The Right Mortgage for Your Home Purchase
First-Time Home Buyer Programs
Nusenda Credit Union participates in programs offered by the state of New Mexico for first-time home buyers. These programs include first-time mortgage options and down payment assistance. Your Nusenda mortgage loan officer will help you with this exciting journey. Schedule an appointment with a mortgage loan officer to determine which program is right for you.
Down Payment Assistance
Nusenda is proud to offer a down payment assistance program for first-time home buyers. You may qualify for up to 8% or up to $25,000 in down payment assistance.*
This new program can help families who can afford a mortgage payment overcome the barrier of saving for a large down payment.
To learn more about the program and determine if you qualify, schedule an appointment with a Nusenda mortgage loan officer.
Finance the purchase of your home and avoid surprises with a Nusenda fixed-rate mortgage. Lock in the interest rate that works best for you based on 10-, 15-, 20-, 25-, and 30-year terms.
Adjustable Rate Mortgages (ARM)
Increase your home purchasing power while enjoying low interest rates and low monthly payments with our Adjustable Rate Mortgages (also known as ARM mortgages). With no pre-payment penalties and initial fixed rates for 3-, 5-, 7-, and 10-year terms, the home of your dreams is within reach. Our mortgage loan officers can help you secure the best home loan for your needs, such as our 5/5 ARM with low monthly payments and the stability of a longer reset period.
10/1 Hybrid ARM
A hybrid adjustable-rate mortgage (hybrid ARM) blends the safety of a fixed-rate mortgage with the lower rates available on an adjustable-rate mortgage. This mortgage will have a fixed term for the first ten years of the 30-year term, followed by adjustable rates that reset every 12 months. A 10/1 Hybrid ARM will typically have a lower rate than Nusenda's 30-year fixed rate loan.
A 5/5 adjustable-rate mortgage (ARM), is a mortgage that has as fixed mortgage rate for the first five years of a 30-year term, and after that the rate becomes variable and adjusts every five years. A 5/5 ARM will typically have a lower rate than Nusenda's 30-year fixed rate loan.
A 15/15 adjustable-rate mortgage (ARM) is a unique type of mortgage that will have the lower payment associated with a 30-year term, with a fixed interest rate for the first 15 years. It then adjusts once and remains at that rate for the remaining 15 years of the loan. A 15/15 ARM will typically have a lower rate than Nusenda's 30-year fixed rate loan.
Federal Housing Administration (FHA) Mortgages
Is the prospect of having to save up for a large down payment preventing you from buying your dream home? FHA mortgages (also known as FHA-insured loans or U.S. Federal Housing Administration insured mortgage loans) are designed with your needs in mind. Tailored for the specific financial situations of many first-time home buyers, an FHA mortgage offers fixed or adjustable rates, 15- or 30-year terms, and requires only a 3.5% down payment if you qualify. Note that home value limitations vary by county.
Veteran's Administration (VA) Mortgage Loans
If you're a qualified veteran, reservist and/or on active duty, you're eligible for Veteran's Administration (VA) mortgage loans through Nusenda. As a thank you for serving our country, you have access to competitive interest rates and 100% financing — no down payment required. Most veterans also qualify to have their loan origination fees waived.
Dream big with Nusenda jumbo mortgages, which maximize your home purchasing power with loan amounts up to $1,250,000. Our mortgage loan officers can help you secure the best home loan for your needs, such as our 5/5 ARM mortgage with low monthly payments and the stability of a longer reset period. With a jumbo mortgage from Nusenda, you can access up to 80% LTV for your loan amount. Your mortgage loan also increases your ability to earn cash rewards through our Earn Your Return program.
*The down payment assistance is considered a second mortgage that has a 0% APR. The second mortgage will be forgiven if you own and live in the home for a minimum of 10 years. Additional requirements will need to be met to qualify for down payment assistance, including being at or below 100% of the Area Median Income (AMI) in the county or Metropolitan Statistical Area (MSA) where the property is located, and not having sufficient funds for closing costs and a minimum down payment. The down payment assistance amount is based on the price of the home. This program is only available for a limited time.