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Sandia Laboratory Federal Credit Union Sandia Laboratory Federal Credit Union Go to main content
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California Home Loan Options

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With the median home value across much of California topping $500,000, financing a home can be daunting. SLFCU can help you streamline costs while providing unparalleled service. Meet our team


You don't need a 20% down payment. Qualified California home buyers can take advantage of down payments as low as 5% and no private mortgage insurance (PMI) by combining our 5/5 second mortgage with an SLFCU fixed-rate mortgage, 15/15 ARM, or 5/5 ARM.


Take advantage of low closing costs on jumbo loans (loans over $450,000) on our 5/5 and 15 ARMs, second mortgages, and Home Equity CreditLines.


When you extend the term of your loan, you can use the extra money each month for debt consolidation, home improvement projects, or whatever you need. Learn more.


Adjustable Rate Mortgages (ARMs)

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With these home loans, SLFCU combines a low rate with payment stability similar to our fixed rate mortgage.

  • Budgeting predictability - lock in rates and payments for 5- or 15-year periods
  • Low closing costs - for jumbo loans, too
  • No Private Mortgage Insurance (PMI) required
  • Payments that fit your budget - terms up to 30 years and no points

5/5 ARM 

This mortgage is a smart choice for first-time homebuyers and those who may move or refinance within five to seven years. Get the security of a rate and payment that adjust only once every five years.

  • Down payments as low as 3% (5% in California) for first-time homebuyers
  • Rate caps for peace of mind - each adjustment is capped at 2%, and your rate will never increase more than 5% above your origination rate

15/15 ARM

This mortgage is perfect for growing families or near-retirees who expect to move within 15 years.

  • Down payments as low as 3% (5% in California) for first-time homebuyers
  • Lower rates and closing costs than a fixed rate mortgage
  • Your rate will only adjust once during the life of the loan and is capped at 6% above your loan origination rate
Fixed Rate Mortgages

Lock in a low interest rate and get a fixed monthly payment, a variety of terms, and the option to pay points to reduce your rate.

Your fixed rate mortgage will be serviced by SLFCU – from application and processing to closing the loan and beyond. When you make a payment or have a question, you’ll talk to the professional, friendly staff at SLFCU.


With a good credit history, you can put down as little as 5% in most markets; for lower credit scores, a 10% down payment is required. SLFCU can loan 80% on a first fixed-rate mortgage and finance the rest with an adjustable rate second mortgage. With this loan structuring, you avoid paying Private Mortgage Insurance (PMI).

Consider this mortgage if you are looking for long-term rate and payment stability.

Investment Properties


If you're a real estate investor, take advantage of our Non-Owner-Occupied mortgages and CreditLines, with money-saving closing costs. You can cover repairs and upgrades to the rental property or use the funds for anything you need.

*Does not apply to Home Equity CreditLines


Our ARM gives you competitive interest rates, low closing costs, and guaranteed payments for one-year periods. Rates are much more stable than the those you'd find on other ARMs because they are based on a six-month moving average of the slow moving 10-Year U.S. Treasury Note.


If you're a real estate investor, take advantage of our Non-Owner-Occupied Mortgage Loan or Equity CreditLines with money-saving closing costs to cover repairs, upgrades, or anything you need.

5/5 and 15/15 adjustable rate first mortgages and fixed rate mortgages are for owner occupied properties. Construction loans and refinancing are excluded. Rates subject to change; check with SLFCU for current rates. Maximum loan-to-value (LTV) is 80%; financing available up to 95% LTV with a 5/5 ARM second mortgage. For 15/15 ARM, rate for the remaining term adjusts at 15 years, the 5/5 ARM adjusts every 5 years, and both are based on the then-current index plus margin, rounded to the nearest eighth of a percentage point, and subject to the floor rate. A $45 initial credit report fee applies to all loans; fees subject to change without notice. If loan does not close, fees incurred will be charged to the member. All loans subject to credit approval. Contact SLFCU for details.

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5/5 and 15/15 Mortgages

Adjustable rate mortgages. Rate adjusts every 5 or 15 years.


5/5 Mortgage
2.63% (1st 5 Years) / 3.592% APR

15/15 Mortgage
2.88% (1st 15 Years) / 3.23% APR