First-Time Homebuyer

Flexible mortgage solutions to fit your needs, no matter your situation. 2

Your key to a better mortgage


    Flexible Terms & Rate Options
    Enjoy no down payment or PMI costs for our fixed and ARM mortgages!
    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

    • No Private Mortgage Insurance (PMI) requirement for certain loan programs. 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

    • Application fee of just $1,250 and no charges for document prep or credit reports mean substantial savings

    • Loan amounts up to $726,200

    • 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
      (Mortgage Insurance may be required)

    • 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. Click here to find our current purchase and refinance rates
    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 $400,000 loan for a term of 30 years with a 6.0% APR, the monthly payment is $2,398.00. Taxes and insurance are not included in this payment example, the actual payment obligation will be greater.

    For a $400,000 loan and a term of 7/1 ARM with a 6.125% interest rate, the APR for this loan type is 6.0% , subject to increase. Based on current market conditions, the monthly payment schedule would be 84 payments of $2,430.44. Taxes and insurance are not included in this payment example, the actual payment obligation will be greater

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

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