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No Down Payment Mortgage

100% Financing = 100% Possible

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Having trouble coming up with a down payment on your mortgage? Or, maybe you'd rather save your cash for the other expenses of buying a home. At Members First Credit Union, we realize that coming up with a hefty down payment can be the first barrier to realizing home ownership. We've lifted that barrier with our No Down Payment Mortgage Package... now you can afford a home.

If you have any questions or would prefer to complete a printed application, please contact a mortgage representative by email or phone at (800) 860-3832 or (603) 622-8781, ext 770.

The Fine Print

The mortgage loan application process requires a credit report fee of $25.00. This fee is non-refundable. In addition the appraisal fee will be collected from you once your loan has been approved.  This fee is also non-refundable. The No Down Payment Mortgage is made up of a first mortgage equal to 80% of the purchase price, and a second mortgage in the amount of 20% of the purchase price.  In no event shall the total of the 2 loans exceed the purchase price or appraised value, whichever is less.  An escrow account for property taxes, homeowners insurance and flood insurance (if required) will be established at closing.  Homeowners insurance is required.  All Borrowers on the loan must be owners of the property.  Only 1-2 Unit Primary Residences are permitted.  Rates and terms for the loans vary, and are based on your credit history.  Applicants must meet all program criteria including but not limited to income, monthly debts, credit history and assets to be eligible.  Minimum credit score of 660 for all borrowers is required.