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First-Time Homebuyer Options

Are you ready to own a home? GSCU's First-Time Buyer Mortgage Programs make it easier than ever before to realize your dreams of home ownership! View current rates!

No Down Payment

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

Low Down Payment Adjustable 

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

Low Down Payment Fixed 

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
Table data for First-Time Homebuyer Program Comparison
 Rates effective 11-18-2018
No Down Payment 5/1 ARM* Low Down Payment 3/3 ARM** Low Down Payment 30-Year Fixed*** Alert Me
Required Down Payment - Percentage 0% 3% 3%
Required Down Payment - Dollars $0 $6,000 $6,000
Loan Amount $200,000 $194,000 $194,000
Rate as low as 4.75% 4.25% 5.00%
APR 6.116% 5.783% 5.601%
Principal & Interest $1,043.29 $954.36 $1,041.43
Taxes & Insurance $483.33 $483.33 $483.33
Private Mortgage Insurance $115.00 $0 $111.55
TOTAL MONTHLY PAYMENT $1,641.62 $1,437.69 $1,636.31
Comparisons are based on an example purchase price of $200,000. *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, 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. Your payments may be greater. Annual Percentage Rate (APR) is based on a loan of $200,000 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: 2.75%. Index: 3 yr T-Bill as published in the Wall Street Journal. 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. Your payments may be greater. Annual Percentage Rate (APR) is based on a loan of $200,000 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 $200,000 with 3% down. The example is based on rates for a 30 year fixed rate mortgage. This credit union federally insured by the National Credit Union Administration. Equal housing lender. NMLS# 477276.

Smart Homeownership Starts Here

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. This course could save thousands of dollars over the life of your mortgage or earn a course refund for taking the steps to educate yourself today!* 

Get started today

Framework Homebuyer education when and where you need it lets get started

*Certain qualifications may apply. If qualifications are not met fee will be refunded only if the loan is closed with GSCU. This Credit Union is federally insured by NCUA. Equal Housing Lender. NMLS# 477276

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