Mortgages
First-Time Homebuyer Programs
Ready for a home of your own but don't have enough saved for a down payment AND closing costs? Our no down payment mortgage is the perfect option for you!
- 0% Down Payment
- 5/1 Adjustable Rate Mortgage
- Single-family or Condo
Looking for your first home but not ready for a 30-year commitment? An adjustable rate mortgage offers a lower rate, for more house. And you can refinance before your rate adjusts.
- 3% Down Payment
- 3/3 Adjustable Rate Mortgage
- Single-family or Condo
- Down payment and closing costs may be gifted funds
- No Private Mortgage Insurance
Want the security of locking into a fixed rate but don't have a lot to put down? Our low down payment fixed rate option offers the best of both!
- 3% Down Payment
- 30-year Fixed Rate Mortgage
- Single-family or Condo
- Down payment and closing costs may be gifted funds
| No Down Payment 5/1 ARM* | Low Down Payment 3/3 ARM** | Low Down Payment 30-Year Fixed*** | |
|---|---|---|---|
| Required Down Payment - Percentage | 0% | 3% | 3% |
| Required Down Payment - Dollars | $0 | $12,000 | $12,000 |
| Loan Amount | $400,000 | $388,000 | $388,000 |
| Rate as low as | 6.250% | 6.500% | 6.375% |
| APR | 7.163% | 7.164% | 6.990% |
| Principal & Interest | $2,462.87 | $2,452.42 | $2,420.62 |
| Taxes & Insurance | $658.33 | $658.33 | $658.33 |
| Private Mortgage Insurance | $230.00 | N/A | $223.10 |
| TOTAL MONTHLY PAYMENT | $3,351.20 | $3,110.75 | $3,302.05 |
| Comparisons are based on an example purchase price of $400,000. *Home must be primary residence, may be single family home, attached or detached condo. Maximum Loan Term is 360 months. Caps: 2% per change/5% lifetime. Base Margin: 3.000%. Index: 1 yr T-Bill as published in the Wall Street Journal. Taxes, and insurance, Private Mortgage Insurance are estimated amounts, Total monthly payment is subject to change. The stated amounts are based on the fixed rate period and the payment will likely increase after that period of time. Your payments may be greater. Annual Percentage Rate (APR) is based on a loan of $400,000 with 0% down. Credit qualifications and approval are required. Your rate, margin and APR may be higher. All loans are priced individually, your rate may be higher. The APR on ARMs is adjusted periodically after closing, which may result in an increase. Rates are subject to change. This credit union federally insured by the National Credit Union Administration. Equal housing lender. NMLS# 477276. **Home must be primary residence, may be single family home, attached or detached condo. Maximum Loan Term is 360 months. Caps: 2% per change/6% lifetime. Base Margin: 2.750%. Index: 3 yr T-Bill as published in the Wall Street Journal. Taxes and insurance are estimated amounts, Total monthly payment is subject to change. The stated amounts are based on the fixed rate period and the payment will likely increase after that period of time. Your payments may be greater. Annual Percentage Rate (APR) is based on a loan of $400,000 with 3% down. Credit qualifications and approval are required. Down payment may be gifted; gift letter must be executed by donor and proof of funds from the donor and receipt from borrower is required prior to closing. Your rate, margin and APR may be higher. All loans are priced individually, your rate may be higher. The APR on ARMs is adjusted periodically after closing, which may result in an increase. Rates are subject to change. This credit union federally insured by the National Credit Union Administration. Equal housing lender. NMLS# 477276. ***Home must be primary residence, may be single family home, attached or detached condo. Rate based on credit score and subject to change. Credit qualifications and approval are required. Taxes, insurance, and Private Mortgage Insurance are estimated amounts, Total monthly payment is subject to change. The stated amounts are based on the fixed rate period and the payment will likely increase after that period of time. Down payment may be gifted; gift letter must be executed by donor and proof of funds from the donor and receipt from borrower is required prior to closing. Offer subject to change at any time. Your payments may be greater. Annual Percentage Rate (APR) is based on a loan of $400,000 with 3% down. The example is based on rates for a 30 year fixed rate mortgage. This credit union is federally insured by the National Credit Union Administration. Equal housing lender. NMLS# 477276. | |||
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Buying a home is a big deal, whether you're doing it for the first time or getting back into the ever-changing market. When you educate yourself for smart homeownership with Framework, you'll navigate every step of the process with confidence.
Plus, this course could save thousands of dollars over the life of your mortgage for taking the steps to educate yourself today!*
*Certain qualifications may apply.
How to Apply
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Apply
Apply online or at a branch and ask a GSCU Branch Specialist any questions you may have -
Gather paperwork
Gather and submit required documents such as recent paystubs and prior W-2's -
Pre-approval
A GSCU Mortgage Processor will review the file and provide pre-approval pending conditions
Further property research
Collect funds for a home appraisal, title search, and flood certifications. Contact your insurance company and acquire Homeowners Insurance on the propertyUnderwriting & Final Review
A GSCU Mortgage Processor will submit the application with all supporting documentation and then move things along for final reviewClose on your loan
GSCU's attorneys will contact you to set up a closing at their office and they'll explain the documents you're required to sign
Home Buying Tools
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How much you can afford is up to you.
Get an estimate -
Buying a home is a major commitment that takes time and effort.
Get prepared -
Framework helps you navigate the homebuying process with a course that can save you thousands of dollars over the life of your mortgage.*
*See if you qualify -
Adjustable versus fixed - compare the differences.
Learn More -
Resources on your property, the application process, and beyond.
Study up