First-time homebuyer loans

Stress less — buy your first home with confidence

 

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Today’s mortgage rates
All rates shown are Annual Percentage Rate (APR).*

Get to know these loans

First-time homebuyer loans make it easier to buy your home by lowering your down payment, closing costs and mortgage insurance expenses. We offer 3 first-time homebuyer loans: FHA, HomeReady and our Ent first-time homebuyer loan.

With a fair or better credit score and a debt-to-income1 ratio of 55% or lower (FHA), 50% or lower (HomeReady) or 43% or lower (Ent’s FTHB), you can make your dream of homeownership a reality. These loans are available in 30-year terms with fixed-rate and adjustable-rate options.

Is this the loan for me?

I have a moderate or lower income

I have a moderate or lower income

I can afford to put at least 3% down2

I can afford to put at least 3% down2

I may need gift funds from a relative for loan costs

I may need gift funds from a relative for loan costs

No surprises — estimate your payment

No surprises — estimate your payment

Ready to know how much home you can afford? Just enter some basic information into the mortgage calculator below to estimate your total monthly payment, including principal and interest, monthly property taxes, fees and insurance.

Results from this calculation are hypothetical and are for illustrative purposes only. Calculators should be used as a self-help tool only and do not consider the impact of fees that may apply. Results may not be applicable to your individual situation and do not constitute an offer. We encourage you to seek advice and guidance from a qualified professional regarding all personal finance issues. Actual terms may differ.

Stress less with a first-time homebuyer loan from Ent

Stress less with a first-time homebuyer loan from Ent

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90-day Lock & Shop rates3

Get pre-approved, lock in your interest rate and shop with confidence.

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Lifetime loan support

We’ll be your contact for help. Have questions? You know who to call.

 

$500 guaranteed on-time closing4

You’ll close on your home on time, or we’ll owe you $500. Guaranteed.

 

Local expertise

With Ent, you’ve got local mortgage experts in your corner to guide you.

 

Jacob Greenhood, Mortgage Loan Officer at Ent Credit Union

Ask a local expert

Ask a local expert

If you want to make sure a first-time homebuyer loan is the best option for you, reach out to our mortgage experts. They’re happy to answer your questions, and have the local experience to recommend the best loan for your personal situation.

 

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Get free homebuying resources and tools

Get free homebuying resources and tools

Take advantage of our free tools, useful articles and more. You’ll stress less having the know-how you need to confidently achieve your goal of homeownership.

First-time homebuyer loan FAQs

If you’re buying a home for the first time, you will need to apply for a mortgage at a financial institution either online or in person. An Ent mortgage lender can help you determine which loan is best for you. They can also pre-approve you for up to a certain amount that you can spend on a home of your choice.  

To get approved for the loan, you must have a stable source of income. You’ll need to submit information about your finances, including pay stubs, W-2s, tax returns and the balances of any outstanding debts. Every lender has its own borrowing requirements you’ll need to comply with.  

One of the best benefits of a first-time homebuyer program is that you don’t need to save as much for a down payment. If you qualify, Ent allows you to have as little as 3% down, but you will have to pay an additional monthly cost for private mortgage insurance (PMI). PMI is required for any down payment of less than 20%. If you can’t afford the initial down payment, you may qualify for a down payment assistance (DPA) program.  

Talk to an Ent loan officer to learn more about these programs and benefits. 

Yes, you can always refinance your mortgage as a first-time homebuyer, regardless of what type of mortgage you received. You can refinance your mortgage to lower your monthly payment, adjust the terms and conditions of your loan or take advantage of lower interest rates. You can refinance your first-time homebuyer mortgage with your existing financial institution or a different lender. However, you will need to pay closing costs on the new mortgage, so make sure you’ll save money in the long term.  

How much mortgage you can afford depends on the size of your down payment and how much you can afford to pay each month. Each lender has debt-to-income requirements to ensure you can make your monthly payments until the loan is fully paid off.  

Use the Ent Mortgage Payment Calculator to estimate the cost of your monthly payment based on the price of your home, the interest rate, the length of the repayment period, the size of your down payment and other expenses related to homeownership. Add in other recurring debts to see how much you will need to spend to repay your debt every month. In most cases, your monthly debts and financial obligations shouldn’t exceed 36% of your gross monthly income.  

Borrowers who are interested in Ent’s First-time Homebuyer loan program will receive more relaxed qualification requirements, lower down payment requirements, and discounted private mortgage insurance (PMI) rates. Only those who have not owned a home in the last three years are eligible, and these benefits make it easier for you to move into your first home at a price you can afford.  

For first-time homebuyer loans, banks and credit unions can set their own guidelines and loan qualification criteria. This lets Ent offer a program with a 30-year term, fixed- or adjustable-rate options, discounted mortgage insurance rates and, maybe best of all, a lower down payment of only 3%. To take advantage of this program, borrowers need a slightly higher credit score and lower debt-to-income ratio compared to what is needed for an FHA (Federal Housing Administration) loan.

FHA loans can also be great for first-time homebuyers or anyone looking to take advantage of easier qualification guidelines. These guidelines are set by the FHA which is part of the U.S. Department of Housing and Urban Development. The main benefits of an FHA loan include term options of 15 or 30 years, a down payment as low as 3.5% and eligibility for those with a slightly lower credit score. It is also important to consider that FHA loans require that you have mortgage insurance for the life of the loan, and they do not include an adjustable-rate option.

* APR - Annual Percentage Rate: An annual percentage rate is a broader measure of the cost of borrowing money than the interest rate. The APR reflects the interest rate, any points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate. Source: Consumer Financial Protection Bureau

All interest rates, qualification criteria and underwriting analysis is subject to the sole discretion of Ent Credit Union. This may include analysis of satisfactory insurance, appraisal and title reports. Additional conditions or exclusions may apply. Ent Credit Union reserves the right to cancel any offer or loan at any time.

1 Mortgage criteria shown such as DTI, credit score, down payment/LTV, terms, and other qualifications are intended for general education and awareness of guidelines for each product and program. For information on how to calculate your DTI, please see this resource from Ent Credit Union. To understand how loan criteria relates to your unique situation, please contact a mortgage expert at Ent Credit Union to discuss your options. 

2 3% down payment options are available for first-time home buyer programs and qualifying conventional loans. Financial details of each loan are based on an individual’s credit score, assets, debt, and overall financial situation. Loan requirements are subject to change at Ent’s sole discretion.

3 Lock & Shop is available on fixed-rate mortgage loans, excluding all refinance types and CHFA loans. This allows you to shop for your home and close your loan, for a total of 90 days of rate increase protection, all at no cost to you. Additional conditions or exclusions may apply. Please refer to Ent’s Important Loan Information and Mortgage Rate Lock Information for more information.

4 $500 Mortgage Closing Guarantee is based on the mortgage loan closing date provided in the original sales contract. This guarantee is only available on purchase mortgage loans with closing dates set for a minimum of 30 days after the original purchase contract is signed. Loan closing date is subject to receipt of completed application and required supporting documentation. Required supporting documentation must be provided no less than two (2) business days after application receipt. Loan closing is subject to underwriting approval. Closing guarantee is not applicable if: a) borrower changes loan products or terms, b) closing is delayed due to seller’s failure to close on time, c) borrower fails to meet contract requirements, d) closing is delayed due to a third party requirement, including appraisal and inspection, e) closing date is not included in the contract, f) closing is delayed due to inclement weather or natural disaster, or g) loan documentation or application contains fraudulent information. Ent reserves the right to amend, terminate or withdraw this offer at any time without prior notice. Guarantee paid in the form of a $500 credit on the settlement form at closing.

Standard account and credit qualifications apply. All loans subject to final credit approval. Rates and terms are subject to change without notice and are dependent upon credit performance. Visit Ent.com/Legal to review Ent’s Important Loan Information and Disclosures.

Financing available on homes in Colorado. Property insurance is required. Consult a tax adviser for further information regarding deductibility of interest and charges.

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