First-Time Homebuyers

Buying your first home has never been easier

HELOC

12-month introductory fixed rate as low as 3.99% APR* then an ongoing variable rate as low as Prime minus 0.25%*

Get a 0.25% rate* discount when buying your first home

From FHA or conventional to fixed- or adjustable-rate (ARM), find the right mortgage for you

Our experts will help you navigate the homebuying process

MECU Credit Union's First-Time Homebuyer Program opens the door to more home for less.

Our home loan experts will guide you through the homebuying process. Our special offers, great interest rates, and low-money-down mortgages can get you in your first home for less. We've put together the best options to help simplify the homebuying process in Maryland and save you money with our First-Time Homebuyer Program.

Conventional Mortgages

Fixed-rate or adjustable-rate options with as little as 5% down.

FHA Loans

More lenient credit and income requirements with as little as 3.5% down.

Banking with MECU Credit Union in Maryland means belonging to a local financial institution that invests in the Baltimore community and offers competitive rates on mortgage loans and other home lending products.

Frequently Asked Questions

Quickly and easily estimate your monthly mortgage costs by using our calculator.

When determining a mortgage, first decide how much you can comfortably afford, factoring in:

  • mortgage loan payment (principal and interest)
  • property taxes 
  • insurance
  • any HOA fees
  • miscellaneous funds for maintaining your home

Try our mortgage calculators.

To qualify for an FHA loan, your credit score should be 500 or higher, with verifiable steady income, and a debt-to-income (DTI) ratio usually below 43%. You will also be required to make a down payment of at least 3.5% up to 10%, depending on your credit score. It's best to submit a prequalification request to determine if you meet the requirements for this government-backed loan.

The cost of refinancing your mortgage varies depending on your lender, location, and loan details. Typically, refinancing costs range from 2% to 6% of your total loan amount. Most lenders will allow you to roll the closing costs into the new loan, but you'll pay interest on the closing costs over the life of your loan. Try our mortgage calculators.

Guiding you home with confidence.

Mortgage Calculator
Figure out the total financial impact of homeownership.
Home Loan Rates
View our mortgage rates.
Mortgage Resource Center
All the resources you need, right at your fingertips.
How to Brace for Rising Home Costs
Learn how to mitigate the financial impact on your budget.
Money Market Account
Grow Your Balance with Higher Rates

Earn more on higher balances while keeping your funds accessible.

Buy your first home for less.

*First-Time Homebuyer rate discount not available on all loan types, such as FHA Loans. Discount applies to first-time purchases in Baltimore City and Baltimore County. First-Time Homebuyer rate discounts may not be combined with any other discounts. Certain conditions apply.

Handbook on Adjustable Rate Mortgages
Adjustable Rate Pricing Disclosure
Home Mortgage Disclosure Act (HMDA) Notice

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