First Time Homebuyer Program
With the exclusive Financial Plus First Time Homebuyer Program*, you choose one of the below options:
- Option 1: FPCU discounts your processing fee AND you receive a .25% discount on the interest rate of your mortgage**
- Option 2: FPCU discounts your processing fee AND pays $500 or $750 of the closing costs based on the loan amount**
What First Time Homebuyers Need to Consider:
There is much more that goes into buying a house than just your mortgage. If this is your first time purchasing real estate for yourself or your family, be aware of the various financial factors and how they impact your final purchase price and monthly payment.
The down payment you provide for a home both secures your property and protects it against additional interest charges. Down payments fluctuate widely between buyer goals, loan types, and term lengths. Generally, the minimum down payment is only 3% but, everyone's minimum down payment may vary based on their situation.
Closing Costs & Prepaids
The fees associated with transferring homeownership, as well as completing the sale of a home, are known as closing costs. Although the name suggests they might be an afterthought, you should factor in that closing costs average between 3% to 5% of your total loan. Ensure you have the additional funds to cover closing costs at the time of purchase.
Prepaids are payments made in advance; due to obtain the mortgage (i.e. Homeowners Insurance, etc). Please note the FAQs below for further details.
Ready to apply for a mortgage?
Applying is easy. Select "Apply Online" below and "Create Account" to get started.
What to expect during your mortgage application:
If you currently have a Consumer Connect Mortgage account, you will be asked to log in. If you do not have a Consumer Connect Mortgage account, you will need to create one to start your mortgage application.
You may find it helpful to gather the following items before you begin:
- Information about your existing mortgage loan (if applicable)
- Pay stubs or recent tax returns to reference current income
- Bank statements and retirement account balances for assets
Once your application is submitted, you will receive a confirmation email from our team. A Financial Plus mortgage expert will get in touch to review next steps within 1 business day.
Conventional Fixed Rate
Lock in your rate for the entire term of the mortgage. Great for just about any buyer!
Federal Housing Administration (FHA)
Helping borrowers in less-than-perfect financial situation buy homes.
We offer more options like Jumbo, Rural Development (RD), MSHDA, and Vacant Land loans.
Meet Our Mortgage Experts
Manage your loan with eStatus Connect
Use eStatus Connect within your digital banking to make payments and view:
- Payment due date
- Payment history
- Current loan balances
- Previous and current year-to-date totals
- Upcoming interest and escrow changes
Conventional Fixed Rate
A fixed-rate mortgage comes with an interest rate that won't change for the life of your home loan. Monthly principal and interest payments on a conventional fixed-rate mortgage remain the same for the life of the loan making it an attractive option for borrowers who plan to stay in their home for several years.
Benefits and considerations:
- No interest rate surprises - the interest rate won't change for the life of your loan, protecting you from the possibility of rising interest rates
- The lowest fixed rate - Conventional mortgages may offer a lower interest rate than other types of fixed-rate loans
- Refinancing options available - Conventional fixed-rate mortgages are available for refinancing your existing mortgage, too - and 15- and 20-year options are especially popular.
A jumbo loan is for someone financing a home in a highly competitive real estate market, exceeding conventional loan limit of $548,250 for a single-family home in Michigan. Jumbo loans come with different underwriting requirements versus a conventional loan and tax implications (see your tax advisor).
Federal Housing Administration (FHA)
This program is designed to help borrowers in less-than-perfect financial situation buy homes. This program is especially useful for first-time homebuyers who may not have a lot for down payment. This also provides opportunities for refinancing.
Michigan State Housing Development Authority (MSHDA)
MSHDA loans are available to first-time homebuyers state-wide and repeat homebuyers in targeted areas. All homebuyers work directly with a participating lender. Household income limits apply and can vary depending on family size and property location. Down payment assistance is available.
- Sales price limit: $224,500
- Minimum credit score of 640 required or 660 for multiple-section manufactured homes
Rural Development (RD)
A rural development loan is a low interest, fixed-rate loan provided to qualified persons directly by USDA Rural Development. Financing is offered at fixed-rates and terms through a loan from a private financial institution and guaranteed by USDA Rural Development for qualified persons.
When choosing to build, it's common that the land must be purchased before building the home. Vacant Land loans from Financial Plus provide the financing to do just that.
A Vacant Land loan is a great choice for future home builders who:
- Have a plan, but may not want to jump right into building a home immediately
- Have a building project that may be scheduled out a year or so in advance
Solutions for every aspect of life
Mortgage Loan Officers and NMLS Numbers:
Financial Plus Credit Union - NMLS License #586579
Rachelle Kippe - NMLS ID #423273
Brooke Taylor-Huey - NMLS #642942
Rosemary Boan - NMLS #1531295
Sherrie Dalton - NMLS #629441
Derek Lewis- NMLS #2335785
Layne Noble - NMLS #1866821
*A First Time Home Buyer is anyone who has not previously owned a home and is purchasing their first home. To qualify for the program, the following criteria must be met with your Financial Plus member account: Checking Account, a Financial Plus Debit Card, established direct deposit with sign-up for automatic payment from your Financial Plus account. Some restrictions may apply. This program cannot be combined with any other offer or promotion.
**$500 off for loan amounts below $50,000. $750 off for loan amounts $50,000 and greater.
Rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions. All loans subject to approval. See Credit Union for full details.
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