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Right now, get a $500 closing cost credit.  No fine print.

First Time Home Buyer Program

Simple and convenient
application process

Let us help you purchase your first home.

$500 Closing Cost Credit

Right now, get a $500 closing cost credit when you purchase a new home. No fine print.

Some things to know as a First Time Home Buyer

Now is a great time to buy!

Are you a renter? Why not take your monthly payment and put it toward an asset that increases in value? Home ownership is an investment. Rent is simply an expense that returns nothing to you. If you can afford to rent, you can usually afford to own.

We offer low fixed first time home buyer loan rates

Whether you're looking to purchase a single family home or a new condominium, Credit Union ONE offers competitive low fixed rates and a variety terms to best fit your lending needs.

No Private Mortgage Insurance (PMI) required

What is Private Mortgage Insurance?  Private Mortgage Insurance or PMI is a type of insurance that conventional mortgage lenders require when homebuyers put down less than 20 percent of the home’s purchase price.  With Credit Union ONE's First Time Home Buyer Program, you are not required to pay PMI and can purchase a home with as little as a 5% down payment.

Lock in your rate while you shop

Lock in at the current rate and Credit Union ONE will lock that in for 120 days (four months).  This allows you more time to shop for a home in Detroit,

Traverse City, Grand Rapids, Ann Arbor, MI or elsewhere, without the concern of rising interest rates. 

Get started with purchasing your new home.
Apply Now
Related resources

What is the difference between a traditional mortgage and an FHA?

Our Home Mortgages page explains the details of our various mortgage options.

What are the benefits of a VA loan? 

Our VA Loans page  provides all the details about this option.

What is the first thing I should do if I'm a first-time home buyer?

Our team of licensed and experienced professionals will combine their experience with your goals to find a unique financing solutions that fits. Get a fast pre-approval when you contact us today so you know your budget before beginning your home search.

If I've owned a home before, will I be able to qualify for first-time home loan programs?

Yes! If you haven't owned a home in 3 years or more, you may still qualify for this loan.

Is it possible for first-time home buyers to build their own house?

Yes! The first-time buyer who is employed for 2 years, meets both debt-to-income and credit guidelines, and has a down payment (if necessary) can build their own home.

How do I apply for a mortgage? 

Apply online, in person at any Credit Union ONE Branch or call 800-451-4292 and speak to a Mortgage Loan Originator. Status can be checked by calling your loan representative or 800-451-4292.

How do I refinance my mortgage? 

Apply online, in person at any Credit Union ONE Branch or call 800-451-4292 and speak to a Mortgage Loan Originator. Status can be checked by calling your loan representative or 800-451-4292.

Do I need a Realtor to buy my first house?

If you are looking to purchase your first home, we highly recommend contacting a Realtor. Having a Realtor working for you and not the seller will ensure you are the top priority. Your Realtor will guide you every step of the way on what to do next so that you get the home of your dreams. If you want to start with a Realtor who has proven results with members, ask our Mortgage Lenders for recommendations.

How do I check the status of my mortgage application? 

Status can be checked by calling your loan representative or 800-451-4292.

How can I get more loan coupons?

Call the Member Contact Center at 800-451-4292 or visit a branch. There is a $5.00 fee for a set of 36 coupons.

How do I close a loan with Credit Union ONE?

Loan closing can be done at any Credit Union ONE branch. Some loans can also be closed electronically.

Where do I find information on my loan title?

Michigan is not a title holding state. Titles that are issued in the state of Michigan will be mailed to you once the Credit Union ONE lien is placed on it. If  a vehicle is titled out of state and that state is a title holding state, then the members title will be held at Credit Union ONE until the loan is paid in full.

I made my payment and I was charged a late fee. Why?

Call the Member Contact Center at 800-451-4292 or visit any Credit Union ONE branch. If many cases, you might have sent in a loan payment but it was short a few cents. Your loan will become past due if the difference is not made up before the next due date and a late fee will be assessed. 

How can I obtain a letter of guarantee?

Please visit a branch location of call the Member Contact Center at 800-451-4292 for more information.

How can I change the due date of my loan payments?

The Member Contact Center Loan Servicing Agents can assist members with changing the due date on their loan that may better for their budget. Credit Union ONE does not refinance our own loans however we can look into lowering the interest rate on the loan if the member qualifies. If members are facing financial difficulties, we can assist with starting the Loan Modification process.