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We make buying your first home easy

Buying your first home is a major milestone—one that brings excitement and plenty of questions. Fortunately, our loan experts have been there, done that. They can help you determine how much house you can afford, and if you qualify for one of our zero-down loans. You might also be eligible for a Home Loan Payment Relief (HLPR) loan at below-market interest rates—including a $1,000 rebate on your closing costs—or a USDA rural development loan.

Mortgage/Home Equity Rates

Rates effective as of: 10/27/2020 10:09:55 AM (ET).

PRODUCT RATE POINTS ANNUAL PERCENTAGE RATE
30 Year Fixed Rate Mortgage 3.125% 0 3.355%
15 Year Fixed Rate Mortgage 2.625% 0 3.040%
30 Year Fixed VA 3.125% 0 3.355%
7/1 Year Adjustable Rate Mortgage 2.875% 0.875 3.173%
30 Year Fixed Mortgage Construction Single Close 3.125% 0 3.322%
Home Equity Line of Credit 3.250% 0 3.250%
Rates posted are indications only and are subject to change without notice.
Your actual rate and/or points may be different, as many factors go into providing you with a mortgage loan. 
The quotes above are based on a specific loan amount for the purchase of a single family primary residence.  
Please click on the Product Name for a Payment Example.

We offer a variety of loans that help first-time buyers get into their homes faster, including:

0% Down Home Loan – Purchase your home with no down payment. (Creditworthiness and debt-to-income ratio will be considered for this offer.*)

Home Loan Payment Relief (HLPR) – The HLPR loan provides a discounted initial rate and lower monthly payments, with no private mortgage insurance (PMI), as well as a $1,000 rebate on closing costs.*

USDA Rural Development Loan – This 0% down mortgage is issued through the USDA loan program for eligible rural and suburban homebuyers.*

VA Loan – Qualified veterans can purchase a primary residence with no money down.

Plus, for a limited time, we are offering up to $750 toward your closing costs** if you get a first mortgage with Service Credit Union.

Speak with one of our mortgage specialists now.

Before you start house hunting, you’ll want to put together a budget and calculate short and long-term costs to understand how much home you can afford. Upfront costs may include 0-20% for a down payment, 2-5% for closing costs and $200-600 for inspections. Ongoing costs include monthly mortgage payments, utilities, possible maintenance and homeowners’ association or condo fees, if applicable.

Learn more about the homebuying process, and try out our savings calculator and many more tools to help you plan your savings goals here.

Ready with a price range, and all your financials in order? A prequalification letter from a mortgage provider will help expedite the homebuying process and let you know how much a financial institution may be willing to lend you. To apply, you’ll need to go through the standard mortgage application process, which includes questions about your income and employment, current debts, assets and borrowing history.

Your prequalification letter will show how much you can afford to borrow, what your interest rate could be, and an estimate of your monthly payment based on assumed taxes and insurance. You may be able to lock in the rate you’ve been offered for up to several months while you’re shopping for a home, and your prequalification will help your offer stand out against other prospective buyers.

At Service CU, we’ll lock your rate for up to 90 days with no additional fee or rate adjustment.

Ready to apply? Get prequalified now.

How long does the process take?

We routinely process and close mortgage applications within 30 days.  However, there are many variables that determine the length of the process, including how fast you respond to our requests for documentation.

What is your minimum credit score?

It depends on many variables, including down payment amount, loan program and property type. We do not have a published minimum credit score, however if you are putting down less than 20%, and are not using the VA loan program, the minimum credit score is typically 620. 

Do you do loans outside of NH/ME/VT/MA?

Yes, we are a national lender!  We do mortgages in all states with the exception of Alaska, Texas and Hawaii.  Not all programs are available in all states. Construction loans are available only in NH and MA.

Will my loan be sold?

While it is possible that your loan will be sold (the standard Fannie Mae promissory note gives the lender the right to sell the loan), it is important to understand that we will still be servicing your loan.  We generally do not sell our loans (there are some exceptions), and even if we do, you will still be making your payments to Service Credit Union and we will still be handling your escrow account (if you have one).

Do I get a discount for being a member and/or having automatic payments?

Yes; if you have a direct deposit of your net pay into a Service Credit Union checking account, and set up an automatic payment of your new mortgage from your Service Credit Union checking account, you will be offered a discount of .125% off our posted mortgage rates.  This can save you thousands in interest over the life of your loan.

Can I have a co-signor?

In certain circumstances, a co-signer is permitted.  However, we will require that the occupant borrower be qualified from a credit and ability to repay perspective. Generally, we require a co-borrower vs. a co-signer.  A co-borrower has the same liability as the primary borrower.

Do you offer bridge loans?

We do not have a specific bridge loan program.  However, we may be able to achieve a bridge loan through the use of a home equity line of credit on the house you will be selling.  This will depend on the amount of equity you have and your ability to qualify to carry the debt for your existing mortgage (if any), the home equity line of credit, and the mortgage on your new home.

Do you finance investment properties?

We do not offer loans for rental properties.

Do you finance mobile homes?

We do not offer loans for manufactured housing (mobile homes) regardless of whether or not they are permanently attached to a foundation.

Hear From Our Happy Buyers

“I’m extremely impressed with how fast and smooth this home-buying process was with all parties involved, thank you.” – Kevin W., Sullivan, NH

“From start to finish, our refinancing mortgage was handled with courtesy and in a timely manner that was extended to us.” – Lawrence and Janet B., Wilton, NH

“I could not be happier with how Service CU handled my refi … I am truly happy I chose Service CU for all of my baking needs.” – Thomas R., Salem, NH

“Everyone did a great job. I would strongly recommend anyone to use Service CU. Thank you.” – Sergio Z, Peterborough, NH

“Excellent and professional service by all throughout the entire process. Well done.” Tim, Manchester, NH.”

*Applicant subject to creditworthiness, debt-to-income and property requirements. Please contacted a mortgage specialist for additional program details and requirements.

**Offer may be discontinued at any time. To qualify for a $250 credit towards closing costs (except for recurring closing costs such as property taxes, and any type of insurance, etc.), applicant must open or have primary share account with balance of at least $5 in good standing with Service Credit Union (SCU) at the time of loan closing. To qualify for the additional $500 credit towards closing costs, applicant must establish, or have, at the time of loan closing direct deposit to their SCU checking account and an ACH automatic payment from their SCU checking account to pay the monthly mortgage payments. Any portion not used towards closing costs will be waived. Credit will be applied at closing and cannot be transferred or exchanged for cash equivalent.