First Time Home Buyers

Turn your homeownership dreams into a reality

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We Make it Easier

Loan Options with Easier Approval Conditions
Down Payment Assistance

Contact us to see if you qualify!
Work with Local Experts

Our Mortgage Specialists are there every step of the way

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APPLY FOR A MORTGAGE

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Stop Renting. Start Owning!

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Buying your first home is a significant life achievement. The Mortgage Specialists at Adventure Credit Union want to help you achieve your goals! 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.

Adventure Credit Union is a local lender. When you choose Adventure for your mortgage, you'll work with real local people through our streamlined mortgage process.

Mortgage Calculators

Federal Housing Authority (FHA) Loans

FHA (Federal Housing Authority) 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 Mortgage

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 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!

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Rural Development (USDA) Loans

Rural Development 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

Down Payment Assistance

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!