Genisys Credit Union knows how hard buying your first home can be, and we’re here to make it easier on you. With exclusive mortgages & home loans for first time home buyers, as well as a custom-tailored program to help see you through the process, Genisys can help make it easier than ever for you to own your first home.
Avoid the cookie-cutter home loans that other financial institutions offer. Genisys can help find a home loan that fits the specific needs and budget of a first-time home buyer instead of trying to force a square peg into a round hole with a ‘one-size-fits-all’ mortgage plan.
We're With You From the First Step
With a first time homebuyers mortgage loan from Genisys, you can take that first step towards home ownership knowing the dedicated specialists of Genisys Credit Union have your back from the first walk-through to the final closing. Let us help make your home-buying experience even easier.
Going Above and Beyond
Above and beyond our home loans and mortgage programs, we take great pride in helping first-time homebuyers find their way through the process into their dream of owning a home. When you apply for your mortgage, a dedicated Genisys Credit Union Mortgage Consultant will work with you every step of the way to tailor a mortgage product that meets your unique needs. At any point in the home-buying process, your Mortgage Consultant will guide you along so you know what to expect - no more nasty surprises at the closing of a loan!
What to Expect When Buying a Home
Watch our 1st Time Homebuyer Video Series for helpful videos on navigating the home buying process.
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The first video in our series covers:
Section 1: Understanding Today’s Mortgage Market
Section 2: Buying Your First Home: Are You Ready?
Section 3: Getting Yourself Ready
Section 4: Know the Real Cost
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The second video in our series covers:
Section 5: Go Shopping for a Mortgage
Section 6: Pick Your Team
Section 7: Know Your Budget, and Don’t Be Swayed
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The third video in our series covers:
Section 8: Beautiful Day in the Neighborhood
Section 9: What It Takes To Get Approved For a Mortgage
Section 10: When and Where to Apply For Your Mortgage
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Shop for the House, Apply for the Loan and Close the Deal with Confidence
Buying your first home can be one of the most exhilarating - and stressful - moments of your life and getting everything in order can be daunting. Let this guide help you get ready to purchase a home that's just right!
First-time home buyer loans, as befitting their name, are loans given to people that have never owned a home before. They serve much the same purpose as a standard mortgage or home loan, but specially tailored to help fit the needs of someone who hasn’t gone through the whole process before.
First time home buyer loans are similar to mortgages, in that they’re a loan issued specifically to purchase a home and then be repaid over time. With Genisys, the crucial difference is that your loan is custom-tailored to your needs by a dedicated Mortgage Consultant. Our consultants will help you understand how much house you can afford, how much your payments may be, and more!
While the name may make it seem obvious, there’s actually a few ways you could qualify for a first time home buyer loan. Most first time home buyers qualify for the loan by not owning their principal residence within the last 3 years - which could mean, in certain circumstances, that you could qualify for a first time home buyer’s loan even if you’ve owned a home before, as long as it’s been a long enough period of time. Additionally, even if you’ve owned a home before, you may still qualify for a first time home buyer’s loan if your spouse or partner never has. In certain circumstances, if your partner is co-signing on your mortgage and has never owned a home before, you may still be able to qualify for a first time home buyer’s loan and reap all the benefits.
The amount of mortgage you can afford, even as a first-time home buyer, can depend on a lot of variables and factors for your unique financial situation. To get a better idea of how much mortgage you can afford, check out our online financial calculators!.
Applying for a first time home buyer loan with Genisys is easy, and works just like any of our other mortgages. Just visit one of our convenient branch locations or apply for a mortgage online to get started!
Getting the right mortgage is only half the battle when it comes to owning your first home - check out our tips for first time home buyers!
How is your Credit?
Healthy credit is crucial to applying for most loans, but if you’re applying for a mortgage for your first home, your credit can be subjected to even greater scrutiny. Get ahead of the game with financial services from Genisys Credit Union and figure out what you can do to get ready for your first mortgage.
This is a great place to start because they will provide you with a Free Credit Report Review so you can be ready to start the mortgage process without any surprises.
You’re ready to purchase your first home. You have a steady job, some savings for a down payment, but you aren’t sure what to do next. Before you go any further in the house hunting process, you should start thinking about financing by getting pre-qualified for a mortgage.
Every potential homebuyer dreams of the day they’ll finally get the symbol of independence, security and prosperity: the key to the front door of their new home. Whether you’re applying for a mortgage to move into a new home or you need a first time mortgage to help buy your first-ever home, there’s a lot that can go into getting the keys and moving in. Before you get that key, there’s another key you need to master -- your credit score.
The 30-year fixed rate mortgage has been the standard for American home financing for a long time. It is so standard that many homebuyers don’t even consider other alternatives.
For most first-time home buyers, coming up with funds for a down payment is the biggest obstacle to homeownership. You have your regular monthly expenses. You’re trying to maintain or save for an emergency fund. Then there’s looking ahead to retirement and perhaps college tuition. Amassing thousands for a down payment may seem impossible.
The idea of purchasing your first home can be intimidating. You get advice from everywhere – your friends, parents, realtors, loan officers, and others. Much of that information will be valuable. You should, however, also remember that any advice you receive comes through the filter of the person giving it. What is best for them, may not be best for you.
Estate planning is a crucial tool in your arsenal for securing your family’s financial future. Creating a comprehensive estate plan allows you to ensure your assets are distributed according to your wishes, establish healthcare and funeral directives, protect minor children, and help you leave a legacy for your loved ones.
If purchasing a new home is one of your financial goals for the new year, you are probably taking all the necessary measures to prepare. From saving for a down payment to finding the perfect home, there is a lot to consider.
You’ll often hear homeowners talking about tapping into their home’s equity to solve a variety of financial challenges. But what exactly is home equity? And if you do tap into your home’s equity, how can you use those funds?
If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can become confusing rather quickly.
If you're considering selling your house in the future, it’s essential to understand the best home improvements for resale value. In order to get the most money for your house, your home must be in top-notch shape to attract buyers and get the highest offer possible — perhaps even a bidding war! Don't underestimate the value that even minor improvements to your home could add to your bottom line.
Choosing to move to a new home or to make improvements to your current home is a big decision. The right answer will depend on your general financial situation and other personal circumstances. Here, we’ve outlined the pros and cons of each choice so you can make the decision that is best for you.
Buying a home is likely the most significant financial transaction you will make in your lifetime. While preparing to purchase a house is exciting, it’s understandable to feel a bit overwhelmed (especially as a first-time buyer).
If purchasing a new home is one of your financial goals for the new year, you are probably taking all the necessary measures to prepare. From saving for a down payment to finding the perfect home, there is a lot to consider.
As a homeowner, you possess a unique financial advantage – the ability to build and utilize the equity in your property. Home equity loans offer an affordable means to finance a wide range of expenses, including home renovations, weddings, and higher education.
Do you ever feel trapped by your finances? Maybe you have several big projects, like your home needs new flooring or your AC is on its last legs. Perhaps you opened your mailbox to find unexpected medical bills. All these projects and expenses can add up quickly, especially when they hit at once.
Choosing to move to a new home or to make improvements to your current home is a big decision. The right answer will depend on your general financial situation and other personal circumstances. Here, we’ve outlined the pros and cons of each choice so you can make the decision that is best for you.
If you’re planning to get a home loan this year, you likely know you won’t be dealing with typical circumstances. The real estate market has been completely upended by the pandemic along with its ensuing financial fallout, and it has yet to recover. While the extreme market conditions that characterized the last two years are beginning to settle down, the market is still far from stable.
If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can become confusing rather quickly.
Much of today’s financial advice tends to center around buying a home. Yes, homeowners experience various fiscal benefits, such as building equity and potentially earning a return if they sell the property. However, not everyone is ready to become a homeowner – nor is it the best option for all. Renting an apartment or home can provide many financial perks – especially to those younger members just starting out.
Unfortunately, the current real estate environment is a “seller’s market,” which can quickly lead to a frustrating home-buying experience. But all is not lost. You will find your perfect home; it just may require a little more work, patience, and understanding of how to navigate this type of market.
Deciding to buy a new home can be very exciting – especially if it’s your first home. Most often, the first question you ask yourself is, “How much can I afford to spend?” While that’s a great question, the answer isn’t always clear-cut when it comes to home loans.
Your home is more than just a house. It’s where you create memories with friends and family. It’s a reflection of you and your personality. It’s a financial investment. And, since the pandemic started, it’s a place where you spend a lot of time!
You’ll often hear homeowners talking about tapping into their home’s equity to solve a variety of financial challenges. But what exactly is home equity? And if you do tap into your home’s equity, how can you use those funds?
Whether it’s your first or forever home, buying a new house is exciting! However, before you start daydreaming about how you’ll decorate and the future memories you’ll create, there is still much to do before you sign on the dotted line.
The temps are on the rise and you are thinking about your summer plans. Are you hoping to take a much-needed vacation with the family, bask in the sun while floating in your gorgeous pool, or even catch up on your summer reading in your new sunroom?
If you're considering selling your house in the future, it’s essential to understand the best home improvements for resale value. In order to get the most money for your house, your home must be in top-notch shape to attract buyers and get the highest offer possible — perhaps even a bidding war! Don't underestimate the value that even minor improvements to your home could add to your bottom line.
The idea of purchasing your first home can be daunting. You get advice from everywhere – your friends, parents, realtors, loan officers, and others. Much of that information will be valuable. You should, however, also remember that any advice you receive comes through the filter of the person giving it. What is best for them, may not be best for you.
Purchasing a home is an exciting time, but it’s also a significant financial investment. Before you get ahead of yourself, you must understand what lenders will be looking for when applying for a mortgage and the upfront costs of buying a home.
Buying a home is the American dream. And, if you’re like most, you’ll probably have to obtain a home loan to make that dream come true. However, many factors can affect your home loan approval. Here is a list of some of the reasons your loan may not be approved.
If you’re like most of us, you’ve had extra time to scrub and purge your home from top to bottom. And now, with every surface, closet, and room sparkling clean, you’re starting to see all the areas that could use a facelift. Like your kitchen that needs a complete overhaul, fresh paint on the walls, or even new window treatments.
Buying your first home can seem intimidating. Between determining your budget, considering various neighborhoods, and having to go through multiple homes to find the perfect one can be time consuming and exhausting. But the truth is, if you know what to expect from the first-time home-buying process you’ll have a much easier time!
Buying a home is one of the most exciting things you will do in a lifetime! Whether you are buying your first home or you’re moving up to what will be your forever home, financial preparation is essential. It’s not just about credit scores and down payments, though those are certainly necessary. You must begin with the basics:
The temps are on the rise and have you thinking about your summer plans. Are you hoping to take a much-needed vacation with the family, bask in the sun while floating in your gorgeous pool, or even catch up on your summer reading in your new sunroom?
Unexpected expenses or emergencies can be devastating to your finances. One medical bill can set you back hundreds, if not thousands, of dollars. Even smaller financial problems, such as finding the money to perform repairs in your home, can leave you without any way to make ends meet.
Taking out a mortgage is a long-term commitment. What if we told you there are some simple ways to maximize your loan payments, minimize the time it takes to pay off your mortgage, and you can save a lot of money all at the same time?
So you think you’re ready to buy a home, congrats! But if you find yourself asking, “When is the best time to buy a home?” You’re asking the wrong question. The question is whether YOU are ready to buy, not if it’s the best time to buy. Buying a home is one of the biggest financial decisions and investments you will ever make. Are you ready? To help answer that question, we’ve put together several points to help you on your journey.
Saving to buy a home can seem like a daunting task, especially when you think you have to save 20% for the down payment. Let’s face it, unless you live in an area with a low cost of living, coming up with that type of cash can be discouraging.
The idea of purchasing your first home can be daunting. You get advice from everywhere – your friends, parents, realtors, loan officers, and others. Much of that information will be valuable. You should, however, also remember that any advice you receive comes through the filter of the person giving it. What is best for them, may not be best for you.
Buying your first home is exciting. The experience can also be a bit confusing when obtaining your home financing. While it may seem that the decisions about financing end at the mortgage closing, that’s not necessarily the best tactic for your finances.
Shopping for a new home can be an exciting blur of listings, neighborhood scouting and open houses. There’s so much to consider! You want a house in the perfect neighborhood with that gorgeous kitchen and great yard, all within your budget.
If cabin fever has you looking closer at your home and wishing things were different, maybe this can be the year you take on a renovation project. Whether you’re gutting your entire kitchen or turning your basement into a home theater, you have several choices when it comes to funding a home renovation, but which one makes the most sense?
Owning a Home -- for a lot of people that is the all American Dream. If that's your dream, you are likely saving up, dollar by hard-earned dollar, until you have that magic number: 20% of your dream home's total value.
Every corner of the personal finance world stresses the same point: Debt is the wealth killer. Debt is the single greatest threat to your retirement planning, college savings, and financial independence.
The American dream of owning a house still seems to be something younger people want and are actively pursuing. Many Millennials are confident they’ll achieve the American Dream of owning a home, yet more than half don’t have a plan to get there.
The newscaster reports, “The Federal Reserve has raised the discount rate another .25% and experts expect another two increases this year,” leaving you wondering what this means to you. If you’re thinking about buying a new home, it means a lot to you because mortgage interest rates will likely also rise.
Spring is in the air -- or at least it should be! And aside from the hum of lawnmowers, newly bloomed flowers and the chime of the ice cream truck, spring means the chance at a fresh start in a fresh, new home.
Mortgages can be complicated transactions. If you’re buying a house, you get wrapped up in negotiating a purchase price and determining the home’s actual value. If you’re refinancing, you are very focused on the interest rate.
Buying your first home is a major milestone. There's nothing quite like the giddy rush that comes from knowing you could paint a wall fluorescent pink and no one could legally stop you.
You’re ready to purchase your first home. You have a steady job, some savings for a down payment, but you aren’t sure what to do next. Before you go any further in the house hunting process, you should start thinking about financing by getting pre-qualified for a mortgage.
Every potential homebuyer dreams of the day they’ll finally get the symbol of independence, security and prosperity: the key to the front door of their new home. Whether you’re applying for a mortgage to move into a new home or you need a first time mortgage to help buy your first-ever home, there’s a lot that can go into getting the keys and moving in. Before you get that key, there’s another key you need to master -- your credit score.
The 30-year fixed rate mortgage has been the standard for American home financing for a long time. It is so standard that many homebuyers don’t even consider other alternatives.
For most first-time home buyers, coming up with funds for a down payment is the biggest obstacle to homeownership. You have your regular monthly expenses. You’re trying to maintain or save for an emergency fund. Then there’s looking ahead to retirement and perhaps college tuition. Amassing thousands for a down payment may seem impossible.
The idea of purchasing your first home can be intimidating. You get advice from everywhere – your friends, parents, realtors, loan officers, and others. Much of that information will be valuable. You should, however, also remember that any advice you receive comes through the filter of the person giving it. What is best for them, may not be best for you.
Estate planning is a crucial tool in your arsenal for securing your family’s financial future. Creating a comprehensive estate plan allows you to ensure your assets are distributed according to your wishes, establish healthcare and funeral directives, protect minor children, and help you leave a legacy for your loved ones.
If purchasing a new home is one of your financial goals for the new year, you are probably taking all the necessary measures to prepare. From saving for a down payment to finding the perfect home, there is a lot to consider.
You’ll often hear homeowners talking about tapping into their home’s equity to solve a variety of financial challenges. But what exactly is home equity? And if you do tap into your home’s equity, how can you use those funds?
If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can become confusing rather quickly.
If you're considering selling your house in the future, it’s essential to understand the best home improvements for resale value. In order to get the most money for your house, your home must be in top-notch shape to attract buyers and get the highest offer possible — perhaps even a bidding war! Don't underestimate the value that even minor improvements to your home could add to your bottom line.
Choosing to move to a new home or to make improvements to your current home is a big decision. The right answer will depend on your general financial situation and other personal circumstances. Here, we’ve outlined the pros and cons of each choice so you can make the decision that is best for you.
Buying a home is likely the most significant financial transaction you will make in your lifetime. While preparing to purchase a house is exciting, it’s understandable to feel a bit overwhelmed (especially as a first-time buyer).
If purchasing a new home is one of your financial goals for the new year, you are probably taking all the necessary measures to prepare. From saving for a down payment to finding the perfect home, there is a lot to consider.
As a homeowner, you possess a unique financial advantage – the ability to build and utilize the equity in your property. Home equity loans offer an affordable means to finance a wide range of expenses, including home renovations, weddings, and higher education.
Do you ever feel trapped by your finances? Maybe you have several big projects, like your home needs new flooring or your AC is on its last legs. Perhaps you opened your mailbox to find unexpected medical bills. All these projects and expenses can add up quickly, especially when they hit at once.
Choosing to move to a new home or to make improvements to your current home is a big decision. The right answer will depend on your general financial situation and other personal circumstances. Here, we’ve outlined the pros and cons of each choice so you can make the decision that is best for you.
If you’re planning to get a home loan this year, you likely know you won’t be dealing with typical circumstances. The real estate market has been completely upended by the pandemic along with its ensuing financial fallout, and it has yet to recover. While the extreme market conditions that characterized the last two years are beginning to settle down, the market is still far from stable.
If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can become confusing rather quickly.
Much of today’s financial advice tends to center around buying a home. Yes, homeowners experience various fiscal benefits, such as building equity and potentially earning a return if they sell the property. However, not everyone is ready to become a homeowner – nor is it the best option for all. Renting an apartment or home can provide many financial perks – especially to those younger members just starting out.
Unfortunately, the current real estate environment is a “seller’s market,” which can quickly lead to a frustrating home-buying experience. But all is not lost. You will find your perfect home; it just may require a little more work, patience, and understanding of how to navigate this type of market.
Deciding to buy a new home can be very exciting – especially if it’s your first home. Most often, the first question you ask yourself is, “How much can I afford to spend?” While that’s a great question, the answer isn’t always clear-cut when it comes to home loans.
Your home is more than just a house. It’s where you create memories with friends and family. It’s a reflection of you and your personality. It’s a financial investment. And, since the pandemic started, it’s a place where you spend a lot of time!
You’ll often hear homeowners talking about tapping into their home’s equity to solve a variety of financial challenges. But what exactly is home equity? And if you do tap into your home’s equity, how can you use those funds?
Whether it’s your first or forever home, buying a new house is exciting! However, before you start daydreaming about how you’ll decorate and the future memories you’ll create, there is still much to do before you sign on the dotted line.
The temps are on the rise and you are thinking about your summer plans. Are you hoping to take a much-needed vacation with the family, bask in the sun while floating in your gorgeous pool, or even catch up on your summer reading in your new sunroom?
If you're considering selling your house in the future, it’s essential to understand the best home improvements for resale value. In order to get the most money for your house, your home must be in top-notch shape to attract buyers and get the highest offer possible — perhaps even a bidding war! Don't underestimate the value that even minor improvements to your home could add to your bottom line.
The idea of purchasing your first home can be daunting. You get advice from everywhere – your friends, parents, realtors, loan officers, and others. Much of that information will be valuable. You should, however, also remember that any advice you receive comes through the filter of the person giving it. What is best for them, may not be best for you.
Purchasing a home is an exciting time, but it’s also a significant financial investment. Before you get ahead of yourself, you must understand what lenders will be looking for when applying for a mortgage and the upfront costs of buying a home.
Buying a home is the American dream. And, if you’re like most, you’ll probably have to obtain a home loan to make that dream come true. However, many factors can affect your home loan approval. Here is a list of some of the reasons your loan may not be approved.
If you’re like most of us, you’ve had extra time to scrub and purge your home from top to bottom. And now, with every surface, closet, and room sparkling clean, you’re starting to see all the areas that could use a facelift. Like your kitchen that needs a complete overhaul, fresh paint on the walls, or even new window treatments.
Buying your first home can seem intimidating. Between determining your budget, considering various neighborhoods, and having to go through multiple homes to find the perfect one can be time consuming and exhausting. But the truth is, if you know what to expect from the first-time home-buying process you’ll have a much easier time!
Buying a home is one of the most exciting things you will do in a lifetime! Whether you are buying your first home or you’re moving up to what will be your forever home, financial preparation is essential. It’s not just about credit scores and down payments, though those are certainly necessary. You must begin with the basics:
The temps are on the rise and have you thinking about your summer plans. Are you hoping to take a much-needed vacation with the family, bask in the sun while floating in your gorgeous pool, or even catch up on your summer reading in your new sunroom?
Unexpected expenses or emergencies can be devastating to your finances. One medical bill can set you back hundreds, if not thousands, of dollars. Even smaller financial problems, such as finding the money to perform repairs in your home, can leave you without any way to make ends meet.
Taking out a mortgage is a long-term commitment. What if we told you there are some simple ways to maximize your loan payments, minimize the time it takes to pay off your mortgage, and you can save a lot of money all at the same time?
So you think you’re ready to buy a home, congrats! But if you find yourself asking, “When is the best time to buy a home?” You’re asking the wrong question. The question is whether YOU are ready to buy, not if it’s the best time to buy. Buying a home is one of the biggest financial decisions and investments you will ever make. Are you ready? To help answer that question, we’ve put together several points to help you on your journey.
Saving to buy a home can seem like a daunting task, especially when you think you have to save 20% for the down payment. Let’s face it, unless you live in an area with a low cost of living, coming up with that type of cash can be discouraging.
The idea of purchasing your first home can be daunting. You get advice from everywhere – your friends, parents, realtors, loan officers, and others. Much of that information will be valuable. You should, however, also remember that any advice you receive comes through the filter of the person giving it. What is best for them, may not be best for you.
Buying your first home is exciting. The experience can also be a bit confusing when obtaining your home financing. While it may seem that the decisions about financing end at the mortgage closing, that’s not necessarily the best tactic for your finances.
Shopping for a new home can be an exciting blur of listings, neighborhood scouting and open houses. There’s so much to consider! You want a house in the perfect neighborhood with that gorgeous kitchen and great yard, all within your budget.
If cabin fever has you looking closer at your home and wishing things were different, maybe this can be the year you take on a renovation project. Whether you’re gutting your entire kitchen or turning your basement into a home theater, you have several choices when it comes to funding a home renovation, but which one makes the most sense?
Owning a Home -- for a lot of people that is the all American Dream. If that's your dream, you are likely saving up, dollar by hard-earned dollar, until you have that magic number: 20% of your dream home's total value.
Every corner of the personal finance world stresses the same point: Debt is the wealth killer. Debt is the single greatest threat to your retirement planning, college savings, and financial independence.
The American dream of owning a house still seems to be something younger people want and are actively pursuing. Many Millennials are confident they’ll achieve the American Dream of owning a home, yet more than half don’t have a plan to get there.
The newscaster reports, “The Federal Reserve has raised the discount rate another .25% and experts expect another two increases this year,” leaving you wondering what this means to you. If you’re thinking about buying a new home, it means a lot to you because mortgage interest rates will likely also rise.
Spring is in the air -- or at least it should be! And aside from the hum of lawnmowers, newly bloomed flowers and the chime of the ice cream truck, spring means the chance at a fresh start in a fresh, new home.
Mortgages can be complicated transactions. If you’re buying a house, you get wrapped up in negotiating a purchase price and determining the home’s actual value. If you’re refinancing, you are very focused on the interest rate.
Buying your first home is a major milestone. There's nothing quite like the giddy rush that comes from knowing you could paint a wall fluorescent pink and no one could legally stop you.
You’re ready to purchase your first home. You have a steady job, some savings for a down payment, but you aren’t sure what to do next. Before you go any further in the house hunting process, you should start thinking about financing by getting pre-qualified for a mortgage.
Every potential homebuyer dreams of the day they’ll finally get the symbol of independence, security and prosperity: the key to the front door of their new home. Whether you’re applying for a mortgage to move into a new home or you need a first time mortgage to help buy your first-ever home, there’s a lot that can go into getting the keys and moving in. Before you get that key, there’s another key you need to master -- your credit score.
The 30-year fixed rate mortgage has been the standard for American home financing for a long time. It is so standard that many homebuyers don’t even consider other alternatives.
For most first-time home buyers, coming up with funds for a down payment is the biggest obstacle to homeownership. You have your regular monthly expenses. You’re trying to maintain or save for an emergency fund. Then there’s looking ahead to retirement and perhaps college tuition. Amassing thousands for a down payment may seem impossible.
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