Buying your first home?
Explore special lending programs that may help lower your costs
Buying a home is one of life's biggest milestones. But figuring out how and where to get started can be intimidating. Depending on eligibility, homebuyer assistance programs can help you reduce upfront costs – through low-down-payment mortgages, closing cost assistance, and down payment support. Golden 1’s On My Way Homeownership Program helps eligible members explore a variety of financial assistance options.
On My Way – a program built for first-time homebuyers
The On My Way program is designed to make purchasing your first home more attainable. Combined with guidance from Golden 1 Home Loan Advisors, On My Way helps first-time homebuyers review flexible financing options, down payment assistance, and closing cost credits up to $5,000. Generally, homebuyer assistance programs define a first-time homebuyer as someone who has not owned and occupied a home within the previous three years.
Good news. You may not need a 20% down payment
First-time homebuyers are often surprised to learn they may not need a 20% down payment. Some aspiring homeowners can qualify for mortgages with down payments as low as 3%. Plus, there are special loans and grants for down payment assistance. So if you've been putting your homeownership dreams on hold while saving for a large down payment, it’s time to re-think what's possible. A great place to start is to talk with a Home Loan Advisor.
Financial assistance can help lower upfront costs
You might be excited to learn how many financial assistance programs are out there that can help reduce the upfront costs for first-time homebuyers. These include income-based programs that you may qualify for even if you don't consider yourself a low-income borrower. Ask your Home Loan Advisor about eligibility requirements for specific programs.
Programs that may help first-time homebuyers
- Fixed-rate mortgages with down payments as low as 3%
- Down payment assistance loans and grants
- Closing cost assistance programs
- Golden 1’s On My Way closing cost credit of up to $5,000
- Additional specialized programs for qualifying borrowers
As an approved lender for CalHFA and FHLB programs, Golden 1 can help you identify borrowing options that fit your financial situation. Depending on eligibility, you may be able to reduce or even eliminate out-of-pocket costs through a combination of these financial assistance programs:
CalHFA First Mortgage – a fixed-rate mortgage for first-time homebuyers with down payment requirements as low as 3%.
CalHFA MyHome Assistance Program – a deferred-payment loan that may help cover part of your down payment or closing costs.
CalHFA Closing Cost Assistance – provides support for closing expenses associated with purchasing a home for eligible first-time buyers.
Dream For All Shared Appreciation Loan – designed to help eligible first-generation and first time homebuyers with down payment assistance.
FHLB Assistance Programs – programs such as the WISH 4-to-1 matching grant and Middle-Income Down Payment Assistance program can help bridge the gap between your current savings and homeownership goal.
Your path to homeownership in four easy steps
Buying your first home doesn't have to feel overwhelming. With On My Way, you can move through the process one step at a time with no pressure or obligation. Best of all, you can get started today. Here’s how:
1. Connect with a Home Loan Advisor
Talk about your goals, budget, and eligibility for financing and assistance programs.
2. Explore your mortgage options
We'll work with you to identify mortgage solutions as well as assistance programs that you may be eligible for.
3. Complete homebuyer education
Some financial assistance programs require educational courses to build knowledge and skills for successful homeownership.
4. Get pre-qualified and start shopping
It’s easy to start your mortgage application online. With financing in place, you'll be ready to shop for your new home with confidence.
Knowledge is power
A successful homebuying journey starts with more than financing. It starts with learning and understanding your available options. That's why On My Way provides educational resources to help you learn about all aspects of the homebuying process. Combined with personalized guidance from your Advisor, you’ll have the information, tools, and support you need to make informed decisions – from loan application to move-in day.
Take the first step
You don't have to figure it out alone. Connect with a Golden 1 Home Loan Advisor today and discover how On My Way can help turn your homeownership dream into reality.
Frequently Asked Questions
Who qualifies as a first-time homebuyer?
Generally, first-time homebuyer programs define a first-time homebuyer as someone who has not owned and occupied a home within the previous three years. If you've been out of the housing market for a while, it's worth checking whether you qualify for first-time buyer assistance programs.
What is the On My Way Homebuyer Program?
Golden 1’s On My Way program helps make homeownership more attainable with special lending programs, down payment assistance, closing cost credits, and expert guidance from our Home Loan Advisors.
How can I find out which programs I qualify for?
A Golden 1 Home Loan Advisor can help review your situation and discuss programs that may be available based on eligibility requirements.
Can I get help with closing costs?
Yes. Eligible borrowers may qualify for government subsidized closing cost loans and grants as well as the Golden 1 On My Way closing cost credit up to $5,000.1
1To be eligible for a $2,500 closing cost credit, you must be a Golden 1 member for at least 90 days at the time of final loan approval and have an income at or below 100% of the Area Median Income (AMI) or 120% in high-cost areas. To qualify for the maximum closing cost credit of $5,000, you must be a Golden 1 member for at least 90 days at the time of final loan approval and have an income at or below 100% of the Area Median Income or 120% in high-cost areas, plus have direct deposit or use the Golden 1 Bill Pay Service from a Golden 1 deposit account, or make 5+ transactions per month to a Golden 1 deposit account in the most recent month prior to closing.
Golden 1 Credit Union is not part of any government agency, nor do we represent or have the endorsement of HUD, FHA, the U.S. Government, or any federal, state, or local government agency.
