Buying a home is one of the biggest financial commitments most of us will ever make in our lives. It's understandable why you might feel a little anxiety when faced with the decision to rent or buy your first home.

We've made it easier for you! Our First Time Home Buyers Program is designed to help with traditional expenses associated with a mortgage loan. Now is a great time to buy and we're here to help you achieve your dream of home ownership.

  • Finance 100% of the purchase price of your home plus a majority of the closing costs*
  • 30-year fixed term available
  • No Private Mortgage Insurance (PMI) requirement
  • No prepayment penalty

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*Interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes; and the consumer should consult a tax adviser for further information regarding the deductibility of interest and charges. Example: 30-year fixed rate loan of $150,000 with a 0% down payment, an annual interest rate of 5.250%, and an APR of 5.340%, would result in a 360 monthly principal and interest payment of $828.31. Payment does not include amounts for taxes and insurance premiums. The actual payment will be greater if taxes and insurance are included. Certain restrictions apply.

Learn More:

  • Apply for a Mortgage

    Completing our online application is as easy as 1-2-3. Get started today!

  • ECU Title & Escrow

    ECU Title & Escrow is a full-service real estate settlement company that helps members complete the home buying or selling experience at an ECU branch.

  • Find a REALTOR

    Realtors are knowledgeable in many phases of the home buying and home selling process and can be a valuable resource to you.

  • Watch Mortgage Videos

    Have questions about purchasing, building or selling a home? Check out these helpful videos, covering a broad range of mortgage topics.

First Time Home Buyers Program Rates

Loan TermRateAPRPoints
30 Year Fixed First Time Home Buyers7.875%7.979%0.000%

Rates accurate as of March 1, 2023 and are subject to change.

All rates are subject to change without notice and will be based on your credit history, down payment amount, property type, loan purpose, etc. Rates are based on a purchase transaction with a 0% down payment. APR is based on $100,000 loan amount for a 105% LTV purchase and reflects any pre-paid finance charge.

Have Mortgage Questions?

Calculate Your Answers

So many financial decisions are involved when purchasing or refinancing a home. Should you buy or rent? Will refinancing save you money? How much would your monthly payments be? Our calculators are designed to answer these questions and more.

Mortgage Calculators

Compare Mortgages

Which loan is right for you? See the chart below for unique features of each. If you need help, please contact us or give us a call at 800.999.2328.

Loan TermMaximum Loan To ValueTermMortgage InsurancePrepayment Penalty
Fixed & Adjustable Rate Mortgages97.00%15/20/30 yearYesNo
Federal Housing Administration (FHA)96.50%15/30 yearYesNo
Veterans Administration (VA)100.00%15/30 yearYesNo
USDA100.00%30 yearYesNo
First Time Home Buyers Program105.00%30 yearNoNo
ECU 100 Mortgage100.00%15/20/30 yearNoNo
ECU Purchase Plus105.00%15/30 yearNoNo


  • What is the ECU First Time Home Buyers Program?

    The First Time Home Buyers (FTHB) Program is specifically designed for first-time homebuyers to help with traditional expenses associated with a mortgage loan. With our FTHB loan, you’ll receive low or no down payment options, and there’s no Private Mortgage Insurance (PMI) requirement or prepayment penalty.

  • What is PMI?

    Private Mortgage Insurance, or PMI, is insurance provided by a private company to protect the mortgage lender against losses that might be incurred if a loan defaults. The cost of the insurance is usually paid by the borrower and is most often required if the loan amount is more than 80% of the home’s value. No PMI is required with our FTHB loan.

  • What is a prepayment penalty?

    A monetary penalty charged by a lender if all or part of a loan is paid off before it is due. There is no prepayment penalty with our FTHB loan.

  • Can closing costs be included in with the financing of a FTHB loan?

    Yes, to help with traditional expenses, our FTHB loan allows you to finance up to 105% loan-to-value to include a majority of your closing costs.

  • Who is eligible for a FTHB loan with ECU?

    If you are purchasing your first home, you are eligible for our First Time Home Buyers Program. You are also eligible if you have not owned a home in the last three years or if you’ve been recently divorced and are now buying a new home.