First Time Home Buyer Mortgages

Home Loan Payment Relief (HLPR)

Home Loan Payment Relief Mortgage* is a national credit union program designed to make the American dream of homeownership a reality for more Americans. The HLPR Mortgage is for first-time homebuyers only and can offer you:

• Below market interest rates. The initial rate is 1% less than the national average.
• 3/1 Fixed/Adjustable Mortgage. A 30-year term helps keep monthly payments affordable.
• Smaller adjustments. After the first three years, the interest rate on your mortgage is capped to go up or down nor more than 1% annually and 5% over the life of the loan compared to higher increases on most conventional adjustable loans.
• Low 3% minimum down payment. The source of the down payment may come from gifts or grants.
• Private Mortgage Insurance discount on closing costs.

*Requires completion of First Time Homebuyer course.

Property must be owner-occupied primary residence including single family homes and condominiums.

To qualify, your household income must be at or below the median income of the community where you'll be living. For more information on the income limits in your desired area and to get more information on the HLPR Mortgage, call Southern Mass Credit Union at and ask to speak to Mortgage Specialist.

Are You Interested in Being Pre-Qualified for a Mortgage?*

Before you start house hunting, find out what homes are in your price range. Receive a free, no obligation - prequalification from SMCU.

Qualified homebuyers will receive a Mortgage Certificate Letter along with a coupon applicable towards closing costs when you finance your home purchase with Southern Mass Credit Union.

Get pre-qualified today!

* Approval of loan is based upon established underwriting guidelines and credit worthiness.