Check out PCMCU’s newest savings program specifically designed with first-time homebuyers in mind. We’ll help you save for your first home, avoid Private Mortgage Insurance (PMI), AND walk you through the steps of your first home loan.
Follow these guidelines and set your goals to save a 10% down payment. At your home loan closing, you’ll get your CASH BONUS up to $2,500 AND you’ll be PMI free with PCMCU’s 10% down no PMI program. Skip the PMI, not the dream.
It is standard in the mortgage industry to pay for Private Mortgage Insurance (PMI) when you buy a home with less than 20% down. PMI is a premium paid to an insurance company that offers coverage to the lender in case of default and loss. This added cost increases a buyer’s loan amount and/or monthly payment.
Stop in at any PCMCU location to open a FirstHome Savings. Any of our mortgage lenders would also be happy to meet with you to answer questions you have about the home buying process. Call (920) 593-2767 to schedule an appointment.
Looking for a starting point? Visit our HomeBuyer Hub.
Official Rules | Account Disclosure
Members may qualify for a one-time cash bonus if they save a 10% down payment or more for their first home. The down payment percentage is based on the purchase price listed in the contract. To qualify, the mortgage loan must be financed through PCM Credit Union. The bonus will be issued at the time of the home closing. Members are eligible for a $1,500 bonus if the loan amount is $250,000 or less. If the loan amount is over $250,000, members may be eligible for a bonus up to $2,500.
Membership eligibility requirements apply to qualify for this account. The minimum age to open FirstHome Savings is 18. One applicant must be a first-time home buyer or have not owned a primary residence in the past 3 years. The savings from this account must be used to purchase a primary residence to receive the cash bonus. Second homes and investment properties do not qualify. The account needs to be active for at least 12 months prior to loan closing in order to receive the applicable bonus. The maximum term of this account will be 10 years, at which time, there is a 30-day renewal period, or the funds will be transferred to the primary savings without penalty. The minimum amount to open the account is $250. Automatic transfers through direct deposit or recurring deposits of at least $100 per month are required to be eligible for the bonus. There is no maximum deposit amount. Members may deposit in the account at any time. A withdrawal from this account will be subject to a $5.00 or 180-day dividend penalty, whichever is greater, and will be assessed at the time of the transaction. If a member applies for a mortgage loan, but does not qualify, the penalty for early withdrawal may be waived. Once the bonus is issued, the FirstHome savings will be closed.