First-Time Homebuyer

Flexible mortgage solutions to fit your needs, no matter your situation.

Your key to a better mortgage

THE BEST MORTGAGES FOR A FIRST-TIME HOMEBUYER

Up to 105% LTV1
No down payment, and no PMI costs, to help you get into your dream home.
Expert Advice
We’ll find the best options for you, discuss rates, terms, and answer your questions.
Low Fees
Our lower fees make for easy,
low-stress closings.
Up to 105% LTV

Flexible Terms and Rates to Fit Your Budget and Lifestyle

  • No down payments with up to 105% Loan to Value (LTV)1 on home purchases with our 7/1 ARM, and 30 Year Fixed mortgages

  • By going beyond 100% financing on a home purchase, you can maximize your cash to use as you see fit

  • No Private Mortgage Insurance (PMI) requirement! Saving you hundreds of dollars per year

  • Unlike other lenders, we don’t sell your mortgage servicing. So you’ll always know where to make your payments

  • Underwriting fee of just $600 and no charges for document prep or credit reports mean substantial savings

  • Loan amounts up to $647,200

  • See what documents you’ll need with our Mortgage Application Checklist.

Family of 5 standing in front of a new home

HomeReady® Mortgage

  • Helps low- and moderate-income families get mortgages from the government-backed Federal National Mortgage Association (Fannie Mae)

  • Requires a minimum down payment of 3% from borrower

  • Roommates’ or extended family’s income can help you qualify

  • Friends and relatives who don’t live with you can serve as non-occupying coborrowers to help you qualify

  • Gifts and grants are permitted as a source of funds for a down payment and closing costs

Resource Center

Considering Homeownership

More than 70% of Americans consider homeownership to be an important part of the American Dream but buying a home can be one of the most expensive, albeit rewarding, decisions you’ll ever make.

All About Mortgages - What You Need to Know

For a majority of people in the U.S., buying a home is a big part of the American Dream. But how many years would it take to save up the lump sum you’d need to pay for a house in full?


Low fixed rate mortgages; credit unions rock.
Coastal Member

Frequently Asked Questions

With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest rate can change periodically based on the ARM program chosen, in relation to an index. While the monthly principal and interest payments made on a fixed-rate mortgage are stable, payments on an ARM loan are likely to change.
A pre-qualification is a basic review of your finances to determine if you would qualify for a mortgage. In general, a pre-qualification is based on unverified information you provide and does not include a credit check. This is only an estimate of the amount you would qualify to borrow based on stated income and debts and is not a firm guarantee of a loan. You will need to submit a formal application to obtain a pre-approval letter to be able to make an offer on a home.
A pre-approval is a conditional commitment, in writing, for a specific loan amount issued by a lender. Unlike a pre-qualification, a pre-approval requires a completed loan application as part of this process for the lender to check your credit, verify your income and employment, and confirm the amount you qualify to borrow. A pre-approval can show sellers that you're serious about buying a home. Once the lender has pre-approved you for the loan, a formal letter will be provided with the terms of the loan to submit with your offer
We offer competitive rates on all our products. Current purchase rates can be found on our Coastal 24 website at https://www.coastal24.com/Resources/Information-Tools/Rates/Mortgage-Rates. For refinance rates, please visit our Mortgage Rates page and click on Get Your Refinance Rate Quote to submit a form for a custom rate quote.
An individual who has not owned a principal residence in the last three years is considered to be a first-time homebuyer. If there is a co-borrower, only one occupying borrower is required to be a first-time homebuyer. An individual who is a displaced homemaker or single parent also will be considered a first-time home buyer if he/she had no ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the preceding three-year time period.

1. Up to 105% loan to value (LTV) financing on home purchases. Up to home’s purchase price or appraised value, whichever is less. For loans with an LTV exceeding 100%, borrower must establish direct deposit and have a qualifying Coastal deposit account in addition to the Primary Share account.

For a $250,000 loan for a term of 30 years with a 4.50% APR, the monthly payment is $1,267.00. Taxes and insurance are not included in this payment example and that the actual payment obligation could be greater.

For a $150,000 loan and a term of 7/1 ARM with a 3.00% initial interest rate, the APR for this loan type is 3.305%, subject to increase. Based on current market conditions, the monthly payment schedule would be 84 payments of $632.40. Taxes and insurance are not included in this payment example and that the actual payment obligation could be greater.

All loans are subject to approval. Additional product restrictions, terms, and conditions may apply. Membership eligibility required.

** Carrier data rates may apply

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