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First-Time Homebuyers

First-Time Homebuyers

Tips to get you started on the journey to homeownership

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Start the approval process online, or reach out to us in one of the following ways:

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Welcome home!

If you are considering buying your first home, now is the time. Get everything you want in a home with an affordable no money down option from TDECU Mortgage. Plus, our professional mortgage loan experts make it quick and easy with fast closings and helpful guidance every step of the way.

  • Competitive rates
  • No money down options
  • Flexible terms for lower monthly payments
  • Fast closings
  • Special discounts for first responders, veterans and educators

You now have every reason to start living your dream of home ownership.

Selecting the right home loan for you

One of the most important steps in buying a home is choosing the right mortgage. We offer a range of TDECU exclusive loans to fit your unique needs.

 

Conforming 30-Year Fixed

This loan type is the most common, with a fixed interest rate and payments spread over 30 years. Even if rates rise, your payment will remain the same.

6.75%

Interest Rate

6.88%

APR1

30 year

Term

 

FHA 30-Year Fixed

A loan insured by the Federal Housing Administration for low- to moderate-income home buyers with low down payments and lower credit score requirements.

6.38%

Interest Rate

7.95%

APR1

30 Year

Term

 

Easy in 30 Purchase Fixed

A 30-year fixed rate loan with no down payment requirements.

7.50%

Interest Rate

7.59%

APR1

30 year

Term

Conventional loan options

Conforming 15-Year Fixed

A fixed-rate loan with payments spread over 15 years. You pay more each month, but you build equity quickly and spend less in interest over the life of the loan.

Interest Rate

6.25%

APR

6.45%

Condominium 10/1 ARM

An adjustable rate condominium loan that offers a fixed rate for the first 10 years of the loan term.

Interest Rate

7.25%

APR

7.38%

Amount

Starting at $85,000

Government Loans

FHA 30-Year Fixed

A loan insured by the Federal Housing Administration for low- to moderate-income home buyers with low down payments and lower credit score requirements.

Interest Rate

6.38%

APR

7.95%

VA 30-Year Fixed

A low-interest rate loan guaranteed by the Veterans Administration for veterans and active service members. Benefits include relaxed credit requirements, no or low down payment, and no private mortgage insurance.

Interest Rate

6.38%

APR

6.73%

The Home-Buying Process

Let’s start with an overview of the major steps of applying for a home loan.

Compare Rates and Loans

Use our rates chart and calculator tools to determine the best loan for you.

Get Pre-Qualified

Find out how much you’re pre-approved to borrow. Fill out the application online and get a decision within days.

Find a Home

Now that you know how much you can borrow, start looking for houses in your price range.

Submit Application

When you find the right home, submit your loan application. Your pre-qualification is good for 90 days.

Tips to avoid paying closing costs

Closing costs can be a major expense on top of your down payment, often totaling thousands of dollars. These additional fees can include appraisals, inspections, loan processing fees, and title searches. Here are some ways to help you cut down your closing costs.

Negotiate with the seller

If the seller is motivated to see the deal go through, you may be able to negotiate with them to pay the closing costs. 

Check with HUD

Your local office of Housing and Urban Development might be able to provide assistance.

Talk to a Mortgage Loan Advisor

Credit unions like TDECU have a range of home loan options to minimize closing costs.

What to expect when buying a home

Ever wonder what happens in the 30 days between applying for a loan and closing on a house? Download our Home Financing Roadmap to discover what happens during each step of the process.

Download Now

Ready to get started?

We are ready for you! Start the approval process online, or reach out to us in one of the following ways: 

1 APR = Annual Percentage Rate

Prices shown are subject to change daily with market conditions. Rate provided may include up to 1 discount point, loan amount of $350,000, owner-occupied, single-family 1 unit dwelling, 80% loan-to-value, FICO score of 740+, and applicable product loan type(s). Standard origination fees may apply. Your actual qualifying rate, APR (annual percentage rate), and term may vary based on your unique credit rating, combined loan-to-value percentage based on verified and acceptable home value, final loan amount, and other qualifying factors. Rates and terms are subject to change without prior notice; other restrictions may apply. Adjustable-Rate Mortgages (ARM) are variable, and your rate may increase after the original fixed-rate period. Terms of repayment example: A $350,000 loan with a 30-year term at 6.715% APR with 20% down payment equals a $1,809.57 monthly payment. Taxes and insurance not included, your actual payment obligation will be higher. Contact TDECU Mortgage for additional information and loan criteria. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. Other restrictions and limitations apply. For additional terms and programs, please call (877) 774-2657.

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