First Time Home Buyers

It's a big move. We're happy to help you make it.

Choosing your first house can be fun. The whole financing thing? Yeah, that can be a head-scratcher. (No, you're not the first person who thought "escrow" was a rare bird species.) The good news is that at First Peoples, we're here to hold your hand, explain all the lingo, and get you a mortgage that features financial advantages for first-time home buyers just like you.
  • Competitive rates and low closing costs
  • Friendly one-on-one assistance from an experienced lending professional
  • Finance up to 103% of your home purchase (the lesser of sales price or appraised value). This allows you to roll some, if not all, of your closing costs into your loan.
  • Maximum loan amount (in most areas) $150,000, some restrictions apply
  • Must be a single unit, primary residence
  • Borrower and/or co-borrower have not owned any form of real estate in the past
    Must have at least three trade lines on credit report, the oldest of which is at least three years old
  • Escrow of taxes and insurance required
  • All other internal underwriting requirements apply
First Peoples Community FCU partners with Banzai to provide free financial education  to our members and communities. Click below for a library of articles, calculators and simulations to help guide you through the home buying process.

How do I start the application?

There are several ways you can apply. You can fill out a mortgage pre-qualification application online, call 301.784.3000 and speak with one of our Member Connection Center representatives, or you can walk into any of our convenient locations and apply in person. After you apply, one of our Mortgage Specialists will reach out to you.

How much are closing costs?

This number varies and may be different for each member depending on credit score, loan amount and loan to value (LTV). Our mortgage specialists will be able to give you more information as to what these numbers will be. 

What does ARM mean?

An ARM is an Adjustable Rate Mortgage and refers to when the payment will stay the same for a specific number of years, and adjust yearly after the initial term is over.

Do you offer FHA or USDA loans?

Not at this time, however, we do offer a variety of other products to meet your needs including conventional mortgages, VA mortgages and Home Equity products. We urge you to speak to a mortgage representative to talk through the benefits of all programs to find the right fit for your specific needs.

What is PMI? Will it apply to my loan?

PMI stands for Private Mortgage Insurance. Typically you must have PMI with any loan where more than 80% of the selling price is financed. If you qualify under the First Time Home Buyer Program, you will NOT be required to have PMI.

Can I qualify for any other assistance?  

It is possible that you may qualify for a “grant”. We work with several different agencies, and as long as their guidelines are met, we may be able to help you receive additional assistance. Some of these programs require you to have some funds to contribute at the time of settlement.

Fill out the Mortgage Pre-Qualification & Pre-Authorization form to get the ball rolling! This form gives our team of mortgage professionals the information they need to get you headed in the right direction. After form completion, stay tuned for a follow up call from us!

First Peoples Community Federal Credit Union is a full-service financial institution with branches in Maryland, Pennsylvania and West Virginia.

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