First-Time Home Buyers

First-time home buyers are not necessarily buyers who are purchasing their first home ever. You can also qualify as a first time home buyer if you have not owned a home in the past three years.

You qualify as a first-time home buyer if you are:

  • An individual who has had no ownership in a principal residence during the three-year period ending on the date of purchase of the property.
  • A single parent who has only owned with a former spouse while married.
  • An individual who is a displaced homemaker and has owned with a spouse.
  • An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
  • An individual who has only owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.

Owning a Home is More Affordable Than You Think
Are you paying more than $750 a month in rent? The reality is you could own a home and maintain a comparable monthly payment. Home prices and rates are at some of their lowest levels in decades. This is the ideal time to become a homeowner.

It Makes Sense to Own
If your household income is $40,000 annually, a $150,000 home can be very affordable with as little as a 3% down payment. Your monthly payment on a 30-year mortgage of $145,500 at a rate of 3.875% with an APR of 4.37% would be $904.17 (this includes principal, interest, taxes, insurance, and mortgage insurance) versus $825.00 for your monthly rent. The difference is less than $100! Plus, homeowners enjoy tax advantages* and equity growth in their home. Since taxes and home prices vary, your specific payment may be different.

Why Rent When You Could Own?
Saving enough money for a down payment can be a hurdle for many first-time home buyers. That's why Redstone Federal Credit Union offers special programs to help first-time home buyers. Consider this – you can buy a home responsibly with little money out of pocket. Some programs allow funds for closing costs and down payment to be in the form of gifts or for the seller to pay some or all of your closing costs. The opportunity for home ownership is closer than you think. Click here to view down payment assistance programs.

Buying your first home is an important landmark in your life. We understand that finding the right financing plan is as important as finding a home that fits your lifestyle. Click here to compare real estate loans.

Easily apply online, over the phone, or in person by scheduling an appointment at 256-882-8500.

 

Mortgages are only available for properties located in Alabama and Tennessee.

* Contact your tax advisor for information with respect to tax benefits.

Loans subject to credit approval. Must be RFCU member to obtain mortgage. Other restrictions may apply. Contact Credit Union for details. Various types of mortgage loan programs and terms are available. RFCU is an Equal Credit Opportunity Lender. Rates, terms and conditions are subject to change without notice. Must create separate user name and password to gain access to mortgage application process.

RFCU and the Federal Home Loan Bank of Atlanta are separate entities. RFCU does not does not warrant, guarantee or insure any service or product offered by the Federal Home Loan Bank of Atlanta.

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Sick of Your Landlord?

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Have Questions about Mortgages?

View the Mortgage Center, contact us online, or call us at:

256-882-8500 (Huntsville area)
800-234-1234 x8500 (toll free)
Monday - Friday: 9 a.m. – 5 p.m.

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Need a Down Payment?

You may qualify for down-payment assistance on your new home. Learn more to see if you qualify.

See if you qualify for down payment assistance on your new home!