approval. Greater than 90% loan-to-value limited to maximum financing of $500,000. Mortgages are available for properties located in NC, SC, GA, TN or VA. For mortgages on primary residences, members must reside in NC or bordering states to be eligible.
