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First-Time Homebuyer Loans

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Buying a home is a major decision and an exciting milestone, but the process can be scary, especially for First-Time Homebuyers. You’re bound to have questions. At TEG Federal Credit Union, our team has the expertise to guide you every step of the way to make the complicated process easier. Come talk to us and let’s find the home loan to make your dream a reality.

Competitive low rates

Flexible terms

Low closing costs with no hidden fees

Helpful programs

Start your homebuying journey with tools and resources to help you better understand the mortgage process.

Not sure where to start? Our Mortgage loan officers are here to help.

Select a mortgage officer and submit your application. We will estimate how much you can borrow, your interest rate and the monthly payment that you should qualify for.

Our mortgage specialists will help make getting a mortgage feel less difficult by discussing what to expect during the homebuying process. Our mortgage experts will discuss what to expect during the home-buying process, including:

Factors that will affect buying a home

What lenders look for in a borrower

Choosing the mortgage that’s best for you

The Homebuyer Dream Program

Step-by-step tips

08
07
Free Homebuyer Webinar
5:30 pm

Conventional Mortgage & Refinance Rates

Mortgage TypeRateAPRPoints
30 Year Fixed6.375%6.513%0.875%
20 Year Fixed6.250%6.399%0.625%
15 Year Fixed6.125%6.371%1%

APR = Annual Percentage Rate. Rates effective as of 07/23/2024. All loans are subject to approval. APR assumes a $300,000 loan amount with escrows a FICO score of 760 or higher for a loan for an owner-occupied (primary residence), single-family dwelling in New York State with a loan-to-value ratio of 75% or less, and no cash-out.

For example, a 30-year, $300,000 conforming mortgage with a fixed APR of 6.513% has an approximate payment amount of $1,871.61. Real estate taxes, insurance, and private mortgage insurance (if applicable) are not included; therefore the actual payment obligation will be greater. Your rate may vary based on your creditworthiness, loan amount, purpose, property type, occupancy, LTV, lock period, and other credit characteristics.

All rates and terms are subject to change without notice. No rate is guaranteed without a valid rate lock. A point is equal to 1% of the loan amount’s balance. Private mortgage insurance (PMI) is required on mortgages that exceed 75% loan-to-value (LTV). When refinancing, the maximum loan-to-value is 80% if you take cash out. Contact a TEG Mortgage Officer for further details. Other terms and conditions may apply.

Adjustable-Rate Mortgage (ARM) Rates

Mortgage TypeRateAPRPointsFirst CapSubsequent CapLifetime Cap
5/6 SOFR ARM5.625%6.969%1.000%+/- 2.00%+/- 1.00%+/- 5.00%
10/6 SOFR ARM5.875%6.614%1.000%+/- 5.00%+/- 1.00%+/- 5.00%

APR = Annual Percentage Rate. Rates effective as of 07/24/2024. All loans are subject to approval. APR assumes a $300,000 loan amount with a FICO score of 760 or higher for a loan for an owner-occupied (primary residence), single-family dwelling in New York State with a loan-to-value ratio of 75% or less. Rates on 5/6 ARMs are fixed for the first five years and subsequently subject to change bi-annually. Rates on 10/6 ARMS are fixed for the first ten years and subsequently subject to change bi-annually.

For example, a 5/6 ARM at a fixed initial interest APR of 6.969% would initially be $2,123.38 or a 10/6 ARM at a fixed initial interest APR of 6.614%, would initially be $1,774.61, with each loan adjusting every six months after the initial term based on an index and margin. Real estate taxes, insurance, and private mortgage insurance (if applicable) are not included; therefore, the actual payment obligation will be greater. After the initial fixed term, rates will adjust based on the index, Secured Overnight Financing Rate (SOFR), and a margin. Your rate may vary based on your creditworthiness, loan amount, purpose, LTV, lock period, and other credit characteristics.

All rates and terms are subject to change without notice. No rate is guaranteed without a valid rate lock. A point is equal to 1% of the loan amount’s balance. Private mortgage insurance (PMI) is required on mortgages that exceed 80% loan-to-value (LTV). Contact a TEG Mortgage Officer for further details. Other terms and conditions may apply.

Download “The Comprehensive Guide to Finding, Buying an Financing a Home”, to provide you with the knowledge you need to start on the path to homeownership. Buying a home doesn’t have to be scary. 

Discover everything you need to know to help you buy a place you love – with a payment you can afford.

Get your Homebuying Guide

Darren Dibenedetto

Senior Mortgage Officer

NMLS# 404038

Matthew Bannan

SENIOR MORTGAGE OFFICER

NMLS# 404022
Jeffrey Shields headshot

Jeffrey Shields

Mortgage Officer

NMLS# 1466211
Scott McNally headshot

Scott McNally

Mortgage Officer

NMLS# 1841508
Jessica Schoen headshot

Jessica Schoen

Senior Mortgage Officer

NMLS# 22486
quote mark

Jeff was extremely knowledgeable about every aspect of our interaction. Whenever we had concerns, he was easily able to put our minds at ease. We recommend him to anyone looking for the best in the business. He truly was awesome.

Joe F.

First-Time Home Buyer FAQs

How much does my credit score matter as a First-Time Homebuyer?

If you want to pursue a First-Time Homebuyer loan such as an FHA loan, your credit doesn’t need to be flawless to get approved. Complete the application form and wait a few business days for a quick reply.

As a First-Time Homebuyer, do I need to make a down payment?

While some forms of financing do not require a down payment, supplying a small amount of money upfront can be an excellent way to lower interest rates and remove PMI (private mortgage insurance). Experts suggest putting at least 20% down, if possible.

What do I need to look out for as a First-Time Homebuyer?

Ensure that the mortgage lender you’re working with has your best interests in mind. Beware of terms that seem too good to be true or high-interest rates in return for ‘quick’ money. Protect your bottom line by thoroughly researching your options.

Have additional questions? See our full list of Mortgage FAQs here.

Find helpful articles, tools, and other great resources to help you with your homebuying journey.

Apply for a TEGFCU Mortgage

To apply for a mortgage, you must either be a current member or become a member before closing. Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY with an initial $5 deposit, as well as Members of the Dutchess County SPCA or Child Care Council of Dutchess and Putnam Inc which are headquartered in our field of membership. Also, if you are purchasing a primary residence in one of these counties you are eligible for membership.

Apply for a TEGFCU Mortgage

To apply for a mortgage, you must either be a current member or become a member before closing. Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY with an initial $5 deposit, as well as Members of the Dutchess County SPCA or Child Care Council of Dutchess and Putnam Inc which are headquartered in our field of membership. Also, if you are purchasing a primary residence in one of these counties you are eligible for membership.

The Homebuyer Dream Program® (HDP®) is a registered trademark of the Federal Home Loan Bank of New York (FHLBNY). The grant is a Federal Home Loan Bank of NY program and funding is subject to their approval. See credit union for additional program details.

We Do Business in Accordance with Federal Fair Lending Laws – Fair Housing Poster.

Home Mortgage Disclosure Act Notice – The HMDA data about our residential mortgage lending are available for review. The data show: Geographic distribution of loans and applications Ethnicity, race, sex, and income of applicants and borrowers Information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.

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