First Time Home Buyers

Turn your homeownership dreams into a reality

  • Mortgages with easier approval conditions
  • Down Payment Assistance may be available
  • Personal service from a local expert

Stop Renting. Start Owning!

LET'S GET STARTED:

Buying your first home is a significant life achievement. Whether you are in Grand Rapids, Lansing, or another part of Michigan, we will work to meet your unique needs with one of the First Time Home Buyer programs listed below or one of our other mortgage options.

FHA loans are designed to help first time buyers even if they have a lower credit score or lower level of income.

  • Interest rates are fixed
  • Available in 15 and 30-year terms*
  • Minimum 3.5% down payment required
    • Gift funds are allowed
  • Minimum credit score is 620

Home Possible is a mortgage program designed to reduce the barriers that first time home buyers often face. Home Possible is ideal for buyers with limited income and low down payment funds.

Benefits of Home Possible:

  • Relaxed requirements for approval
  • Interest rates can be lower than a traditional mortgage
  • Low down payment requirements
  • Low private mortgage insurance (PMI) costs

Program Restrictions / Requirements:

  • Borrower's income must be 80% or less of the area's median income
  • Location restrictions apply
  • Minimum credit score of 660
  • Homeowner education required

To see if you qualify for Home Possible, please contact us today!

Rural Development (USDA) loans are designed to help home buyers purchase in eligible towns and rural areas. Contact us to see if the areas you're interested in are eligible for this program.

  • Fixed interest rates; generally lower than conventional mortgages
    30-year term*
  • No down payment required
  • Minimum credit score is 620

Did you know that the State of Michigan offers down payment assistance for new home buyers? They do, and this program is only available through an experienced participating lender like Adventure Credit Union.

Depending the location of your desired home, you may be eligible for $7,500 or even $10,000 in down payment assistance. If approved, these funds will be disbursed through a “down payment assistance loan” (DPA loan) which is a 0% interest non-amortizing second mortgage loan. As long as you own the home, you will not be required to make any monthly payments on your DPA loan. However, the balance of your DPA loan will come due if you sell the house or transfer ownership of the property.

The down payment assistance program is subject to requirements and restrictions. To see if you qualify, please contact us!

Talk to a local mortgage expert

We're here to answer your questions.

Contact Us - Talk to a local mortgage expert

I applied for a loan online. The person handling this for me was amazingly prompt and easy to communicate with.

- Lynn W.

Adventure Credit Union is a full-service credit union in Michigan with branches in the Greater Grand Rapids and Lansing areas. All those who live, work, worship or attend school in the State of Michigan are eligible to join.

*Mortgage rates are determined by multiple factors such as loan term, creditworthiness, underwriting requirements, and more. Mortgage rates change daily. Please contact us for today's rates and to discuss your unique situation.