1 Certain restrictions do apply. Subject to credit approval. Homebuyers at or below median income levels, exceptions for underserved areas. Family income limits of 100% of FNMA/FHLMC HUD median income published for Rockingham/Strafford counties in NH and York/Oxford/Cumberland County, Maine. Escrows for Real Estate Taxes and Insurance is required. Minimum of one consumer credit counseling consultation required to underscore member's financial preparedness. Renewal rate (4th year) based upon one-year Treasury constant maturity, plus a margin added of 2.75%. This is subject 1% maximum annual cap, and a 5% lifetime cap from the original rate at inception of loan. The initial 3-Year rate will be set weekly by NECU, reflecting a discount from the national average of 3/1 ARM programs.
First-Time Home Buyer
We offer the Home Loan Payment Relief (HLPR) mortgage for first–time home buyers.
HLPR Mortgage Benefits:
- Helps first-time homebuyers obtain an affordable mortgage
- Discounted initial rate and lower payments
- No private mortgage insurance (PMI)
- Reduced closing costs