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.
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 Fixed||3.500%||3.548%||0.000%|
|20 Year Fixed||3.375%||3.441%||0.000%|
|15 Year Fixed||2.875%||2.958%||0.000%|
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.
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.