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Thinking of Buying a Home? It May be More Affordable Than You Think.


SLFCU has financial tools and resources to help you reach your goal

It may be easier than you think to save for a down payment on a home – and depending on your situation, purchasing a home may be more cost-effective than renting. Here are some simple savings strategies to help you reach your goal.


It’s a common misconception that lenders require a down payment of at least 20% of a home’s purchase price. SLFCU can help qualified first-time homebuyers purchase a home with a down payment as low as 3% in most markets. For example, a 3% down payment for a first-time buyer on a $200,000 house financed through SLFCU would be $6,000 plus escrow and closing costs, which are typically low. The down payment for qualified buyers who have previously purchased a home can be as low as 5% in most markets.*

SLFCU never requires private mortgage insurance (PMI). Many other mortgage lenders require PMI when a down payment is less than 20% of the home’s purchase price. PMI costs are typically between 0.5% and 1.75% of the financed amount and can really add up: on a $100,000 loan, PMI could cost $1,750 a year. SLFCU helps homebuyers avoid PMI by providing a first mortgage for 80% and a second mortgage for the additional amount.

Visit to learn more and to get an instant, personalized payment and closing cost estimate for each of our home loan options.


Even if you can only save small amounts of money at a time for your down payment, it will add up. Build a budget so you know where your money is going, and look for places to reduce expenses.

You could cancel cable TV, cut back on eating out, and/or get a new quote for your car insurance. Put the money you save into a savings account. Also consider larger changes. Could you move to a less expensive apartment or get a roommate? Would an additional part-time or second job fit your schedule?

Check out more budget-building tips at


Even if you have just started saving, all potential homebuyers are encouraged to meet with an SLFCU mortgage loan officer, who can help you determine how much you should save, advise you about ways you can improve your credit, and share helpful resources like the HomeAdvantage® program.** SLFCU mortgage loan officers do not work on commission, and want to help you understand the entire process from start to finish.

To talk to a mortgage loan officer or set up an appointment, call 505.237.7161 or 800.947.5328, ext. 7161 or email us at

*Qualified homebuyers could purchase a home with a 3% or 5% down payment under SLFCU’s “piggyback” program: a 5/5 adjustable-rate mortgage (ARM) for 80% of the home’s value with a second 5/5 ARM for up to 17% more of the value of the home.

**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.

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