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Sandia Laboratory Federal Credit Union Sandia Laboratory Federal Credit Union Go to main content
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A couple moves in to their new home

First-Time Home Buyers

Apply Now   ESTIMATE YOUR PAYMENTS

Ready to put down roots? SLFCU members get great rates and unsurpassed service. First-time home buyers only need a down payment of 3% of the home's value in most markets.

As a local credit union, we can provide many advantages large banks can't, such as local decisions and servicing for the life of your loan, low fees with quick closings, and no private mortgage insurance (PMI) requirement. 

GET STARTED.


GET PRE-APPROVED.

Apply online now or call 505.293.7161 or 800.947.5328 x7161 to speak with a loan officer. You can also email us at mortgages@slfcu.org.

Why is it important to get pre-approved?

  • 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 PMI. 

CONTACT A REAL ESTATE AGENT.

A real estate agent helps home buyers by educating them about the market, homes, and neighborhoods, negotiating offers, and meeting contract deadlines. HomeAdvantage® is a free, easy-to-use service that can help you in your search and refer you to a trusted agent in your area. Using a HomeAdvantage agent to purchase your home can qualify you to earn cash back equal to 20% of the agent's commission.*


CONSIDER YOUR OPTIONS.

SLFCU’s 5/5 adjustable rate first mortgage is a smart choice for many first-time home buyers. You'll save on closing costs and lock in rates and payments for five-year intervals. Most first-time home buyers 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. SLFCU also offers construction and vacant land loans

View all options and rates.


FOLLOW THE EXPERTS' LEAD.

Your loan officer and real estate agent will see you through the negotiations, inspections, and paperwork that lead up to the day you'll be handed the keys to your new home. Have questions? Call 505.293.7161 or 800.947.5328, ext. 7161 to talk to a loan officer. You can also email us at mortgages@slfcu.org.


* Cash Rewards are awarded through the HomeAdvantage program to buyers and sellers who select and use a real estate agent in the HomeAdvantage network. Home buyers or sellers are not eligible for Cash Rewards if they use an agent outside this network. Cash Rewards amounts are dependent on the commissions paid to the HomeAdvantage network agent. Obtaining a mortgage or use of any specific lending institution is not a requirement to earn Cash Rewards. If you are obtaining a mortgage, your lender may have specific rules on how Cash Rewards can be paid out. Cash Rewards are available in most states; however, are void where prohibited by law or by the lender. Please consult with your lender for details that may affect you.

5/5 adjustable rate first mortgages are for owner-occupied properties. Construction 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 and 15/15 Mortgages

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

VIEW ALL RATES

5/5 Mortgage
3.25% (1st 5 Years) / 3.812% APR

15/15 Mortgage
3.38% (1st 15 Years) / 3.75% APR