Join us virtually on Wednesday, 6/7/23 at 5:30 pm

Our Mortgage experts will discuss what to expect during the home-buying process.

  • Factors that will affect buying a home
  • What lenders look for in a borrower
  • Choosing the mortgage best for you
  • The Homebuyer Dream Program
  • Step-by-step tips
  • And more

First-Time Home Buyer

Securing your first home is an exciting opportunity to start something wonderful. Maximize the good with a mortgage loan from TEG for your first home.

First-time home buyer loans provide a way of obtaining homeownership that gives everyone an equal start towards fulfilling dreams. By leveraging low-interest rates and flexible term lengths your new home is within reach!

  • Low Rates

TEG offers the competitive rates that you need to make your new home affordable.

  • Flexible Terms

Talk to us about your needs, and let’s find you the loan with the best fit for your situation.

  • Low Closing Costs

Compare our closing cost to other lenders.  You won’t find extra, hidden junk fees at TEG.

  • Helpful Programs

We can connect you with a variety of programs to help you buy your first home.

Talk to us about your needs, and let’s find you the loan with the best fit for your situation.

Meet Our Mortgage Loan Officers

We are here to help you secure the loan approval you need! With an extensive background in mortgage lending, we are committed to helping you find the best possible financial solution. APPLY TODAY with one of our Mortgage Officers.

Jessica Schoen - Mortgage Loan Officer at TEGFCU

Sr. Mortgage

Loan Officer

NMLS# 22486

Matthew Bannon - Mortgage Loan Officer at TEGFCU

Sr. Mortgage

Loan Officer

NMLS# 404022

Darren DiBenedetto Senior Mortgage Loan Officer at TEG Federal Credit Union

Sr. Mortgage

Loan Officer

NMLS# 404038

Scott McNally - Mortgage Loan Officer at TEGFCU


Loan Officer

NMLS# 1841508

Jeffrey Shields Mortgage Loan Officer at TEGFCU


Loan Officer

NMLS# 1466211

Get personalized, one-on-one service that is unequaled by other lenders.

Our Mortgage Loan Officers are here to help make the loan process as smooth as possible for you, and can help you:

• Compare your mortgage options
• Help you get pre-approved
• Complete your application
• Lock in your rate
• Get you to your closing with a smile

Our team has the expertise to walk you through these questions and more. We’ll start by getting to know you, then help you get you preapproved for the right loan so you know how much house you can afford. Our experienced staff will help you through the complicated mortgage process step by step.

From the moment you set a down payment to the instant you walk through your new front door, your first home should be as welcoming, fun, and carefree as possible. Low first-time home buyer rates with TEG FCU help you maximize your savings with each monthly payment. See for yourself below!

Today's Featured Conventional Mortgage & Refinance Rates*

30 Year Fixed6.875%6.931%0.000%
20 Year Fixed6.750%6.823%0.000%
15 Year Fixed6.500%6.589%0.000%
*These rate charts are as of 6/2/2023 based on a $300,000, This is based on 75 LTV, 740 FICO, $300,000 loan amount with escrows, 30 day lock. Your individual rate may vary based on loan amount, purpose, credit, LTV, lock period and other credit characteristics. Please note that mortgage interest rates may change several times a day in reaction to market movement.

Today's Featured Adjustable-Rate Mortgage (ARM) Rates*

Mortgage TypeRate as low asAPR as low asPointsFirst CapSubsequent CapLifetime Cap
5/6 ARM5.375%6.557%0.000%+/- 2.00%+/- 1.00%+/- 5.00%
10/6 ARM5.875%6.395%0.000%+/- 5.00%+/- 1.00%+/- 5.00%
*Effective date 6/2/2023. APR=Annual Percentage Rate. Advertised Rates are as low as and are based on an evaluation of credit history and down payment, so your rate may differ. All loans are subject to credit approval. All rates and terms are subject to change without notice. Contact a credit union employee for further details. Other terms and conditions may apply. 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.

interest rate calculator

First-Time Home Buyer Calculator: How Much Can I Afford?

Download our free guide

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.

TEG FCU Home Buying Guide

First-Time Home Buyer FAQ

Q: How much does my credit score matter as a first-time home buyer?
A: If you want to pursue a first-time home buyer loan such as an FHA loan, your credit doesn’t need to be flawless to get approved. Simply complete the application form and wait a few business days for a quick reply.

Q: As a first-time home buyer, do I need to make a down payment?
A: 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. Experts suggest putting at least 20% down, if possible.

Q: What do I need to look out for as a first-time home buyer?
A: Ensure that the mortgage lender you are 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. Do your due diligence in researching options to protect your bottom line.

Have more questions? See our full list of mortgage FAQs here.

Let Us Take a Second Look and Get $100

If you are pre-approved by another lender, TEGFCU would like the opportunity to provide you with our own pre-approval decision so that you can compare and to thank you for taking a second look, we will give you $100.

Magnifying glass on white house with red roof
First Time Homebuyer Loans - TEG Federal Credit Union

First-time Homebuyer Dream Grant

TEG Federal Credit Union is excited to participate in the Homebuyer Dream Program, which offers eligible first-time home buyers assistance to purchase their first home.

This grant program is through the Federal Home Loan Bank of New York. Funds are available on a first-come, first-served basis. Income restrictions apply. The program starts on March 27, 2023.

Important Tools & Information

Closing Costs

With NO extra junk fees, TEG keeps your closing costs low. Find your dream loan. Learn More about Closing Costs

APR Information

Everything you need to know about Annual Percentage Rates. Learn About APRs about APR Information

Finance Options

See your options with financing with TEGFCU Mortgage Center See the Options about Finance Options

Mortgage Calculators

See what matches your budget. Access the Calculators about Mortgage Calculators

Mortgage Glossary

A-Z Mortgage Terminology Read the Glossary about Mortgage Glossary

Mortgage FAQs

Have questions? We have answers. Get Answers about Mortgage FAQs

Home Loan Toolkit

Learn about your home loan. More Info about Home Loan Toolkit

Document Checklist

Have everything you need? Check this simple list. View the Checklist about Document Checklist