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Sandia Laboratory Federal Credit Union Sandia Laboratory Federal Credit Union Go to main content
Routing #307083911|
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A couple moves in to their new home

First-Time Homebuyers


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

As your 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. 



Apply online now or call 505.237.7161 or 800.947.5328 x7161 to speak with a loan officer. You can also email us at

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. Qualifying first-time homebuyers only need a down payment of 3% of the home's value, and you don't have to pay PMI. 


A real estate agent helps homebuyers by educating them about the market, homes, and neighborhoods, negotiating offers, and meeting contract deadlines.


SLFCU’s adjustable rate first mortgages are a smart choice for many first-time homebuyers. You'll save on closing costs and lock in rates and payments for fifteen-year intervals. Most first-time homebuyers move or refinance within eight years, so locking in a long term with high closing costs may not be in your best interest. But if you're looking for even longer-term stability, SLFCU has fixed rate mortgages with low rates and terms that fit your needs. SLFCU also offers construction and vacant land loans

View all options and rates.


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 505.237.7161 or 800.947.5328, ext. 7161 to talk to a loan officer. You can also email us at

15/15 adjustable rate first mortgages are for owner-occupied properties. Construction loans are excluded. 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. Available rate based on credit history. Not everyone will qualify for lowest rate. Contact SLFCU for details.

3% cash required from buyer. 15/15 is As low as 7.077%% APR and 5/5 is As low as 6.830% APR. APR = Annual Percentage Rate. 15/15 Rate and payments adjust only once at 15 years. Rate is variable and can increase by no more than 6.00% at the 15-year adjustment. 5/5 Rate and payments adjust only once every 5 years. Rate is variable and can increase by no more than 2.0% every five years with a lifetime cap of 5.0%. 4.00% floor rate applies beginning at first adjustment. Valid for adjustable rate first mortgages for owner occupied properties.Third-party fees may apply in certain circumstances. Additional fees may apply outside New Mexico. 15/15 repayment term 360 monthly payments of $6.57 per $1,000 borrowed. 5/5 repayment term 360 monthly payments of $6.40 per $1,000 borrowed. APR and payment example are subject to change.

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5/5 , 15/15, and 7/1 Mortgages

Adjustable rate mortgages. Rate adjusts every 5 or 15 years, or once per year after seven years for the 7/1 ARM.


5/5 Mortgage
As low as 6.625% (1st 5 Years) / As low as 6.830% APR

15/15 Mortgage
As low as 6.875% (1st 15 Years) / As low as 7.077% APR

7/1 Mortgage
As low as 6.375% (1st 7 Years) / As low as 6.565% APR