Harrisburg, PA (April 17, 2023) - PSECU, PA’s largest credit union, is proud to announce the launch of a new mortgage program for first-time homebuyers. Program features include:
“The introduction of this program aligns with the credit union philosophy of ‘people helping people’,” stated Jose Pascual, Head of Mortgage at PSECU. “Beyond that, it speaks to PSECU’s roots – our founders believed in creating a financial institution that would help build better lives for their members. We know that home ownership puts people in control of an asset that can benefit them for a lifetime, and even generations.
Our First-Time Homebuyer mortgage program offers people a chance to own their future by creating financial stability and opportunity.”
According to Bankrate.com, in 2021, 34% of home purchases were made by first-time homebuyers. Gone are the days where every homebuyer can save and put down the traditional 20% for a home. In fact, the average down payment for first-time homebuyers in 2021 was only 6%-7%.
PSECU’s new mortgage program opens the door to credit-worthy borrowers and helps them realize their goals of home ownership by eliminating the barriers of a large down payment and the additional monthly cost of PMI.
Additionally, borrowers who use this product will have the option of a fixed- or a 7/1 adjustable-rate mortgage with terms up to 30 years. PSECU will allow down payment assistance, as well as up to 3% seller assistance. The borrower is required to have 1% of the total loan amount in reserves. The maximum loan amount for the first-time homebuyer program is $726,200. At least one of the borrowers must take and complete a free homebuyer education course - PSECU mortgage consultants will provide links to qualified course options.
“Considering the economic paradigm we find ourselves in today, we have designed a product that will help the First-Time Home buyers to overcome the largest barrier they face when buying their first home, the down payment,” continued Pascual. “We’re confident our product is a stand-out in the world of first-time homebuyer options and we are excited about the possibilities and opportunities it provides for so many people and their families.”
To learn more about PSECU and the First-Time Homebuyer program, and to view full terms & conditions, visit: go.psecu.com/firsthome