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Most folks hear the words “down payment” and assume they need 20% cash to buy a home. While that comes in handy (we’ll get to it here in a bit), you’ve got a lot of choices to make in your down payment.
Typical down payments are 20%, 10%, 5%, 3%, or even 0%.
If you can make 20% happen, great! That means you won’t be required to pay private mortgage insurance (PMI). If you’re looking to tap into a bit of help from family members, getting to a 20% down payment and saving on PMI is an excellent option. (Make sure to chat with your mortgage loan officer about a down payment gift—there are a few housekeeping items needed here, such as a gift letter.)
No can do? No problem. Loan options are available with low down payment options, like a Federal Housing Administration loan with just 3.5%, conventional as low as 3%, or the Veterans Affairs loan that generally requires nothing down.
If you’re a moderate- to low-income homebuyer, you may qualify for a CHFA loan product. Eligible members may need only $1,000 out of pocket with CHFA’s down payment assistance offerings.
Ready to take the leap? Chat with your mortgage loan officer about the best down payment option for you.
We are excited to announce that we will be hosting our annual all staff meeting and afternoon of service, "Volunterra" this Thursday from 12:00-5:00 P.M. MDT. During this meeting staff will work together to build kits to help support our community.
Westerra is excited to announce our new financing program called "One- time Close Construction- to- Permanent Loan" which will streamline loan processes for new home construction or renovation projects.
Our Belmar branch staff was happy to have joined the celebration with the Sekulich family of Army Sgt. John Sekulich, who turned 106 years young. Click “Read More” for a link to the interview.
The Board of Directors of Westerra Credit Union is pleased to announce the appointment of Steven Schmidle as its President and CEO, after serving as Acting President and CEO for the past several months.
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States government. National Credit Union Administration, a U.S. government agency. Westerra is only 1 of 3 credit unions recognized on Newsweek's "2024 Best Regional Banks and Credit Unions" annual list.
Equal Housing Opportunity.
Mailing Address:
P.O. Box 9408