If owning a home is a goal, you can make it happen! CEFCU® has several low down payment options, plus a special First Time Home Buyer offer to make owning a home more affordable.

Even better... did you know 20% is generally not required for a down payment if you’re a first-time home buyer? You may qualify for as little as 3-5% down with CEFCU’s Home Loan options!

Getting started

To start, it’s important to know what you want in a home and what you can afford. Browsing homes online is a common first step. Once you have a better sense of your expectations for a home, consider setting a budget to help you save for a down payment, and get preapproved. Getting preapproved gives you peace of mind for how much you can afford and shows Realtors and sellers you’re ready, willing, and able to buy a home.

Once you know what you can afford and how much you’ll need for a down payment, there are many ways to save for it.

Ways to reach your down payment goal

  • Set aside a percentage of your regular wages or income. (A rule of thumb is to target saving 10%.)
  • Save raises, bonuses, and commissions.
  • Set aside tax refunds.
  • Use CEFCU’s Online Budgeting Tools to track your spending and set a budget to help you save.
  • Reduce higher-interest rate debt, including student loans and credit cards. To see what you may be able to save, and redirect the savings toward your down payment, call 1.800.858.3400.

More savings options

You also have options at CEFCU to make it easy for you to save for a down payment, such as setting up a Payroll Deduction or Automatic Transfer to a dedicated account. If you want to buy a house in a year or less, a My Use account might work well for you. If you have a year or two before you think you want to buy, consider a Certificate.

Whatever your time frame for buying a home, there are resources to help you assess your readiness and help you save for your down payment!