1st Time Homebuyer Mortgages
Buying a new home can be stressful enough - but what if you’re buying your first home?
Genisys Credit Union knows how hard buying your first home can be, and we’re here to make it easier on you. With exclusive mortgages & home loans for first time home buyers, as well as a custom-tailored program to help see you through the process, Genisys can help make it easier than ever for you to own your first home.
Avoid the cookie-cutter home loans that other financial institutions offer. Genisys can help find a home loan that fits the specific needs and budget of a first-time home buyer instead of trying to force a square peg into a round hole with a ‘one-size-fits-all’ mortgage plan.
Above and beyond our home loans and mortgage programs, we take great pride in helping first-time homebuyers find their way through the process into their dream of owning a home. When you apply for your mortgage, a dedicated Genisys Credit Union Mortgage Consultant will work with you every step of the way to tailor a mortgage product that meets your unique needs. At any point in the home-buying process, your Mortgage Consultant will guide you along so you know what to expect - no more nasty surprises at the closing of a loan!
With a first time homebuyers mortgage loan from Genisys, you can take that first step towards home ownership knowing the dedicated specialists of Genisys Credit Union have your back from the first walk-through to the final closing. Let us help make your home-buying experience even easier.
How is your Credit? Do you even know?
Healthy credit is crucial to applying for most loans, but if you’re applying for a mortgage for your first home, your credit can be subjected to even greater scrutiny. Get ahead of the game with financial services from Genisys Credit Union and figure out what you can do to get ready for your first mortgage.
- We offer Greenpath Financial Wellness as a free service for our members.
- This is a great place to start because they will provide you with a Free Credit Report Review so you can be ready to start the mortgage process without any surprises.
Search for your Mortgage Consultant.
1st Time Homebuyer Video Series
The first video in our series covers:
- Section 1: Understanding Today’s Mortgage Market
- Section 2: Buying Your First Home: Are You Ready?
- Section 3: Getting Yourself Ready
- Section 4: Know the Real Cost
The second video in our series covers:
- Section 5: Go Shopping for a Mortgage
- Section 6: Pick Your Team
- Section 7: Know Your Budget, and Don’t Be Swayed
The third video in our series covers:
- Section 8: Beautiful Day in the Neighborhood
- Section 9: What It Takes To Get Approved For a Mortgage
- Section 10: When and Where to Apply For Your Mortgage
First Time Home Buyer FAQ
What is a first-time home buyer loan?
First-time home buyer loans, as befitting their name, are loans given to people that have never owned a home before. They serve much the same purpose as a standard mortgage or home loan, but specially tailored to help fit the needs of someone who hasn’t gone through the whole process before.
How does a first time home buyer loan work?
First time home buyer loans are similar to mortgages, in that they’re a loan issued specifically to purchase a home and then be repaid over time. With Genisys, the crucial difference is that your loan is custom-tailored to your needs by a dedicated Mortgage Consultant. Our consultants will help you understand how much house you can afford, how much your payments may be, and more!
Who qualifies for a first time home buyer loan?
While the name may make it seem obvious, there’s actually a few ways you could qualify for a first time home buyer loan. Most first time home buyers qualify for the loan by not owning their principal residence within the last 3 years - which could mean, in certain circumstances, that you could qualify for a first time home buyer’s loan even if you’ve owned a home before, as long as it’s been a long enough period of time. Additionally, even if you’ve owned a home before, you may still qualify for a first time home buyer’s loan if your spouse or partner never has. In certain circumstances, if your partner is co-signing on your mortgage and has never owned a home before, you may still be able to qualify for a first time home buyer’s loan and reap all the benefits.
How much mortgage can I afford as a first time home buyer?
The amount of mortgage you can afford, even as a first-time home buyer, can depend on a lot of variables and factors for your unique financial situation. To get a better idea of how much mortgage you can afford, check out our online financial calculators!.
How do I apply for a first time home buyer loan?
Applying for a first time home buyer loan with Genisys is easy, and works just like any of our other mortgages. Just visit one of our convenient branch locations or apply for a mortgage online to get started!
What else should I know before I buy my first home?
Getting the right mortgage is only half the battle when it comes to owning your first home - check out our tips for first time home buyers!
Popular First Time Home Buyer Blogs
- 4 Expenses That Surprise First Time Homebuyers
- Ready to Buy a House? Don’t Forget This First Step!
- 3 Assumptions a First Time Homebuyer Should Question
- How Do I Save for a Mortgage Down Payment?