Looking to buy your first home?
Local decision-making from a local Credit Union that cares about its members and community.
Providing Rhode Island & MA with First Time Home Buyer Programs
Step into Your First Home Mortgage
An easy and affordable way to finance your first home.
- Lower down payment, just 3% down and only 1% needs to be your own savings.
- Reduced interest rates for the first three years.
Step Into Your First Home Mortgage
First Time Home Buyer Program
| Product | Interest Rate | Points | APR* | Monthly Payments Per $100,000 |
|---|---|---|---|---|
| Year 1* | 5.125% | 0 | 6.14% | $544.49** |
| Year 2* | 5.375% | 0 | 6.14% | $559.97** |
| Year 3* | 5.625% | 0 | 6.14% | $575.66** |
| Year 4-30* | 5.875% | 0 | 6.14% | $591.54** |
DISCLOSURES
Interest Rates are subject to change without notice.
*The Base Rate is the prevailing 30-year-fixed rate as locked by the member. The Year One rate equals the Base Rate minus 0.75%. The Year Two rate equals the Base Rate minus 0.50%. The Year Three rate equals the Base Rate minus 0.25%. The rate for years 4 through 30 will equal the Base Annual Percentage Rate. Annual Percentage Rate (APR) subject to change without notice. Minimum credit score of 720 to qualify. Other rates and terms available based on creditworthiness. Maximum LTV is 97% for single family home or condo, 95% for two unit. An LTV greater than 80% requires Private Mortgage Insurance (PMI) which could increase your monthly payment and APR. Rates do not take into consideration possible adjustments based on member’s credit score, loan-to-value, combined loan-to-value, subordinate financing, occupancy, appraised value, down payment, property type, property use, and loan purpose. Payments do not include taxes or insurance and actual payment may be greater. Property insurance (and flood insurance if applicable) required. All borrowers must be a first-time home buyer purchasing in Rhode Island or Bristol County, Massachusetts.
Frequently Asked Questions
Typically, the Mortgage process takes from 45 to 60 days for purchase and refinance loans. The closing date on a purchase transaction is dictated by the purchase and sale agreement.
First and foremost People’s does not collect any fees for you to apply. Closing costs vary depending on the type of mortgage and the amount of the mortgage you apply for, and will vary based on your situation. Fees are broken down into categories. For example, fees may be charged by outside venders for the Credit Report, Appraisal, Attorney Fee, Tax Service, or a Flood Certificate. There are also fees collected by the town such as recording fees and taxes. The only fees collected by People’s Credit Union are for underwriting the loan.
People’s Credit Union offers a full range of fixed and variable interest Mortgage Loans. Please visit our Mortgage page to learn more about our products and meet our Mortgage Lenders..
When you apply for a mortgage we must verify every statement made on the application relative to your income, debts, bank accounts, properties owned. We have a team of knowledgeable mortgage professionals that will help you every step of the way.
We do sell and underwrite to secondary market (Fannie Mae) guidelines. However, we will service your loans, so you will always pay your mortgage directly to us.