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First-Time Home Buyer Mortgages

Find your way home with help from SMCU

Buying a home will be one of the biggest investments of your life. It's exciting, it's a big step, and it can be a little intimidating. But with the San Mateo Credit Union mortgage team in your corner, you can look forward to your first night in your new home.

Our California mortgage experts are highly experienced and take pride in helping first time buyers get the financing that makes the most sense. We'll help you navigate the process from beginning to end, including getting you the loan that fits your needs.
 
Loan type Basic details
Lowest Down Payment SMCU offers down payments as low as:
  • 3% on loan amounts up to $484,350
  • 5% on loan amounts up to $1 million
  • 10% on loan amounts up to $1.5 million
  • 25% on loan amounts up to $3.5 million
No-Cost ARM Allows you to roll your closing costs into a slightly higher mortgage rate and maximize your down payment power.
40-year term ARM Get our 5/5, 7/1, or 10/1 ARMs for an optional 40-year term, making it easier to get into that first home by bringing down your monthly payment.
5/5 ARM Has an introductory rate for five years and then adjusts once every five years afterwards. Rate-wise, it's a good balance between a shorter-term ARM and a fixed-rate loan.
Other adjustable-rate options ARMs at SMCU have introductory periods of 3 to 10 years and can only shift by as much as 2% each time they re-price. And remember, rates can go up or down when they re-price. We'll explain your options carefully when we meet.
80/10/10 Package Available for any loan type, whether fixed or adjustable. Put 10% down on a first mortgage, then use an SMCU second mortgage for the other 10%, allowing you to avoid paying private mortgage insurance (PMI).


Ready to make your move?

Get in touch with our mortgage team by calling (650) 363-1799 or by contacting us. We're here to help make sure the buying process is everything you ever dreamed - just like your first home.
 
All mortgage loans through San Mateo Credit Union are for homes in California only. Adequate property insurance required for the life of the loan. Flood insurance may be required. All loans are subject to credit approval. Please speak with a Real Estate Representative for current rates and information on loan limits as additional conditions and restrictions may apply. San Mateo Credit Union NMLS #416747.

The no-cost adjustable-rate mortgage option covers all non-recurring closing costs, is available on 30-year ARM terms only, and requires a minimum loan amount of $200,000.
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