First-Time Homebuyer Product

Lower Down Payments for First-Time Homebuyers

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Mortgages for First-Time Homebuyers

Westerra’s first-time homebuyer program is designed to help you achieve the dream of home ownership. Home ownership is now more affordable with lower down payments and more flexibility. 

  • Low down payment – 3% down payment on loans up to $650,000. We’ll finance up to 97% or up to 105% with an eligible Community Seconds mortgage*.
  • No income restrictions – census tract income limits do not apply to this loan program.
  • Non-traditional credit is allowed – if you do not have well-established credit, we will consider other non-traditional credit, like a cell phone, car insurance, day care, etc., to establish your payment history.
  • Flexible sources for down payment and closing costs – use gifts, grants or Community Seconds to cover your down payment and closing costs.

Other Westerra Mortgage Advantages:

  • Full service lender – helping more Coloradans achieve the dream of homeownership.
  • Competitive rates to save you money.
  • No origination fee - just low underwriting and processing fees paid at closing. 
  • FULL credit approval – not just a prequalification, so you are ready to make a winning offer.
  • No prepayment penalty.
  • Make your payments to Westerra.
  • Flexible payment options - monthly, semi-monthly or bi-weekly schedule.

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Westerra financially supports the Colorado Homeownership Coalition, which provides mortgage assistance to individuals and families when they need an extra hand. In 2019, Westerra donated $7,640 to help people stay in their homes.

Everyone in the 7-county Denver metro area can join!  
What is a credit union?    Learn why more Coloradans are choosing Westerra.  

*To be eligible, Community Seconds funds must be provided by a federal agency, a municipality, state, county, state or local housing finance agency, nonprofit organization, a regional Federal Home Loan Bank under one of its affordable housing programs, or an employer. Equal Housing Opportunity.

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