No Down Payment Mortgage
Not sure where your down payment is going to come from?
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At Members First, we're like little home loan champions - here to save the day! We're small enough to get to know you, which lets us make a big difference in your finances.
That's what inspired our No Down Payment Mortgage.* We heard from members who knew they could afford a mortgage payment; they just couldn't get over the hurdle of making a hefty down payment. So we designed a mortgage that let our members purchase their own home, even with no money down.
Whether you want to find out more or you're ready to apply now, we're here to help.
The Fine Print
*The No Down Payment Mortgage is made up of a first
mortgage equal to 80% of the purchase price, and a second mortgage equal to 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.
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