First-Time Home Buyers Loan in Vermont
Buying your first home? 802 Credit Union offers local guidance, special financing options, and tools to help make the process easier—from pre-approval to closing day.
Overview
What is a First-Time Home Buyer Loan?
A first-time homebuyer is someone who has not owned a home in the last three years. At 802CU, we’re proud to offer flexible financing options and personalized support for members navigating this exciting milestone. Whether you’re just starting your home search or ready to get pre-qualification, our team is here to guide you through each step with local expertise and honest advice.
From understanding your budget to accessing potential down payment assistance programs, we’ll make sure you feel confident every step of the way.
Today’s Rates
All Rates Effective April 1, 2025
Conventional Fixed Rate Mortgages - for Primary residences - servicing retained
| Term | Rate | Points | APR | Monthly Payment per $1,000 borrowed |
|---|---|---|---|---|
| 30 Year | 6.875% | 0.00% | 7.044% | $5.56 |
| 20 Year | 6.625% | 0.00% | 6.843% | $7.53 |
| 15 Year | 6.50% | 0.00% | 6.770% | $8.71 |
| 10 Year | 6.25% | 0.00% | 6.627% | $11.23 |
3 Annual percentage rate is based on an index, the Wall Street Journal Prime Rate (which may change). The annual percentage rate may vary periodically. The minimum annual percentage rate that can apply is 4.00% APR floor, and the maximum annual percentage rate that can apply is 18% APR. We will not charge you any fees to open, use, or maintain your Home Equity Line of Credit. However, you may pay certain fees to third parties to open the plan. Those fees are generally between $300 – $500. You must also maintain property and flood insurance (if necessary) on your dwelling.
Adjustable Rate Mortgages (ARM) - for Primary residences - servicing retained
| Term | Rate | Points | APR | Monthly Payment per $1,000 borrowed |
|---|---|---|---|---|
| 1/1 ARM | 4.00% | 0.00% | 4.142% | $4.77 |
| 3/1 ARM | 4.50% | 0.00% | 4.646% | $5.07 |
| 5/1 ARM | 5.00% | 0.00% | 5.151% | $5.37 |
2/6 Cap; tied to 1-year Treasury Bill with 2.875% margin
30 year maximum term
Manufactured Home Fixed Rate Mortgages - for Primary residences on owned land - servicing retained
| Term | Rate | Points | APR | Monthly Payment per $1,000 borrowed |
|---|---|---|---|---|
| 20 Year | 8.625% | 0.00% | 8.861% | $8.76 |
| 15 Year | 8.50% | 0.00% | 8.787% | $9.85 |
| 10 Year | 8.25% | 0.00% | 8.642% | $12.27 |
Manufactured Home Adjustable Rate Mortgages - for Primary residences on owned land - servicing retained
| Term | Rate | Points | APR | Monthly Payment per $1,000 borrowed |
|---|---|---|---|---|
| 1/1 ARM | 7.00% | 0.00% | 7.221% | $7.75 |
| 3/1 ARM | 7.50% | 0.00% | 7.725% | $8.06 |
| 5/1 ARM | 8.00% | 0.00% | 8.230% | $8.36 |
2/6 Cap; tied to 1-year Treasury Bill with 2.875% margin
20 year maximum term
Manufactured Home Fixed Rate Mortgages - for Primary residences on leased land or in a park - servicing retained
| Term | Rate | Points | APR | Monthly Payment per $1,000 borrowed |
|---|---|---|---|---|
| 20 Year | 10.625% | 0.00% | 10.502% | $9.82 |
| 15 Year | 10.50% | 0.00% | 10.805% | $11.05 |
| 10 Year | 10.25% | 0.00% | 10.658% | $13.35 |
Manufactured Home Adjustable Rate Mortgages - for Primary residences on leased land or in a park - servicing retained
| Term | Rate | Points | APR | Monthly Payment per $1,000 borrowed |
|---|---|---|---|---|
| 1/1 ARM | 8.000% | 0.00% | 8.283% | $9.56 |
| 3/1 ARM | 8.500% | 0.00% | 8.787% | $9.85 |
2/6 Cap; tied to 1-year Treasury Bill with 2.875% margin
15 year maximum term
Member-Focused. Locally Rooted.
Buy With Confidence—We’ll Guide You Home
Get peace of mind with step-by-step support and financing built for first-time buyers. We’ll help you explore your options and secure the best fit for your goals.
loan Benefits
Simple Financing for First-Time Buyers
Pre-Qualification Available
Know your budget before you start house hunting with our simple pre-approval process.
Down Payment Support
You may qualify for programs that reduce upfront costs. Our team can help you explore your options.
Personalized Mortgage Guidance
Work directly with local mortgage specialists who understand Vermont’s housing market.
Built for First-Time Buyers
Designed to support your transition to homeownership with clear steps and accessible tools.
Frequently Asked Questions
Have Questions? Let Us Help!
Banking Services
Bank Smarter With The Right Tools
From budgeting tools to fraud protection, we’re here to help you feel confident and in control of your finances.
More Than a Member
As a member-owner, you’re doing more than banking. You’re building a better financial future with a credit union that puts you first.
Testimonials
Hear From Our Members!
Real stories from real people who’ve found their financial home.
I recently moved to Vermont and was looking for a new financial institution. Several people recommended 802 Credit Union. Kim helped me set up my accounts, my direct deposit and got me started with online banking. She showed me how to use Bill Pay, which I never used at my previous bank. What a huge convenience! I highly recommend 802 Credit Union and all the staff at the Windsor branch.
Sarah
Windsor, VT
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