First-Time Homebuyer Product

Lower Down Payments for First-Time Homebuyers

HomeLoansHome LoansFirst Mortgage LoanFirst-Time Homebuyer Product

A New Program For First-Time Homebuyers

Westerra’s first-time homebuyer program is designed to help you achieve the dream of home ownership in today’s mortgage environment.

Home ownership is now more affordable with lower down payments and more flexibility: 
  • Low down payment – 3% down payment.  We’ll finance up to 97% or up to 105% with an eligible Community Seconds mortgage*.
  • Option for no mortgage insurance – choose from a self-insuring program or a program that allows mortgage insurance to be cancelled. Some restrictions apply.
  • 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, Community Seconds and cash-on-hand to cover your down payment and closing costs.

Westerra charges no upfront fees - just one low, flat origination fee. In addition, there are no underwriting or processing fees--and underwriting and processing are done locally.  

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

 Westerra is a local Colorado credit union that keeps your funds working here in our community.

*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 Lender.

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