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We offer ARM mortgages with down payment options starting as low as 3% for first time home buyers

Choosing the right mortgage can be as crucial to your financial health as selecting the right home is to your personal happiness. For many, an Adjustable Rate Mortgage* (ARM) offers a blend of affordability and adaptability that fits their needs perfectly.

Terms up to 30 years - Various variable programs available
Rate caps - 2% adjustment and 5% lifetime cap for 5/5 ARM
Maximum loan amount $750,000
Low initial interest rates reduces initial monthly mortgage payment
No pre-payment penalties

First-Time Home Buyers

ARMs can help first-time homebuyers afford a new home. However, careful consideration of your financial goals, risk tolerance, and long-term plans is essential. Consulting with a qualified mortgage consultant can help you understand your options and choose the loan that best suits your situation.

To assist first-time buyers or those who have not owned property for three years realize their dream of owning a home, SCU Credit Union offers a $500 discount towards closing costs on our Fixed Rate and Adjustable Rate Mortgages.

5/5 ARM 3% Down
Effective Date: August 29, 2024
Our adjustable rate first mortgages are used for the purchase or rate/term refinance** of single family, owner-occupied or condominiums located within Massachusetts or Rhode Island. Adjustable Rate Mortgages (ARMs) assist you in customizing a mortgage to satisfy your personal circumstances.
Term	Rate	Points	APR*	Payment per $1,000
Apply CALCULATORS
5/5 Years (30 Years), 3% Down	6.000%	0	6.351%	$6.00
Initial 60 payments of $599.55 at a rate of 6.000%. Then, based on the current index, 299 payments of $628.31 at a rate of 6.500%, and 1 payment of $628.11 at a rate of 6.500%.
APR = Annual Percentage Rate. Rates subject to change at any time.

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How Can ARMs Help First Time Home Buyers?

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Understanding ARMs

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Don't Be Overwhelmed, Be Prepared

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Not a member yet?

Membership in SCU Credit Union is open to people residing or employed in the counties of Norfolk, Suffolk, Middlesex, Plymouth, Barnstable or Bristol of the Commonwealth of Massachusetts and Providence, Bristol and Newport counties of the State of Rhode Island. Additionally, family members of eligible persons may apply for membership regardless of location. A family member shall include a spouse, son, daughter, mother, father, sister, brother, aunt, uncle, cousin, grandparent, or grandchild.

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Joining is simple!

Why join SCU Credit Union? Because membership is more than being just a customer. You are part-owner of a financial cooperative that strengthens and builds the communities around you. Keeping your money in a community credit union helps your neighbors and local businesses reach their financial goals and prosper. To become a member, all you need is a $5.00 Savings Account. You can open your account online or stop by a branch near you.

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*Adjustable Rate Mortgage (ARM) and their APRs are subject to increase after consummation. The APR is based on a $100,000 loan with 20% down payment and no points on a 30-year term. Interest rate and monthly payments are fixed for the initial term and then adjust thereafter by a margin over the index. Monthly payments shown do not include amounts for taxes and insurance premiums and, if applicable, the actual payment obligations will be greater. The Index for the 5/5 ARM is the average weekly yield for a 5-Year Constant Maturity Treasuries with a Margin of 2.75%, a 2% adjustment cap and a 5% lifetime cap. Offered Rates and Terms are subject to change without notice. Offer available on owner occupied, single family residences or owner occuped condo only. If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and insurance premiums if applicable. Property insurance and flood insurance, if applicable, are required. Membership eligibility requirements apply. Subject to credit worthiness, other restrictions may apply.

** For qualifed previous FTHBs