First-Time Homebuyer Program
Buying your first home could be closer than you think. Our First-Time Homebuyer Program offers down payments as low as 1%, no mortgage insurance, and the option to use gifted funds toward your purchase.
A smaller down payment is just the beginning. Explore the program benefits and personal guidance available to help you purchase your first home.
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Down payment options of 1%, 2%, or 3%1
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Hybrid closing option to review and sign select documents electronically*
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No mortgage insurance
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Your mortgage with AACU supports the Colorado Homeownership Coalition
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Gifted funds allowed toward your home purchase
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Pre-qualification guidance to help you understand your homebuying budget
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Guidance from a dedicated mortgage loan officer
Getting Started is Easy...
Buying your first home comes with plenty of questions. You don't have to figure everything out on your own. Here's how to get started:
- Review your budget. Review your monthly income and expenses to understand what you can comfortably afford.
- Get pre-qualified. Complete our online Mortgage Application to explore your financing options.
- Talk with a mortgage loan officer. Schedule an appointment online or call 800.223.1983 to get answers and guidance.
- Start your home search. With a clearer understanding of your budget, you can begin looking for a place to call home.
Join an AACU First-Time Homebuyer Workshop to learn about the mortgage process, get answers to your questions, and explore incentives available to qualifying attendees.
What Could Your Down Payment Look Like?
Compare what a 1%, 2%, or 3% down payment could look like at different home prices. Use our mortgage calculator to explore how your loan amount, interest rate, and term could affect your monthly payment.
- Mortgage Amount$300,000
- 1% $3,000 down
- 2% $6,000 down
- 3% $9,000 down
- Mortgage Amount$350,000
- 1% $3,500 down
- 2% $7,000 down
- 3% $10,500 down
- Mortgage Amount$400,000
- 1% $4,000 down
- 2% $8,000 down
- 3% $12,000 down
First-Time Homebuyer's Guide
Buying your first home comes with a lot of questions. Our First-Time Homebuyer's Guide breaks down the process, from understanding your budget and credit score to getting pre-qualified and finding a home.
- Is Buying a Home Right For You?
- Homebuying Costs: Before and After
- Understanding Your Credit and Credit Score
- Getting Pre-Qualified and Finding a Home
Rent or Buy? Compare Your Options.
Wondering whether renting or buying a home makes more financial sense for you? Use our rent vs. buy calculator to compare estimated costs over time and see how each option could affect your budget.
First-Time Homebuyer Program - AACU First-Time Homebuyer FAQs
The First-Time Homebuyer Program offers down payment options of 1%, 2%, or 3% of the purchase price, with no mortgage insurance required regardless of which tier you choose. A qualifying rewards checking account with direct deposit is required. Compare Home Loans for our full mortgage lineup.
Yes. You must be a first-time homebuyer to qualify for this program. Additional eligibility requirements, including credit qualifications and down payment criteria, also apply. An AACU mortgage loan officer can help you review the requirements and determine if this program is right for you. Check your eligibility for AACU membership before applying.
Whether renting or buying makes more financial sense depends on how long you plan to stay, local market conditions, and your monthly budget compared to a mortgage payment. The mortgage calculator and loan officers can help you compare both paths. Talk to a Mortgage Loan Officer to run your specific numbers.
No mortgage insurance applies to the First-Time Homebuyer Program, even at the lowest 1% down payment tier, which sets it apart from many conventional low-down-payment loans. This can meaningfully lower your monthly payment. Compare Home Equity Loans if you already own and want to tap equity instead.
- Locations & ATMs
Find an AACU branch, shared branch location, or one of thousands of surcharge-free ATMs across the U.S. and Canada.
- Talk to a Mortgage Expert
Have questions about buying your first home? Schedule time with a Mortgage Loan Officer to discuss your options and get answers from someone who knows the process.
- Mortgage Rates
Compare current first-time homebuyer, 30-year fixed mortgage, and home equity line of credit (HELOC) rates in one place.
- Explore Home Loan Options
Compare mortgage options, including fixed-rate, adjustable-rate, and VA loans, to better understand your financing choices..
1 Must be 18 and older to qualify. Down payments are examples only and do not include closing costs, prepaid interest, taxes and homeowners’ insurance. Down payment amount and mortgage loan amount will vary based on purchase price amount, credit score and income. Payment example on a loan amount of $355,410: 360 monthly payments of $2,601.68 at 8.042% APR which includes a down payment of 1%, purchase price $359,000. Estimated closing costs of $5,397.00. Pre-paid interest, taxes and homeowners’ insurance are not included in closing costs or payment example and can vary. An AACU rewards checking account is required with direct deposit to qualify. Membership requirements apply. Restrictions and requirements apply. Program subject to change. Equal Housing Lender. Air Academy Federal Credit Union: NMLS #454287.
2 Pre-paid interest, taxes, and homeowners’ insurance are not included in closing costs credit. No further rate buy downs or discounts apply. You must mention selection before loan closing.