Skip the down payment with our First-Time Homebuyer Program.
Do you dream of owning your first home? Does the idea of coming up with a down payment bring you down? Make your dreams come true with a no-down-payment mortgage in our First-Time Homebuyer Program.
Our First-Time Homebuyer Program1 was made for members who have never had a mortgage before and also for members who have not had a mortgage in the last three years. In the program, you’ll get exclusive benefits like:
No down payment
Fixed and variable rates available
No area median income limits
AND you’ll get:
MORE competitive rates
MORE closing cost credit (up to $5,0002)
MORE local servicing of your loan3
Want to know more? Read our FAQ.
No. The program is open only to prospective homebuyers who have not owned a home within the last three years.
Yes. You can use seller, lender or real estate agent credits toward various mortgage costs.
No. Gifts, grants or assistance programs cannot be used in the First-Time Homebuyer Program.
No. The program does not allow non-occupant co-borrowers.
A minimum credit score of 700 is required to qualify for the First-Time Homebuyer Program.
No. Jumbo loans are not available in this program.
No. There is no area median income limit.
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Don't forget to ask about our Closing Guarantee4 and other exciting member benefits!
Federally insured by NCUA/Equal Housing Opportunity
1First mortgage, primary residence only (no rentals). No non-occupant co-borrowers. No Jumbo loans. Minimum 700 credit score.
2Participation in the Real Estate Broker Program is voluntary. Desert Financial Credit Union and its subsidiary Define Mortgage Solutions LLC do not receive any benefit, monetary or otherwise, from the Participating Broker under this program. Participating Brokers are non-affiliated third parties of Define Mortgage Solutions LLC and Define Mortgage Solutions LLC makes no warranties or representations about the service provided by the Participating Brokers. To participate in this program, the member does not have to finance the mortgage loan with Define Mortgage Solutions LLC. Amount of credit will vary and is based on 25% of the buyer’s agent’s commission up to a maximum of $5,000. For full program details, see the Real Estate Broker Program Notice. Mortgage loans are offered by Define Mortgage Solutions, LLC, NMLS ID #1761612, a subsidiary of Desert Financial Credit Union. BK#0949053
3Desert Financial does not service FHA, VA or USDA loans.
4Closing guarantee eligible on purchase mortgage loans only. In order for your loan to qualify for the guarantee, all supporting documentation required by Desktop Underwriter (DU) must be provided to us prior to purchase contract acceptance. The closing guarantee does not apply where a delay in closing is caused by third-party services that are outside of Desert Financial's control, such as home inspections, appraisals, or title services. FHA, VA, USDA, or any loan relying on a down-payment assistance program, or loans for properties outside Maricopa or Pinal Counties, are not eligible. Borrowers with outstanding credit contingencies will not be eligible. If your loan is eligible, and your closing date is delayed for a reason not excluded by these provisions, Desert Financial will pay you $100 for each day that your closing is delayed, up to a maximum of $500. This amount will be credited to your Desert Financial account after your loan closes. Restrictions may apply, ask a representative for details.