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Save with our special offers! Only 10% down payment and no PMI. One-time free rate adjustment

BUY YOUR FIRST HOME WITH 10% DOWN AND NO PMI1

Many people try to save 20% of the home price because lenders often add an extra fee called private mortgage insurance (PMI) when the down payment is below 20%. If you qualify with us, you can buy with 10% down and no PMI. That means less cash up front and no extra PMI fee, so more of each monthly payment goes toward owning your home.

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Who can qualify

  • First-time homebuyer
  • You will live in the home (primary residence)
  • 1 to 4 unit property
  • Borrow up to 90% of the home’s value with 10% down

What is PMI?

PMI is a monthly fee many buyers pay when the down payment is under 20%. It protects the lenderand does not reduce your loan balance. Once you’ve paid off about 20% of your mortgage, PMI can usually be removed.

PMI example if PMI applies

  • Home price: $345,000
  • Down payment (10%): $34,500
  • Loan amount: $310,500
  • Typical PMI elsewhere: about $140/month
  • Five years of PMI: about $8,400

If you qualify, PMI is not required, so that’s extra money at your disposal.

Amounts vary by lender, credit profile, down payment, and loan amount.
This example is for illustration only and is not a quote.2

One-time free rate adjustment2

If market rates fall after you close, you can lower your fixed rate one time. No refinance. No extra fees. No new paperwork. Learn how the rate adjustment works.

Talk to our mortgage specialists today. Schedule an appointment: call 888-222-8571 or book online.

We speak English and Ukrainian and will guide you through the process so you feel confident on your path to homeownership.

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Disclosures
Mortgages with down payments as low as 10% (up to 90% LTV) without required private mortgage insurance (PMI)* are available only for the firsttime single-family buyers or up to 4-unit owner occupied property. For example, a $310,500 30-Year Fixed Rate Purchase Mortgage with 90% LTV will have a 6.134% APR and the repayment schedule will be 360 monthly payments of approximately $1,860. Monthly payment amount does not include any property taxes, homeowners’ insurance premiums, and homeowners association (HOA) fee; the actual payment will be greater when such items are included. Subject to approval of application. APR is based on an assessment of individual creditworthiness, occupancy and/or property type, and our underwriting standards. All Selfreliance FCU loan programs, rates, terms and conditions are subject to change at any time without notice.

For example, financing a $345,000 home in Chicago with us could save you $140 each month, totaling $8,400 over five years.

Criteria used to calculate monthly PMI of $140 were: the loan amount of $310,500; the loan term of 30 years, the credit score of 680; 10% down payment and 45% debt-to-income ratio.

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