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First-Time Homebuyer Program

Lower down payment—higher peace of mind.

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First Time Homebuyer Program Interest Rate  APR  Points  Monthly Payment
30 Year Fixed 4.500% 4.587% 0.0 $760.03
20 Year Fixed 4.250% 4.369% 0.0 $928.85
15 Year Fixed 3.875% 4.026% 0.0 $1,100.16
7/1 ARM 4.125% 4.210% 0.0 $726.97
5/5 ARM 4.250% 4.336% 0.0 $737.91

Rates effective as of January 19, 2018. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 60% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on loan amount of $250,000, FICO score of 740 or greater, and 40% or more down paymentRates are subject to change without notice. Some restrictions may apply.

First-Time Homebuyer Program


  • Down payment as little as 5%, making it more likely you can purchase your first home
  • No Private Mortgage Insurance (PMI) required
  • Low rates available
  • Guidance to help you every step of the way


  • A first-time homebuyer is someone who has not owned a house in the past three years
  • Loan amounts up to $275,000
  • 95% financing is available, and the 5% down payment can be 100% gifted to you
  • Valid for single-family primary residences only



Experienced, helpful loan professionals are ready to support you!


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Personal Mortgage Guidance

  • Experienced mortgage team to support you1
  • Direct line of communication to your personal mortgage expert
  • Customized mortgage loan solutions to help you achieve your financial goals

Purchase or Refinance Your Home

  • Low rates and closing costs
  • Low down payment options
  • Quick and easy application process

Why Consider Elements for a Mortgage


Elements Financial is a credit union. That means we’re like a bank, only better! Securing your mortgage through Elements Financial means you will benefit from:

  • Competitive rates & fewer fees – On average, an Elements Financial member saves an estimated $309 each year compared to customers elsewhere.2
  • Personal attention – Headquartered in Indianapolis, with member service available 24/7.
  • Today’s technology – We offer online banking, making it easy to pay your mortgage every month.
  • Heritage – Nearly 90 years of experience building and nurturing lifelong relationships with members.
  • Seasoned professionals – Our experienced team will walk you through the mortgage process, step-by-step.
  • Credit counseling – If you're working toward a mortgage application, pursue our confidential and supportive assistance to develop healthier financial habits for life.

Frequently Asked Questions


Q: What can I expect during the mortgage process?
A: Once you have applied for a mortgage, a Mortgage Loan Originator will contact you within 1 business day to discuss your application. The Mortgage Loan Originator will provide you with information on our programs as well as what documentation is needed from you in order to review your application for approval. Once you have selected a program and have supplied your documents to the Mortgage Loan Originator, your loan will be reviewed by an Underwriter. After your loan is approved, the Mortgage Loan Originator and Processor will work together to obtain any further documentation that is needed to close your loan including the appraisal and title work. A closing can be scheduled once your loan has been finally approved.

Q: Why should I consider getting preapproved before buying a home?
A: You should contact a Mortgage Loan Originator to see if you can be pre-approved for a loan so that you know what price range you can afford, to evaluate the monthly costs of a mortgage, and to see how much of a loan you can afford. The pre-approval will also give you some leverage when negotiating with the sellers.

Q: What is included in a mortgage payment?
A: Your monthly mortgage payment is made up of several components, referred to as "PITI".  PITI is principal, interest, property taxes, and homeowner’s insurance. The first two components, principal and interest, are based on the loan amount, interest rate, and amortization (term) of your loan. Property taxes are assessed annually. The amount of your taxes is divided by 12 months in order to determine how much will be collected from you as part of your monthly payment. Homeowner’s Insurance is also paid annually.  The amount of your annual premium is divided by 12 months as well. Private Mortgage Insurance can also be a component of your monthly mortgage payment. This is insurance that the lender obtains to protect them against any loss if you stop making payments on your loan.  PMI is typically required on Conventional loans if you do not put at least 20% down on a purchase or have 20% or more equity in your property on a refinance. Consult with an Elements Mortgage Loan Originator for further details.

Q: What are my closing costs for my Elements Financial mortgage? 
A: The specific amount of your closing costs will vary. A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender. For more information, please contact a Mortgage Loan Originator.

Q: Does Elements have any special programs for first-time homebuyers?
A: Elements has a First Time Homebuyer program available. Our First Time Homebuyer program allows you to purchase a new home with as little as 5% down with no Private Mortgage Insurance (PMI). We also have other programs that are available for with even lower down payment terms such as FHA, VA, and USDA loans. Please contact a Mortgage Loan Originator for more information. 

How to Get Started


You can apply online in as little as 10 minutes! Or call 1-800-561-9433 to get started.

What you’ll need to apply:

    • Your government-issued ID (driver’s license, state ID or passport)
    • Estimates of your household income, assets, home value and price you paid for your home

From application to closing takes an average of 30 days. What to expect during the application process:

  1. We’ll contact you within 1 business day after you submit your application to review documentation that we’ll need from you and answer questions you may have.
  2. We’ll be in close contact with you throughout the mortgage process until final loan approval. Once your loan has been final approved, your closing will be scheduled at a location convenient for you if approved.
  3. That’s it — your mortgage is complete!
  1. 1 Nationwide Mortgage Licensing System Registrants: Nationwide Mortgage Licensing System Registrants: Elements Financial FCU 410639, Barbara L Allen 609733, Luis Aparicio 144043, Cynthia Bell 427359, Mary Bell 562458, Deborah Benson 1093386, Nyla Bivens 1128100, Jamie Bonner 435395, Laura Bordenkecher 1590841, Dawn Michelle Bruce 899516, Julie Bowering 443400, Tracee Buckrop 609727, Karla Chevrie 404630, Christine Clark 609734, Mary Ann Deckard 1259646, Ashlie M Dew 539208, Curtis Neal Dodd 200259, Ron E Ellis Jr 1207645, Kara Michelle Fischer 1469113, Tami Renee Forsythe 609730, Terry Foster 484700, Lenore Gallagher 975065, Sherry Gaw 988244, Alicia Gerber 968201, Jennifer Giddens 609735, Robert Goodwin 975067, Abigail Hall 1469114, Theresa Iaria 1128103, Christoper Kerr 143199, Andee Kettlebar 443776, Jill Kidwell 609731, Sara Keedy 1512646, Sean Kiely 425511, Teresa Ledford 444283, Cindy Leisure 1080329, Rebecca Littell 996455, Kristy Mars 609725, Beverly Marshall 444941, Stacey McDaniel 1157444, Alexander J Menestrina 1190426, Justin D Montour 1198316, Terri Mossbrucker 1385461, Kristina Mowery 916118, Amber D Murphy 1082684, Constance Nelson 975071, Regina Norman 1080327, Shaneka A Pedersen 426201, Meghan Pedigo 1601304, Janene Petree 1529353, Kim Purkhiser 1313210, Tania Query 608383, Michael J. Quinn 563350, Rebecca Rice 1007612, Miranda Grace Renee Rizzo 1198315, Janai S Roberts 252636, Susan Roberts 975068, Ron Senci 1068152, Brad Smith 906855, Amy Lynn Stokes 1387213, Bradley Thompson 609732, Alycia Willert 1102478, Judy Wilson 975070, Chelsie Winbun 1601312
  2. 2 Competitive Values are estimated by comparing historical rates and fees at Elements Financial and at the five banks and credit unions with the largest market share in Central Indiana; data valid as of 8/31/16.