One of the most difficult obstacles for many first time homebuyers is coming up with the 20% down payment required by most mortgage lenders. Metro Credit Union is pleased to offer the FIRST STEP MORTGAGE, a new home loan program that provides safe, affordable mortgages with low down payments to qualified first time homebuyers.
Through this innovative new program, qualified first time homebuyers can obtain a mortgage with a down payment as low as 3%.
Metro is proud to offer this loan program which will benefit many homebuyers and their families. This program is designed to help qualified low-to-moderate income families achieve the dream of home ownership. The First Step Mortgage is one example of our continued commitment to provide affordable mortgages to families in our community.
The program includes lender-paid Private Mortgage Insurance, which is a substantial cost-savings to the buyer. Also, interest rates are discounted based on the buyer’s income.
The First Step program offers up to 97-percent financing for single-family homes, and 95-percent financing for two, three, and four-family properties. For more information about the First Step program at Metro Credit Union, please visit www.metrocu.org or call 877-MY-METRO ext. 7589 to speak with a Mortgage Specialist.