First-Time Home Buyer Special Program

Yes, to be eligible for any of our mortgage loans, you need to meet membership criteria for joining the credit union. It takes just a few minutes to join, and then you can access a home loan and all our other quality products and services.

Our membership consists of those who live, work or go to school in Broward, Charlotte, Collier, Lee, Martin, Miami-Dade, Monroe, Palm Beach County, Hillsborough, Manatee, Pinellas, Sarasota, or St. Lucie counties. Immediate family of all current members are also eligible to join.

We're also proud to offer membership to our Select Employee Groups Employees and members of these organizations are always welcome to join, no matter where they live:

• Ryder System, Inc.
• FPL/NextEra Energy
• Bonefish & Tarpon Trust

When applying for a mortgage with PFCU, it is helpful to have the following information:

• Your Social Security Number
• Valid US Driver's License, Permanent Resident Card, or US Passport
• Your annual income

It's also helpful to have the following documents:

• W-2 forms from the previous two years, if you collect a paycheck
• Profit and loss statements or 1099 forms, if you own a business
• Recent paycheck stubs
• Your two most recent tax returns
• A complete list of your debts, including credit cards, student loans, car loans, and child support payments, along with minimum monthly payments and balances
• Lists of your assets, including bank statements, mutual fund statements, real estate and automobile titles, brokerage statements, and records of other investments or assets

Other documents may be required depending on the type of loan you're applying for and your financial situation. While the paperwork needed may seem daunting, you'll have a dedicated Mortgage Loan Expert who will guide you every step of the way.

You can choose either our 30-year fixed-rate mortgage (excluding closing cost promotion) or any of our adjustable-rate mortgage options (excluding closing cost promotions). This gives you the flexibility to select the loan that works best for your needs and budget.

Your monthly mortgage payment is made up of four parts: Principal, Interest, Taxes, and Insurance, known as PITI. With a fixed-rate loan, the principal and interest parts of your monthly payment will remain steady through the life of your loan (though your property taxes and insurance may change).

• Fixed rates make budgeting easy compared to an adjustable-rate mortgage (ARM) loan type, where your rate and payment go up and down with the markets
• You can easily plan your short-term monthly budget as well as your long-term financial needs, without worrying about unpredictable future changes
• If market rates drop significantly in the future, you may consider a mortgage refinance to secure your rate

The most obvious reason to choose an ARM is that you can usually secure a loan with an interest rate that's lower than a standard fixed-rate home loan. Here are more situations when ARMs can work in your favor:

• You want the lowest possible rate now because market rates are high.
• You think market rates will come down in the future, so you'll automatically get a lower rate and payment without the need for a costly mortgage refinance.
• You think your family income will rise in the future, so you will be able to comfortably afford any potential increases in your rate or payment.
• You plan to sell your home in the short term before your rate starts adjusting or soon after.

ARM interest rates are fixed for the initial period of your loan, then the rate starts adjusting on a schedule. The initial interest rate you get with an ARM is usually lower than what you would get with fixed-rate loans. Here's what you need to know:

• You can choose the length of your initial fixed rate period. For example, Power Financial Credit Unions offers a fixed period of 3, 5, 7, or 10 years.
• Your monthly mortgage payment will also be fixed in that period, apart from any changes to your property taxes or insurance.
• Once your fixed period ends, your interest rate adjusts on a schedule (based on a market index). For example, every five years or every six months.
• When your rate starts adjusting, it may go up or down – and your payment may also go up or down.
• There are caps on how much your rate can go up at the first adjustment, at each adjustment after that, and in total over the life of your loan.

ARMs that have fixed rates for a certain period and then the rates adjust are also known as Hybrid ARMs.

We understand that securing a home loan is about more than just your credit score. While we do have specific criteria for our First Time Home Buyer Program, we take a holistic approach to help make homeownership possible for those ready to take the next step. Our goal is to support your homebuying journey with personalized service, so you can achieve your dream of homeownership.

Requirements to qualify for our Frist Time Home Buyer Program:

• Purchases only
• First-time homebuyer (no other home ownership history)
• Primary residence only
• Borrower must contribute at least 1% of the purchase price from their own funds
• Escrows are required
• Single family residences, townhomes, condos only
• No Duplex, 3–4-unit residences, or mobile homes

If you have questions about any of these requirements, feel free to reach out to one of our Home Loan Experts at 800-548-5465. They are standing by to answer any questions and help you determine if this is the right program for you.

Our first-time homebuyer program is specifically designed to support individuals and families who are stepping into homeownership for the very first time. This group often faces unique challenges, such as navigating the complexities of the home-buying process and overcoming financial barriers like saving for a down payment. By focusing on true first-time buyers with no other home ownership history, we can tailor our resources, education, and support to help you successfully transition from renting to owning.

Yes, you must contribute at least 1% of the purchase price from your own funds. Gift of funds is acceptable.