First Time Homebuyer
First Time Homebuyer
Turn your Dream into a Reality
If saving 20% for a down payment seems like a fantasy, it’s time to wake up and check out Scient’s First Time Homebuyer options. With as little as 3% down, home ownership can be your reality.
Benefits of a Scient First Time Homebuyer loan
Lower Costs
- 3% down payment vs. FHA loans at 3.5%
- No upfront mortgage insurance payment
- Competitive rates
- Flexible terms and payment options
- Including ARM loans
Faster Closing
- Less paperwork required than FHA Loans
- Fewer steps for more efficient processing time
Easy PMI Cancellation
- Private mortgage insurance (PMI) is temporary compared to government-insured loans
- Private mortgage insurance may be canceled after building enough equity
Have questions? Our Mortgage Manager, Faith Silva, is here to help. Contact her at 860 441 0914.
*For a loan amount of $200,000 at 97% LTV with a 30 year term and rate of 6.50% has an APR (Annual Percentage Rate) of 6.67% and a monthly payment at $1,264.14. Sample payment only
includes principal and interest. It does not include mortgage insurance, property insurance and taxes, and the payment will be higher than this disclosed amount. Minimum credit score is 620. Primary residence only on a single family home or condominium only. Rates as of 9/27/22 and subject to change without notice. +Waiver of Loan Origination Fee of $499 on First Mortgages with Scient Federal Credit Union. Other terms and conditions may apply.
Homeownership Assistance Programs
Scient Federal Credit Union has been approved to participate in the Federal Home Loan Bank of Boston's homeownership assistance programs.
These programs provide assistance to income eligible homebuyers who are purchasing one to four-family homes, in New England, that will serve as their primary residence.
The Equity Builder Program (EBP)
This grant program helps first-time homebuyers earning up to 80% of the area median income with down-payment, closing cost, home rehabilitation assistance and homebuyer education and counseling.
The maximum amount allowed is $25,000 per household for a Scient member.
Housing Our Workforce (HOW)
This grant helps homebuyers earning above 80% and up to 120% of the area median income with down-payment and closing cost assistance. HOW assists eligible homebuyers with up to $25,000 in down-payment and closing costs.
Lift Up Homeownership Grant
This grant program awards funding to members on a first-come, first-served basis to provide people of color with incomes up to 120% of the area median income with up to $50,000 in down-payment and closing-cost assistance toward the purchase of their first home.
Comparison Chart
| Program Comparison | Equity Builder Program (EBP) | Housing Our Workforce (HOW) | Lift Up Homeownership (LUH) |
|---|---|---|---|
| Income Limits | <= 80% AMI | > 80% to <=120% | <= 120% AMI |
| Homebuyer Self-Certification | No | No | Yes - One adult/borrower on the first mortgage loan must be a person of color defined in FHLBank Boston’s written plan |
| Maximum Grant per Household | Up to $25,000 | Up to $25,000 | Up to $50,000 |
| Minimum Down Payment (homebuyer’s own funds) | $500 | $2,000 | $1,000 |
| Use of Grant Funds | |||
| Down Payment | Yes | Yes | Yes |
| Closing Costs (including Homebuyer Education & Counseling Fee) | Yes | Yes | Yes |
| Discounted points/Interest Rate Reduction (up to 2%/points) | Yes | Yes | Yes |
| Rehabilitation Assistance | Yes | No | No |
| Purchase property must be an owner-occupied primary residence? | Yes | Yes | Yes |
| First-time homebuyer | Required | Not Required | Required |
| First-time homebuyer education and counseling | Required | Required | Required |
Resources
There are a lot of things to know when buying a home. Here are some terms, checklists and worksheets to help guide you along the way.
Contact Us for More Information
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