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Credit Union West
Routing Number: 322172153
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Home Borrowing/Mortgages First Time Home Buyer Loans

First Time Home Buyer Loans

As a first-time buyer, you need an experienced partner who has your back.

Affordable Loans for First-Time Buyers


Buying your first home is exciting, but it can also be stressful. As a novice buyer, you need an experienced partner who has your back. Our real estate specialists will walk you through the Mortgage process from start to finish, providing expert guidance so you can make an informed, stress-free decision. 

As a not-for-profit credit union, we offer competitive interest rates, low closing costs and accelerated application processes to save you time and money. Get pre-qualified today. 


NMLS #410357


Featured Rates1

07/21/2025 rates as low as... 
 

ARM
 CONVENTIONAL
 VA FHA
 Jumbo
Interest Rate
6.250%
6.375%
5.625%
6.000%
6.500%
5.375%
5.875%
5.875%
6.500%
Term 5/1 ARM 7/1 ARM 15 Year 20 Year 30 Year 15 Year 30 Year 30 Year 30 Year
Points 0  0  .75  .75 .625 1.875 2 1.75 .625
APR2 6.374% 6.500% 5.947% 6.259% 6.688% 6.142% 6.352% 6.164% 6.592% 
Payment $1231  $1248  $1647  $1433 $1264 $1621 $1183 $1183 $5057


Down Payment Assistance Program:



Saving for a down payment can be challenging for many first-time homebuyers. With our Down Payment Assistance Program, we aim to help low to moderate income earning families make their dream of owning a home a reality.
LOW-INCOME BORROWERS
Qualified homebuyers may receive a grant to use towards their down payment and closing cost. Funds are matched 4-to-1 up to $32,000.3 No repayment is due if you stay in your home for 5 years.4
MIDDLE-INCOME BORROWERS
Funds for the Middle-Income program have been depleted for 2025. Please check back next year or give us a call for additional options.
 
Program Requirements:
  • For first-time homebuyers or 3+ years since a home ownership5
  • Meet income eligibility6
  • Credit score of 620 or above7
  • Occupy the home as your primary residence
  • Complete an approved homebuyer counseling program before  loan closing
Apply for a Home Loan and we will evaluate if you qualify for the Down Payment Assistance Program!


HUD Counseling Options








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The Down Payment Assistance Program offers grants to qualified first-time homebuyers to use toward their down payment and closing costs. Depending on the borrower's income, funds are matched 4-to-1 (up to $30,806) or a subsidy up to $50,000 is given to qualified homebuyers.3

To qualify for our Down Payment Assistance Program, homebuyers must:
  • Be a first-time homebuyer or haven't owned a home in the past three years5
  • At or below 80% of the HUD area median income for "Low Income Borrowers" or between 80%-140% of the HUD area median income for “Middle-income Borrowers.”5
  • Meet required credit qualifications including obtaining a credit score of 620 or above7
  • Complete an approved homeowner counseling course
  • Open escrow within 1 year of program enrollment
Apply for a Home Loan and we will evaluate if you qualify for the Down Payment Assistance Program.

For the Low-Income Borrowers program. no payments toward the grant are due as long as the homeowner resides in the home and they honor the terms of the grant and loan for a minimum of five years.
 
The amount owed will decrease by 20% for each year you retain homeownership of the property as your primary residence. After five years, the grant is forgiven and the lien is released from the property. If the property is sold or refinanced before the end of the five-year period, the matched funds must be repaid on a pro-rated basis.
 
For the Middle-Income Borrowers program. no repayment of the subsidy is due at any time.
The Down Payment Assistance Program for low income borrowers offers grants that match your initial contributions 4-to-1, up to the annual maximum subsidy limit.3 This means for every $1 you contribute, you could qualify for an additional $4 in grant funds to be used for your down payment and/or closing costs.

For example, if the borrower qualifies for the maximum subsidy:
  • Borrower contributes to down payment: $7,500
  • Amount of money that is matched: $30,000
  • Total amount available for home purchase: $37,500

Apply for a Home Loan and we will evaluate if you qualify for the Down Payment Assistance Program.













 

1 Rate and Payment quotes for ARM, Conventional, FHA, and VA loans are based upon the rate assumption of a $200,000 loan amount and 40% down payment (net equity). Rate and Payment quotes for Jumbo loans are based upon the rate assumption of a $800,000 loan amount and 40% down payment (net equity). Rates, Payments and/or Fees may be higher based upon your credit score, LTV (loan to value), and purpose. The rates posted are indications only and are subject to change without notice. Your actual rate and/or points may be different, as many factors can affect the final interest rate.
2 APR = Annual Percentage Rate.
3 Must qualify. Subject to credit approval, program availability, terms and conditions. Restrictions apply. Limited time and while supplies last. Down payment percentage is calculated as the difference between the lesser of the purchase price or appraised value of the home and loan amount. Grant amount dependent on borrower contribution. “Low-income Borrowers” will receive a maximum match amount of $32,000. “Middle-Income Borrowers” will receive a maximum amount of $50,000 with a minimum down payment of $10,000.00. Enrollment in the Down Payment Assistance Program is not a guarantee to the homebuyer of receipt of funds. The grant recipients must sign a Promissory Note, Deed of Trust and Rider to the Deed of Trust.
4There will be a lien placed against the subject property for the amount of the grant that will remain on the property for five years. The amount owed will decrease by 20% for each year the borrower retains homeownership of the property as their primary residence. No payments toward the grant are due as long as the homebuyer resides in the property and abides by the terms of the grant and the loan. After five 5 years, the grant is forgiven and the lien is released from the property. The grant must be paid back if the property is sold or refinanced.
5 Must be 18 years of age or older and earning a wage. Property must be located in Arizona. Restrictions and further qualifications apply. Contact Credit Union West for full first-time homebuyer qualifications.
6Annual income limit is combined household annual income. Annual income is determined at the time of enrollment in the Down Payment Assistance Program and based on income eligibility guidelines published by Federal Home Loan Bank of San Francisco. “Low-income Borrowers” is at or below 80% of the HUD area median income of current residence. “Middle-income Borrowers” is between 80%-140% of the HUD area median income  of current residence.
7Loans subject to program, credit, and collateral approval. Must qualify as a Credit Union West member. Restrictions may apply. Programs, rates, restrictions, terms and conditions are subject to change without notice.