First-Time Homebuyer Program

When should you choose it?  /  What is an FHA Loan?  /  Easier For Homebuyers to Qualify  /  Homebuyer Benefits  /  "No hassle" DCU servicing

How To Apply  /  American Dream Home-Ownership Program  /  Rate Information  /  Payment Protection  /  Need Help With Insurance  /  Buying or Selling a Home?

This program is designed to help people get into their first home with less cash up front. Generally, though, if you have a down payment of 5% or more saved for your first home, you'll have a far greater range of mortgage choices. Many of them may be more economical for you. Our Mortgage Specialists can discuss your options with you so you can pick the program that best fits your personal needs.

An FHA loan is a federal assistance mortgage loan insured by the Federal Housing Administration. The FHA loan program began in 1934 to help people with low incomes become homeowners during the Great Depression. FHA loans are an ideal way to help first-time homebuyers. The program aims to help many people who can otherwise not afford a home. The FHA does not make the loans - only qualified lenders, such as DCU, can offer FHA loans to homebuyers who fit the loan criteria.

Because FHA loans are insured by the government, homebuyers can qualify for them more easily than traditional mortgages. New easier qualifying guidelines include:

These new advantages make an FHA Loan one of the best options for many first-time homebuyers as well as move-up homebuyers. However, it's important to note that creditworthiness of potential borrowers must still be determined to ensure the potential homeowner can afford the home (this helps protect the buyers and DCU).

FHA loans offer low down payments and closing costs. For example, a down payment for a homebuyer can be less than 3% of the purchase price and most of the closing costs and fees can be included in the total loan amount. In addition, a gift for a down payment or closing costs is allowed, or the seller can credit up to 6% of the sales price toward the buyer's costs.

When you choose DCU servicing for your mortgage, you'll only deal with us for the life of your loan. We'll handle all your payments, escrow, and questions. You'll have access to your mortgage account through PC Branch, Easy Touch Telephone Teller, and DCU ATMs for getting information and making electronic payments.

Most important, you'll never have to worry about late or missing payments if your mortgage is sold.

Get Preapproved – Find out how much mortgage you can get before you shop for your home. Get it online for any program. Get it by phone for a 30-year Fixed-Rate Mortgage. Just call 508.263.6700 or 800.328.8797 and select 3.

Apply online – Apply for a mortgage in all 50 states.

Apply by phone – Call 508.263.6700 or 800.328.8797 (select 3) anytime Monday – Friday 8:00 a.m. to 8:00 p.m. or Saturday 9:00 a.m. – 3:00 p.m., Eastern Time. A representative will guide you through the entire application process. Once you close your loan, your loan will be serviced by DCU for as long as you have it. You don't need to deal with the hassles that occur when your mortgage is sold over and over.

Apply at any DCU branch – For the branch nearest you, visit our DCU Branch Location page.

* Please be aware that current market conditions may limit the amount of financing DCU can provide (examples: low property values, property located in a declining value area).

As a first-time homebuyer there are lots of things to think about: the downpayment, what you can afford, the mortgage process, and much more. That's why DCU started the American Dream Home-Ownership Program. With a certificate that offers the highest rate DCU offers and great educational information available while you ready yourself for the biggest purchase you'll make, the American Dream Home-Ownership Program can help.

Our up-to-date Mortgage rates are available on our web site, at any DCU branch, or by calling the Information Center.

Ease your loan payments, protect your family, and safeguard your credit rating. Payment Protection offered by Digital Federal Credit Union helps relieve the financial stress and worry related to making loan payments when your life takes an unexpected turn. To learn more about how Payment Protection works, select here.

DCU Insurance offers insurance with the personal service you deserve. So whether you have Homeowners Insurance or need it, DCU Insurance could be the right choice for you.

Remember that any insurance required as a condition of the extension of credit by the credit union need not be purchased from DCU Insurance but may, without effecting the approval of the application for credit, be purchased from an agent or insurance company of the member's choice. Insurance products are not deposits of Digital Federal Credit Union (DCU) and are not protected by the NCUA. They are not an obligation of or guaranteed by the credit union and may be subject to risk. Insurance is offered by DCU Financial Insurance Services, LLC, an affiliate of DCU. Business conducted with DCU Insurance is separate and distinct from any business conducted with the credit union. Any questions or concerns regarding this relationship may be addressed to the Office of Consumer Affairs.

DCU Realty is a full-service real estate agency serving home buyers and sellers in Massachusetts and New Hampshire. Our team of certified buyer agents can show you any home on the market - with no out of pocket cost to you. Put a licensed DCU Realty professional on your side before you start your home buying process so you can get the best home on the market at the best price.

Need to sell your home? DCU Realty has several plans to help you get full market value in the least amount of time.

Moving anywhere in the U.S.? DCU Realty's FREE Relocation Service will interview and refer a reputable real estate agent and other service providers to you - at no cost to you.

For more information on any of these great new services, give us a call at (888) 832-8929 or visit www.dcuhomes.com.

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