Advantage Home Loan
Unlock Your Future
At Peoples Advantage FCU, we are committed to helping you purchase a home. Buying your first home isn’t just a transaction, it’s an achievement. Whether you have a ratified contract, or just starting on your journey, we have solutions to unlock your future.
Where are you in your homebuying journey?
THE ADVANTAGE HOME LOAN
Buying your first home isn’t just a transaction, it’s an achievement. And as exciting as it is, it can also be a little overwhelming with all the ins and outs of the process. That's why we have launched our new Advantage Home Loan. It’s a new kind of mortgage that includes a self-paced education program that will equip first-time homebuyers with the knowledge and confidence needed going into buying and financing their first home. It's the best first step you can take towards homeownership.
The minimum credit score for buying a home through this program is 580
Alternative credit is accepted when no credit score is present
Closing costs can be gifted, a grant, or seller-contributed
Income limits apply*
Homes must be purchased in a certified CDFI Census Tract**
A homebuying educational workshop is required and provided by Peoples Advantage FCU
This product qualifies as a special-purpose credit program under Reg. B, which allows credit unions to request information that is otherwise restricted to determine eligibility for special-purpose credit programs. Therefore, we can request household income even if the spouse is not on the loan application. First-time home buyers or borrowers approved under nontraditional credit standards must complete home buyer education. Peoples Advantage FCU provides the financial education required through a third party. The property must be purchased within a CDFI tract area. Member must meet credit qualifications for the loan program and completion of the mortgage education program to qualify. Membership eligibility is required. Equal Housing Lender. NMLS#: 846498
*Income limits up to 100% of HUD Median Income, adjusted for family size. The maximum loan amount is $250,000, while funding lasts. P
**CDFI mapping tool will be used to validate eligibility. . The property purchased with the Peoples Grant must be in designated Census tracts.
Product | Qualifier | Max Amount | |
First-time Homebuyer | Funds may only be made available to a “first-time homebuyer,” as defined by HUD HOC reference guide chapter 3, expanded to include recovering victims of catastrophic loss or natural disasters | $12,500 | |
Community Partners | Current or retired law enforcement officers, educators, firefighters, other first responders, and health care workers who are first-time homebuyers or non-first-time homebuyers. | $15,000 | |
Veterans Purchase | First-time or non-first-time veteran homebuyers that are currently serving or have served in any branch of the U.S. military, their spouses, or their surviving spouses. National Guard Reservists are eligible if they have served in active duty or performed services in active duty or were injured in active duty. | $15,000 | |
Returning Veterans | First-time or non-first-time veteran homebuyers that are currently serving or have served in an overseas military intervention for any branch of the U.S. military, their spouses, or their surviving spouses. National Guard Reservists are eligible if they have served in the active duty or performed services in active duty or were injured in active duty. | $15,000 | |
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