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First Time Home Buyers

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Get a Personalized Quote


  • Get answers to your questions, tips, and definitions of mortgage terms at our Mortgage FAQ.
  • Register at HomeAdvantage® to research the same database used by real estate agents.
  • Talk to a loan officer at SLFCU. They don’t work on commission; their goal is to help you find the loan that best meets your needs.
  • Use the closing costs and interest rate calculator to explore your options.


Call 505.293.7161 or 800.947.5328 x7161 to talk to a loan officer.

  • A seller will take you more seriously.
  • You’ll know how much you qualify for, and get a clear idea of your price range. The loan officer will look at your monthly payment obligations and income to determine your maximum monthly payment. In most markets, qualifying first time home buyers only need a down payment of 3% of the home's value, and you don't have to pay Private Mortgage insurance. 


Using an agent from HomeAdvantage can save you thousands.


SLFCU’s 5/5 adjustable rate first mortgage is a smart choice for many first time homebuyers. You'll save on closing costs and lock in rates and payments for five-year intervals. Most first time homebuyers move or refinance within five years, so locking in a long term with high closing costs may not be in your best interest. But if you're looking for the long-term stability of a fixed rate loan, SLFCU has options with low rates and terms that fit your needs.

Other benefits of an SLFCU home loan:

  • Low down payments
  • No private mortgage insurance
  • SLFCU retains servicing throughout the life of the loan – when you have a question, just call us!
  • Interest rate adjustments are based on the one-month average yield of the 10-Year U.S. Treasury Note, which is generally a slow-moving index

SLFCU also offers second mortgages and construction loans. 


Your loan officer and real estate agent will see you through the negotiations, inspections, and paperwork that lead up to the day you get the keys to your new home. Feel free to call us at SLFCU anytime you have questions.

5/5 adjustable rate first mortgages are for owner occupied properties. Construction loans and mobile home loans are excluded. A $45 initial credit report fee applies to all loans. If loan does not close, fees incurred will be charged to the member. All loans subject to credit approval. Rates subject to change without further notice. Contact SLFCU for details.

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5/5 Mortgage

Adjustable rate mortgage. Rate adjusts every 5 years.


5/5 Mortgage
3.875% (1st 5 Years) / 4.061% APR