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.

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 Senior Mortgage Officer

NMLS#: 22486

JESSICA SCHOEN

Senior Mortgage Officer

I have many years of experience working with first time home borrowers so you can be confident I’ll help you find the mortgage loan best suited to your individual needs.

Matt Bannan

NMLS#: 404022

MATTHEW BANNAN

Senior Mortgage Officer

Home financing is one of the biggest decisions you will make. I’m here to answer your questions, find the right loan for your situation, and make the process as anxiety-free as possible.

Stephanie Cabrera - Mortgage Loan Officer

NMLS# 1762372

STEPHANIE BARONE

Mortgage Loan Officer

As a bilingual Mortgage Officer, I’m here to provide exceptional service to borrowers in English and Spanish. You can expect friendly and professional service as you purchase your home.

Scott McNally

NMLS# 1841508

SCOTT MCNALLY

Mortgage Loan Officer

Financing a home doesn’t need to be stressful. I’m here to help you find the right loan. Whether this is your first home purchase, an investment property or a refinance, I will ensure your mortgage process runs efficiently and smoothly.

Jeffrey Shields Mortgage Officer

NMLS# 1466211

Jeffrey Shields

Mortgage Loan Officer

Known for outstanding service, you can count on me to look out for your interests and keep you informed throughout the mortgage process. I strive to make borrowers feel at ease and get to their goal of homeownership.

NMLS# 1762372

Mike Bartolone

Mortgage Loan Officer

I enjoy working with clients to help their homeownership dreams come true.  From buying your first home, the home of your dreams, or a vacation property I will work with you to find the best loan for your specific needs.

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!

Mortgage Purchase Rates*

TermRateAPRPoints
30 Year Fixed3.125%3.171%0.000%
20 Year Fixed3.000%3.065%0.000%
15 Year Fixed2.500%2.581%0.000%
*These rate charts are as of 9/17/2021 based on a $250,000, 80% LTV loan amount with escrows, 740 FICO and 60 day lock period. 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.

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


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 $50

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 $50.

Magnifying glass on white house with red roof

First-time Homebuyer Dream Grant

TEG Federal Credit Union is excited to participate in the 2021 Homebuyer Dream Program which offers eligible first time home buyers up to $10,000 ($9,500 for down payment and/or closing costs and $500 towards the defrayment of homeownership counseling costs) for the purchase of their first home.

This grant program is through the Federal Home Loan Bank of New York and will become available on May 3rd, 2021 with a limited number of grants available. Funds are available on first-come, first-served basis. Income restrictions apply.

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