New First Time Home Buyer Program
Step Into Your First Home Mortgage
First Time Home Buyer Program
| Product | Interest Rate | Points | APR* | Monthly Payments Per $100,000 |
|---|---|---|---|---|
| Year 1* | 2.125% | 0 | 2.98% | $375.90 |
| Year 2* | 2.375% | 0 | 2.98% | $388.65 |
| Year 3* | 2.625% | 0 | 2.98% | $401.65 |
| Year 4-30* | 2.875% | 0 | 2.98% | $414.89 |
DISCLOSURES
Interest Rates are subject to change without notice.
*The Base Rate is the prevailing 30-year-fixed rate as locked by the member. The Year One rate equals the Base Rate minus 0.75%. The Year Two rate equals the Base Rate minus 0.50%. The Year Three rate equals the Base Rate minus 0.25%. The rate for years 4 through 30 will equal the Base Annual Percentage Rate. Annual Percentage Rate (APR) subject to change without notice. Minimum credit score of 720 to qualify. Other rates and terms available based on creditworthiness. Maximum LTV is 97% for single family home or condo, 95% for two unit. An LTV greater than 80% requires Private Mortgage Insurance (PMI) which could increase your monthly payment and APR. Rates do not take into consideration possible adjustments based on member’s credit score, loan-to-value, combined loan-to-value, subordinate financing, occupancy, appraised value, down payment, property type, property use, and loan purpose. Payments do not include taxes or insurance and actual payment may be greater. Property insurance (and flood insurance if applicable) required. All borrowers must be a first-time home buyer purchasing in Rhode Island or Bristol County, Massachusetts.
*Savings compared to conventional 30 year fixed rate mortgage in the amount of $548,250 at 3.00% APR. All payments quoted with a beginning balance of $100,000 and include principal and interest. Monthly payment per $100,000, 2.125%=$375.90, 2.375%=$388.65, 2.625%=$401.65, 2.875%=$414.89. Rate effective as of 8.03.2021. Rates shown are for demonstration only.