MORTGAGES FOR
First-Time Homebuyers
Mortgages for First-Time Homebuyers
Buy Your First Home with No Down Payment, No PMI
Purchasing your first home is a significant milestone — and at SESLOC, we are honored to support you every step of the way. That’s why we’re excited to offer a new home loan option designed specifically for first-time buyers, featuring 100% financing (no down payment) and no private mortgage insurance (PMI). The SESLOC First-Time Homebuyer Mortgage¹ is designed to make the dream of homeownership more accessible and affordable for those ready to take that important step.
Homeownership Starts Here.
Let’s Make It Happen Together.
Apply for the First-Time Homebuyer Mortgage¹ if you:
- Are a first-time homebuyer or have not owned a home in the past three years.
- Are purchasing a single-family residence, condominium, townhome, manufactured home, a planned unit development (PUD), or lot/land loans less than 10 acres, in the state of California.
- Live work or go to school in San Luis Obispo, Santa Barbara, Santa Cruz, Monterey, Fresno, Tulare, Kinds, and Kern counties, thus making you eligible for SESLOC Membership.
- Complete a free and informative First-Time Homebuyer Education course prior to final loan closing. Access to online course material will be provided by your Mortgage Loan Officer.
JUMP TO:
Big Dreams. Smart Financing.
The SESLOC First-Time Homebuyer Mortgage offers:
No Down Payment
Invest in your future without depleting your savings, with no down payment requirement.
No PMI
Free up your monthly budget for other expenses when you avoid the monthly private mortgage insurance cost. What is PMI? ⓘ
The SESLOC Home Loan Advantage
Competitive Pricing:
With affordable interest rates and low or no mortgage points options, we can build a solution that works for you.
Friendly, Community-focused service:
At SESLOC, you are more than just a number, you are family.
Built on eight decades of trust and stability:
We have been the local’s top choice for banking and lending since 1942.
Fast Pre-Approvals:
With our quick and simple application, plus this mortgage is compatible with our 15-Day Mortgage Close option.
Predictable Payments:
The First-time Homebuyer Mortgage offers a 30-year term.² A fixed rate gives the advantage and security of knowing your rate will not change for the life of the loan.
Current Rates
Click any rate or APR* to see a payment example. Additional products and/or rate options may be available. Contact a Mortgage Loan Officer near you for more information.
APR = Annual Percentage Rate. Rates are subject to change without notice. Loan terms based on credit history and other underwriting criteria and subject to credit approval. Loan terms and conditions subject to change without notice.
Instant Mortgage Rate Quote & Payment Calculator results are for illustrative purposes only and don’t guarantee a rate. Actual rate, APR, payment amount and closing costs will vary based on final loan terms and may be higher. Consult a Mortgage Loan Officer for more information.
1. Loan terms based on credit history and are subject to SESLOC First-Time Homebuyer Mortgage underwriting criteria and credit approval; not every applicant will qualify. Interest rate may be higher with a no down payment mortgage. Some restrictions apply.
2. Click any rate or APR to see a payment example. Refer to our Payment Calculator to estimate additional payment examples.
*APR = Annual Percentage Rate
Get Pre-approved or Apply Now!
Get Pre-approved or Apply Now!
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There’s More than One Way Home
with SESLOC
At SESLOC, we’re proud to stand beside you as you turn your homeownership dreams into reality — with programs designed to fit your life and your budget. Our no down payment, no PMI home loan is just one option in a broader offering for first-time homebuyers. Be sure to ask your Mortgage Loan Officer about these special home loan programs:
- Home Loans as little as 3% Down
SESLOC Home Loans are available for qualified borrowers for up to 97% financing. First-time homebuyers are eligible for this option as well. Providing even a small down payment can help make monthly payments more affordable. These loans require PMI, so ask a Mortgage Loan Officer to run scenarios to see what works for you.
- School Employees and First Responders programs for as little as 1% Down
- FHA and VA Home Loan programs
- Cal Poly Faculty & Staff Housing options
First-Time Homebuyer Resources
Thinking about buying your first home? Exciting times ahead! We know the process can feel a bit dauting—but don’t worry, SESLOC is here to guide you all the way. Here’s a few tools and helpful articles from our team to help you know what to expect, so you can make smart, confident choices.
Planning Stage of Buying Your First Home
Application Process
- What’s the difference between Pre-approved and Pre-Qualified?
- Five Steps to Prepare for a Mortgage
- Five Questions to Ask your Mortgage Loan Officer
- Mortgage Pre-Approval: Your Key to Successful Home Buying
- Six Key Do’s and Don’ts During the Mortgage Process
- What to Expect from the Inspection
Check out our free, informative eBook:
The Home Buying Journey Explained
Savings are insured to at least $250,000 and backed by the full faith and credit of the U.S. government. National Credit Union Administration, a U.S. government agency.
