First-Time Homebuyer Program*
Welcome Home
We're here to be your partner on your homebuying journey and can't wait to say, "Welcome home!"
Getting prequalified for a mortgage is the first step! Once you're prequalified, you can shop confidently for homes and make an offer up to your prequalified amount on the spot.
Our mortgage originators can help you get prequalified and will be with you as you navigate the mortgage process.
$5001 Off Mortgage Origination Fee for First-Time Homebuyers
First-time homebuyers can qualify to receive $500 off mortgage origination fees from May 1, 2025-July 31, 2025, when you meet promo requirements.
Who Qualifies as a "First-Time Homebuyer?"
A first-time homebuyer is a person who is buying a principal residence for the first time, or who has not owned a home in the last three years.
The mortgage applicant must be a first-time homebuyer. However, they do not have to apply for a mortgage through our First-Time Homebuyer program. All our mortgages are eligible for this promotion. As long as the applicant selects that they are a first-time homebuyer in the application and meets all promo requirements, they can qualify to receive the discount.
First-Time Homebuyer Program Features
Finance up to 100% of the purchase price (no minimum down payment required).
No private mortgage insurance (PMI) required.
Low PSECU-related closing costs.
Up to 3% seller assistance allowed.
No income cap.
Fixed- and adjustable-rate options available with terms from 10-30 years.
Get to Know Our First-Time Homebuyer Program
Have a First-Time Homebuyer Question?
We'd love to chat with you about your first-time homebuying needs - give us a call, and one of our mortgage originators can discuss options with you. We're available Monday-Friday, 8 AM-5 PM (ET) and Saturday, 9 AM-12 PM (ET) at 800.237.7328, ext. 3878.

First-Time Homebuyer Program Requirements:
- Borrower(s) is required to have 1% of total loan amount in reserves.
- Minimum credit score of 680 required. (Not quite there yet? Don’t worry – contact us and we’ll walk through other great first-time homebuyer options!)
- Borrower(s) must not have owned a home in the last 3 years.
- At least one borrower must take and complete an approved homebuyer education course. PSECU mortgage will provide links to qualified course options.
- Maximum loan amount of $806,500.

Ready to get started? Allow us to be the first ones to say, "welcome home."
Homeownership Doesn't Have to Be a Dream
Gone are the days of a 20% down payment – saving that much money for a home purchase just isn’t a reality for most people. In fact, more than 55% of our first-time homebuyers did NOT have a down payment! And we know buying a home in today’s economy is challenging. That’s why we’re your partner in the mortgage process.
We recognize the tremendous impact an asset like a home can have on your financial stability and future. Welcome home to personalized service, affordable mortgages, and peace of mind.
With a PSECU mortgage, you’ll walk through your new front door with:
- Competitive rates + flexible terms.
- Direct, personalized service from an experienced member of our Mortgage team.
- A monthly payment you’re comfortable with.
- A credit union membership that offers perks and benefits far beyond mortgages.
Ready to get started? Allow us to be the first ones to say, "welcome home."
Browse Common Questions
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A first-time homebuyer is someone who hasn’t owned a residential property in the three years preceding the purchase of a new home.
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Getting prequalified at PSECU means you’re preliminarily approved for a mortgage up to a certain loan amount for 120 days. Once you're prequalified, you'll have the confidence and flexibility to make an offer on the spot when you find your dream home!
After you’re prequalified and under contract to buy a home, you’ll seamlessly begin the official mortgage approval process.
Reach out directly to one of our mortgage originators - they'll help you get prequalified and navigate the mortgage process with confidence.
Reach Out Directly -
Yes! While they are not conducted by PSECU, there are many qualifying online course options. Our mortgage consultants will provide you with a list of approved options.
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A first-time homebuyer mortgage often offers special benefits like lower down payments and interest rates to help new buyers. Many types of first-time homebuyer mortgages are insured or backed by the federal government. A conventional mortgage is a standard loan not insured by the government, typically requiring higher credit scores and larger down payments.
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Private mortgage insurance (PMI) is a type of insurance that protects the lender if the borrower defaults on their mortgage. It's typically required when the down payment is less than 20% of the home's purchase price. PSECU does NOT require PMI for our First-Time Homebuyer Mortgage.
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PSECU participates in all government programs, including the First Front Door and Keys to Equity grants. Your local county may have a grant program for your area. Grants are limited and available on a first-come, first-served basis. For more information on First Front Door and Keys programs, visit firstfrontdoor.com.
Ready to get started? Allow us to be the first ones to say, "welcome home."
Ready to get started? Our mortgage originators are waiting to hear from you – reach out and we can start exploring our great rates and flexible terms together!
Have Questions? We're Here to Help
Need to talk to us directly? Call (800) 237-7328 ext. 3878 or send an inquiry.
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* Additional options for first-time homebuyer products/terms available. PMI may be required. Contact one of our mortgage originators to find out which one is right for you.