Saving money for a down payment is the first major step towards opening the door to homeownership. For many first-time homebuyers, the struggle to save a percentage of a home’s asking price can seem insurmountable.
Knowing where to save is just as important, as you want to net the most for every hard-earned dollar saved as you journey towards owning your first home.
Justice Federal is pleased to introduce HomeFund, a new way to save for a home. HomeFund is a home savings account with a bonus! The account was designed to help Members achieve homeownership.
Simply open a HomeFund Savings account with as little as $250 — then start building! Make deposits over time that may be applied to your down payment or closing costs. Make saving even easier when you setup direct deposit from your payroll!
When you find the right home, and it is time to close on a mortgage with Justice Federal, we will add a $250 bonus to your check request for escrow or closing settlement!*
Down Payment Savings
If you are wondering how much you will need to save for your down payment, look at the price range for the type of home you are interested in buying. You will find that many mortgage programs require you to have 20% of the asking price as the down payment. In addition, you will also need to save monies for closing costs.
Depending on your financial situation, including credit score, assets, confirmed income, and collateral, you may be able to qualify for a conforming mortgage loan from Justice Federal with as little as a 3% down payment.**
We Make Homeownership Affordable
Look at the difference in what you will need to save on a $250,000 home — a 3% down payment is $7,500 while a 20% down payment is $50,000!
Justice Federal offers a competitive, low interest rate that further helps to reduce the cost of borrowing significantly over time. In addition, we have reduced the loan origination fee for a limited time from 1% of the purchase price to just $750. *** On a $250,000 home purchase, the reduced loan origination fee nets a savings of $1,750 for you that could otherwise be applied towards your down payment or closing costs!
Don't assume that just because you don't have thousands of dollars saved for a down payment, that you cannot buy a home. A Justice Federal Mortgage Representative will assess your full financial picture to determine the loan terms that are the best fit for your situation.
Take a moment to be pre-approved for a mortgage before you begin to shop by visiting jfcu.org. With a pre-approval, you’ll be ready to make an offer on a home when the right one comes along.
When you’re ready to shop for a home, HomeAdvantage, an exclusive Member benefit, offers all the real estate tools you could ever need under one roof. You can search, buy, sell and save on your home. When you use an approved Realtor from the HomeAdvantage network to buy or sell a home, you can earn Cash Rewards — the average is near $1,500!†
We want to make homeownership a reality for you.
To learn more, or to get preapproved for a mortgage, visit your nearest branch, or call 800.550.5328 and ask to speak to a Justice Federal Mortgage Representative, Monday – Friday, 8:30 AM – 4:30 PM, EST.
First Time Home Buyer
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