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First Time Home Buyers Program

Let ECU assist you in reducing some of the stress associated with buying a home.


Purchasing a home is a significant investment for most people, and it's natural to feel anxious or stressed about it. However, ECU's First Time Home Buyers Program can help make the process less daunting. This loan is designed to assist with some of the typical expenses associated with a mortgage loan, including the following features:

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

*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.

Ready to purchase a home?

Apply online now or contact a Mortgage Officer to get started.

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ECU Title & Escrow

Complete your home buying or selling experience at an ECU branch.

Mortgage Videos

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

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.



Term Rate1 APR2 Points
30 Year Fixed First Time Home Buyers 7.75 7.853

Rates accurate as of June 14, 2024 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.

1Rates are based on a purchase transaction with a 0% down payment.

2APR is based on $100,000 loan amount for a 105% LTV purchase and reflects any pre-paid finance charge.


Purchasing or refinancing a home can be stressful, leaving you asking lots of questions!  Should you buy or rent?  Will refinancing save you money?  How much will your monthly payment be?  Check out our calculators designed to answer these questions and more!

Mortgage Calculators

Compare Mortgages

With so many choices, how do you know which loan is right for you? 

See the chart below to see the unique features of each.  For additional information, please give us a call at 800.999.2328.

Loan Type Maximum Loan to Value Term Mortgage Insurance Prepayment Penalty
Fixed & Adjustable Rate Mortgages 97.00% 15/20/30 year Yes No
Federal Housing Administration (FHA) 96.50% 15/30 year Yes No
USDA 100.00% 30 year Yes No
First Time Home Buyers Program 105.00% 30 year No No
ECU 100 Mortgage 100.00% 15/20/30 year No No
Veterans Administration (VA) 100.00% 30 Year Yes No
ECU Purchase Plus 105.00% 15/30 Year No No


The First Time Home Buyers (FTHB) Program is specifically designed to help first-time homebuyers 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.

Private Mortgage Insurance, or PMI, is insurance a private company provides to protect the mortgage lender against losses that might be incurred if a loan defaults. The borrower usually pays the cost of the insurance, which 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.

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

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.