Skip to main content

First-Time Homebuyer Program

As little as 5% down and no Private Mortgage Insurance required.

Apply Now

Or call 1-800-561-9433

Fixed-Rate Options Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 7.750% 7.789% 0.000 $2,382.07 360
20-Year Fixed 7.500% 7.549% 0.000 $2,678.60 240
15-Year Fixed 7.500% 7.561% 0.000 $3,082.32 180

First Time Homebuyer Rates effective as of June 21, 2024. 请注意,此处显示的利率和年利率(APRs)适用于信用评分为780或更高,贷款价值比(LTV)为95%的借款人,并且是基于印第安纳州财产担保的贷款. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on purchase price of $350,000, FICO® score of 780 or greater, 5% or more down payment, and loan amount of $332,500; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. 请致电查询其他按揭产品的利率资料.

Adjustable Rate Options Interest Rate  APR  Points  Initial Monthly Payment Maximum Monthly Payment
5/5 ARM 30 7.875% 7.176% 0.000
Months 1-60
$2,410.86
Months 61-360
$2,572.00
7/6 ARM 30 8.250% 8.346% 0.000
Months 1-84
$2,497.96
Months 85-360
$2,559.00

Adjustable Rates effective as of June 21, 2024. 请注意,此处显示的利率和年利率(APRs)适用于信用评分为780或更高,贷款价值比(LTV)为95%的借款人,并且是基于印第安纳州财产担保的贷款. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $350,000, FICO® score of 780 or greater, 5% or more down payment, and loan amount of $332,500; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about ARM products with terms other than those listed.

The 5/5 ARM product listed above 是一种30年期贷款,前5年的初始利率是固定的(60次付款)。. After the initial five-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial five-year period, 你的利率可以每5年增加或减少一次,直到第15年,利率可以根据5年期国债的平均收益率每年增加或减少, plus our margin (2.25%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. 未来的指数是未知的,所以估计每月付款61-360是基于当前的指数加上保证金(完全指数率)。.

The 7/6 ARM product listed above 是一种30年期贷款,前7年的初始利率是固定的(84次付款). After the initial seven-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial seven-year period, 您的利率每六个月可根据银行间一年期美国存款利率的平均水平增减.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. 未来的指数是未知的,所以估计每月付款85-360是基于当前的指数加上保证金(完全指数率)。.

First-Time Homebuyer Program

KEY FEATURES

  • 首付款只需购买价的5%,而这5%的首付款可以100%赠送给你
  • No Private Mortgage Insurance (PMI) required
  • Valid for single-family primary residences
  • Covers purchase amount up to $450,000
  • Flexible mortgage options, including fixed and adjustable rates
  • Low fees and closing costs
  • Personal guidance to help you every step of the way
  • Apply in 15-20 minutes!

Calculate Your Savings

MAY BE A GOOD CHOICE IF

  • You are someone who has not owned a house in the past three years
  • You plan to purchase a single-family home as your primary residence
  • 权衡:利率可能略高于传统的固定利率和可调利率选项

Compare to Other Mortgages 

How do I know if the First-Time Homebuyer Program is right for me?

A couple unpacking into their new home

If you are buying your first home or you haven’t owned a home in the past three years, this could be a good option for you. The main benefit is that you need just 5% of the purchase price for your down payment, whereas a traditional loan often needs 10%. You can qualify even if someone is gifting you the 5% down payment. Another benefit of the First-Time Homebuyer Program is that you do not have to get Private Mortgage Insurance (PMI).


The First-Time Homebuyer Program includes both fixed and adjustable rate options. You will get one-on-one guidance from Elements to help you select the option best for you.

Apply Now

How do I pick between a Fixed Rate and Adjustable Rate Mortgage?

Young couple moving into a new home

With a First-Time Homebuyer Program, you will need to choose between a fixed and adjustable rate mortgage. 

Fixed-Rate Mortgage

With a fixed-rate mortgage, you lock in your interest rate for the life of the loan.

  • Interest rate and monthly payments stay the same for the life of the loan
  • No interest-rate surprises
  • Good if you plan to stay in your home for several years

Adjustable Rate Mortgage

With an adjustable rate mortgage, your interest rate will go up or down after a specified number of years.

  • Interest rate and payments are fixed for a set period of time then adjusted later
  • Lower payments at the start of the loan
  • Perfect if you're planning to own your home for a short period of time
  • A possibility of lower rates in the future

Our experienced mortgage professionals will help you select the best mortgage for you. Call 1-800-561-9433 or start your application today.

Apply Now

Can my down payment really be just 5%?

Young couple happy about moving into new home

Yes!

Your down payment can be as low as 5%, making it more likely you can buy your first home. 如果这5%是别人送给你的礼物,而不是你自己的存款,也没关系. With most mortgages, you would be required to have at least a 10% down payment, so this is definitely a big help.

Get Started

What exactly is Private Mortgage Insurance (PMI)?

Couple looking at their new home's outside

私人抵押贷款保险(PMI)是贷款机构要求大多数房主在首付低于房屋购买价格20%时购买的保险. 这笔保险费用通常附加在你每月的抵押贷款上,直到达到本金的20%.

有了“要素首次购房者计划”,只要首付5%,就不需要PMI. You can save up to $25,000 in PMI costs over the course of your loan!

Calculate How Much You Can Save

What fees and closing costs should I expect?

The specific amount of your closing costs will vary. A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender. 您的要素抵押贷款发起人将审查所有费用与您根据您的具体贷款金额, purchase price, and home value.

Third Party Fees

第三方费用是指我们收取并转交给实际提供服务的人的费用. These can include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company or an attorney is paid the title insurance fees. 

Taxes and Other Unavoidable Costs

这些费用包括州/地方税收和记录费用,无论你选择哪个贷款机构,很可能都要支付. If some lenders don't quote you fees that include taxes and other unavoidable fees, don't assume you won't have to pay it. 一个没有告诉你费用的贷款人可能没有做必要的研究来提供准确的成交成本. 

Lender Fees

Lender fees such as points, document preparation fees, 贷款处理费用由贷方保留,用于为您提供尽可能低的利率. 在做出决定之前,你应该非常仔细地比较不同贷款人的费用类别. Elements charges a standard $995 origination fee on all mortgages.

For more information, call us at 1-800-561-9433.

Should I get preapproved before buying a home?

Couple looking at an ipad in their bed

Call us at 1-800-561-9433 看看你能不能提前申请到贷款,这样你就知道你能承受的价格范围了, to evaluate the monthly costs of a mortgage, and to see how much of a loan you can afford. The pre-approval will also give you some leverage when negotiating with the sellers.

Get Preapproved

How is my mortgage payment calculated?

Son helping mom load a table into a truck

Your monthly mortgage payment is made up of four components: principal, interest, property taxes, and homeowner’s insurance (referred to as "PITI"). 

Principal and Interest

Principal and interest are based on the loan amount, interest rate, and term (amortization) of your loan. 

Property Taxes

Property taxes are assessed annually. 你的税额要除以12个月,以确定每月从你那里收取多少税款.

Insurance

Homeowner’s Insurance is also paid annually. The amount of your annual premium is divided by 12 months as well. 

Private Mortgage Insurance (PMI) can also be a component of your monthly mortgage payment. 这是贷款人获得的保险,以保护他们免受任何损失,如果你停止偿还贷款. 如果你在购买时不支付至少20%的首付,或者在再融资时拥有20%或更多的房产权益,那么传统贷款通常需要PMI.

Why should I go to Elements for my mortgage?

Like a Bank, Only Better!

Personal Mortgage Guidance

Buying a home can be a bit overwhelming. But don’t worry. We’ll be with you every step of the way to guide you through the mortgage process, from pre-approval all the way to closing. You’ll have your personal mortgage expert’s cell phone number, so you can get all your questions answered very quickly. 

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates, and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves on being a trusted source for financial education. We come to your workplace to answer questions and can provide you with a dedicated Mortgage Loan Originator1 to guide you through the entire mortgage process.

Respected Locally. Accessed Globally.

自1930年以来,我们的总部设在印第安纳波利斯,在全国信用合作社中排名前3%2. We serve members in all 50 states and 50+ countries. 您可以使用全国5000多家共享分行和全球78000多台免费atm机.

High Tech. Human Touch.

Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

Get Started

What happens during the mortgage application process?

Getting Started

You can apply online in 15-20 minutes! Submit your application anytime. Or call us at 1-800-561-9433 to apply by phone. When you apply, have ready your government-issued ID (driver’s license, state ID, or passport) and estimates of your household income, assets, home value and price you paid for your home. 

Gathering Documentation

我们将在您提交申请后的一个工作日内与您联系,以审查我们需要您提供的文件. We’ll also answer any questions you may have. 

Application Review & Approval 

Once you have supplied your documents, your loan will be reviewed by an underwriter. After the underwriter review, 您的Elements抵押贷款发起人和贷款处理人员将共同努力,以获得关闭贷款所需的任何进一步的文件, including the appraisal and title work. 

Closing

Once your loan has received final approval, your closing will be scheduled at a location convenient for you. That's it — your mortgage is complete! Application to closing takes an average of 30 days

Get Started

What do I need to know about my mortgage after closing?

A blue front door with a welcome mat that says "Home"

We work with partners in our industry to best serve your home loan needs. Since 2017, Elements Financial began an alliance with Dovenmuehle Mortgage, Inc. (DMI) to provide servicing for the mortgage loans directly held by our credit union. DMI以其专业的服务和便捷的技术而闻名于业界,是美国领先的抵押贷款服务机构之一.S. They allow us to provide the following member benefits:

  • Access to online mortgage tax forms;
  • Expanded general mortgage information online and within your monthly statement, such as escrow details;
  • Continued 24-hour online access to your account and call center support.

The alliance with DMI has no impact on the terms of your mortgage. Your loan is still owned by Elements in cases where DMI provides the servicing.

How do I apply?

Screenshot of Elements online application

3 Easy Steps to Apply

  1. Apply online - Do this online whenever you have 15-20 minutes to spare. Or call 1-800-561-9433 to get started.
  2. Take our call - 我们将在您提交申请后的一个工作日内与您联系,查看我们需要哪些文件并回答您的问题.
  3. Schedule your closing - We'll stay in touch with you throughout the mortgage process. Then, if you're approved, we'll schedule your closing at a location convenient for you.

Apply Now Get Preapproved

After our wedding, 我和丈夫开始在网上看房子,意识到我们可能应该首先考虑融资问题. When Elements visited my workplace, I learned of the First-Time Homebuyer program and the rest is HISTORY. We love our new home in Fountain Square. Thanks Elements!

- Pat L. | Member since 2018

How Much Can I Save with No PMI?

PMI Savings Calculator

Results

与竞争对手相同利率的抵押贷款相比,你贷款期间的总储蓄 3.667% APY.

Potential Savings Over the Life of Your Loan

PMI Cost Per Month Total Cost of PMI
3.667% APR $0 $0
3.667% APR $119 $11,126

Calculator is designed with certain limits and is for illustrative purposes only. 潜在的节省是根据Elements首次购房者计划截至2024年6月21日的利率估计的. 竞争对手抵押贷款的实际利率会有所不同,但此处的描述与Elements相同,仅用于说明PMI的潜在节省.

  1. 1 Nationwide Mortgage Licensing System Registrants: Elements Financial FCU 410639, Shawn Adams 1969445, Charles Akinbola 1811812, Barbara L Allen 609733, Rick Anderson 169934, Nick Bates 2030112, Lindsey Badanek 724103, Cynthia Bell 427359, Nyla Bivens 1128100, Jamie Bonner 435395, Laura Bordenkecher 1590841, April Bratton 1169913, Miesha Brooks 1916521, Dawn Michelle Bruce 899516, Julie Bowering 443400, John Bugbee 581674, Melissa Bullock 2122657, Tracee Buckrop 609727, Karla Chevrie 404630, Eliza Claborn 1826115, Christine Clark 609734, Shane Clark 2253719, Brooklynn Coop 2416469, Kaylee Cooper-Sweeting 2552218, Mary Ann Deckard 1259646, Ashlie M Dew 539208, Curtis Neal Dodd 200259, Ron E Ellis Jr 1207645, Barbara Fey 489638, Kara Michelle Fischer 1469113, Tami Renee Forsythe 609730, Lenore Gallagher 975065, Sherry Gaw 988244, Emilee Goode 1776621, Jody Gray 2320767, Robert Goodwin 975067, Quentin Girten 1919653, Courtney Guth 1623852, Abigail Hall 1469114, Mariah Hestand 1809685, Dial Holliday 1436039, Jennifer Hooker 1807696, Theresa Iaria 1128103, Chris Jones 1484986, 凯西·琼斯1942020,克里斯托弗·科尔143199,安迪·凯特尔巴尔443776,吉尔·基德维尔609731, Brooklynn King 2311546, Michele King 1759144, Sara Keedy 1512646, Sean Kiely 425511, Brittnie Kreuzman 2433042, Tara Nicole Lambert 883082, Teresa Ledford 444283, Cindy Leisure 1080329, Rebecca Littell 996455, Tyler Lonergan 2066084, Blake Luker 2007589, Kristy Mars 609725, Beverly Marshall 444941, Elizabeth McGovern 2313054, Alexander J Menestrina 1190426, Beth Moberg 473454, Justin D Montour 1198316, Brooke Moss 1824059, Terri Mossbrucker 1385461, Kristina Mowery 916118, Amber D Murphy 1082684, Mallory Neill 1750269, Constance Nelson 975071, Micha Noble 1950136, Grace Nolan 1840818, Regina Norman 1080327, Stacy Oswald 1380912, Clayton F Patterson 424532, Shaneka A Pedersen 426201, Meghan Pedigo 1601304, Shari Peek 1623439, Steve Perius 610700, Janene Petree 1529353, Kyle Thomas Plumlee 1930758, Noah Pumphrey 2313162, Kim Purkhiser 1313210, Tania Query 608383, Rebecca Rice 1007612, Miranda Grace Renee Rizzo 1198315, Janai S Roberts 252636, Tim Sallee 1192774, Susan Roberts 975068, Darlene Rogers 2266067, Carol Biale-Schroeder 1863399, Ryan Sebree 1866273, Ron Senci 1068152, Jessica Siegman-Bradford 1454706, Brad Smith 906855, Amy Lynn Stokes 1387213, Paulette Stull 1487007, Ann Sukup 2511201, 布伦特·泰德福德1892880,布拉德利·汤普森609732,朗达·韦弗2213627,萨曼莎·怀特1849420
  2. 2 Based on asset size as of 12/31/2022.