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First-Time Homebuyer Program

As little as 5% down and no Private Mortgage Insurance required.

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Or call 1-800-561-9433

Fixed-Rate Options Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 3.375% 3.426% 0.0 $1,050.00 360
20-Year Fixed 3.125% 3.196% 0.0 $1,332.00 240
15-Year Fixed 2.875% 2.946% 0.0 $1,626.00 180

First Time Homebuyer Rates effective as of December 1, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 95% 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 purchase price of $250,000, FICO® score of 740 or greater, 5% or more down payment, and loan amount of $237,500; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about mortgage products with terms other than those listed.

Adjustable Rate Options Interest Rate  APR  Points  Initial Monthly Payment Maximum Monthly Payment
5/5 ARM 30 2.750% 3.252% 0.0
Months 1-60
Months 61-360
7/6 ARM 30 2.750% 3.221%
Months 1-84
Months 85-360

The 5/5 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 5 years (60 payments). After the initial five-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial five-year period, your interest rate can increase or decrease every 5 years up to the 15th year at which the interest rate can increase or decrease annually based on the average yield of the 5-year treasury, plus our margin (2.25%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. The index in the future is unknown so the Estimated Monthly Payment for payments 61-360 is based on the current index plus the margin (fully indexed rate).

The 7/6 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 7 years (84 payments). After the initial seven-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial seven-year period, your interest rate can increase or decrease annually based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. The index in the future is unknown so the Estimated Monthly Payment for payments 85-360 is based on the current index plus the margin (fully indexed rate).

First-Time Homebuyer Program


  • Down payment as little as 5% of the purchase price — and the 5% down payment can be 100% gifted to you
  • No Private Mortgage Insurance (PMI) required
  • Valid for single-family primary residences
  • Covers purchase amount up to $350,000
  • Flexible mortgage options, including fixed and adjustable rates
  • Low fees and closing costs
  • Personal guidance to help you every step of the way
  • Apply in 15-20 minutes!

Calculate Your Savings


  • You are someone who has not owned a house in the past three years
  • You plan to purchase a single-family home as your primary residence
  • Trade-off: Interest rate can be slightly higher than traditional fixed-rate and adjustable-rate options

Compare to Other Mortgages 

How do I know if the First-Time Homebuyer Program is right for me?

If you are buying your first home or you haven’t owned a home in the past three years, this could be a good option for you. The main benefit is that you need just 5% of the purchase price for your down payment, whereas a traditional loan often needs 10%. You can qualify even if someone is gifting you the 5% down payment. Another benefit of the First-Time Homebuyer Program is that you do not have to get Private Mortgage Insurance (PMI).

The First-Time Homebuyer Program includes both fixed and adjustable rate options. You will get one-on-one guidance from Elements to help you select the option best for you.

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How do I pick between a Fixed Rate and Adjustable Rate Mortgage?

With a First-Time Homebuyer Program, you will need to choose between a fixed and adjustable rate mortgage. 

Fixed-Rate Mortgage

With a fixed-rate mortgage, you lock in your interest rate for the life of the loan.

  • Interest rate and monthly payments stay the same for the life of the loan
  • No interest-rate surprises
  • Good if you plan to stay in your home for several years

Adjustable Rate Mortgage

With an adjustable rate mortgage, your interest rate will go up or down after a specified number of years.

  • Interest rate and payments are fixed for a set period of time then adjusted later
  • Lower payments at the start of the loan
  • Perfect if you're planning to own your home for a short period of time
  • A possibility of lower rates in the future

Our experienced mortgage professionals will help you select the best mortgage for you. Call 1-800-561-9433 or start your application today.

Apply Now

Can my down payment really be just 5%?


Your down payment can be as low as 5%, making it more likely you can buy your first home. And it's okay if the 5% is gifted to you from someone else rather than from your own savings. With most mortgages, you would be required to have at least a 10% down payment, so this is definitely a big help.

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What exactly is Private Mortgage Insurance (PMI)?

Private Mortgage Insurance (PMI) is insurance lenders require most homeowners to take out when they make a down payment of less than 20% of the home's purchase price. This insurance cost is typically tacked onto your monthly mortgage payment and is required until 20% of the principal amount is reached.

With the Elements First-Time Homebuyer Program, no PMI is required when you put down as little as 5%. You can save up to $25,000 in PMI costs over the course of your loan!

Calculate How Much You Can Save

What fees and closing costs should I expect?

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. Your Elements Mortgage Loan Originator will review all costs with you based on your specific loan amount, purchase price, and home value.

Third Party Fees

Third party fees are ones that we collect and pass on to the person who actually performed the service. These can include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company or an attorney is paid the title insurance fees. 

Taxes and Other Unavoidable Costs

These fees include state/local taxes and recording fees and will most likely have to be paid regardless of the lender you choose. If some lenders don't quote you fees that include taxes and other unavoidable fees, don't assume you won't have to pay it. It is possible that a lender who doesn't tell you about the fee hasn't done the research necessary to provide accurate closing costs. 

Lender Fees

Lender fees such as points, document preparation fees, and loan processing fees are retained by the lender and are used to provide you with the lowest rates possible. This is the category of fees that you should compare very closely from lender to lender before making a decision. Elements charges a standard $900 origination fee on all mortgages.

For more information, call us at 1-800-561-9433.

Should I get preapproved before buying a home?

Call us at 1-800-561-9433 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.

Get Preapproved

How is my mortgage payment calculated?

Your monthly mortgage payment is made up of four components: principal, interest, property taxes, and homeowner’s insurance (referred to as "PITI"). 

Principal and Interest

Principal and interest are based on the loan amount, interest rate, and term (amortization) of your loan. 

Property Taxes

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 (PMI) 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.

Why should I go to Elements for my mortgage?

Like a Bank, Only Better!

Personal Mortgage Guidance

Buying a home can be a bit overwhelming. But don’t worry. We’ll be with you every step of the way to guide you through the mortgage process, from pre-approval all the way to closing. You’ll have your personal mortgage expert’s cell phone number, so you can get all your questions answered very quickly. 

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves in being a trusted source for financial education. We come to your workplace to answer questions and can provide you with a dedicated Mortgage Loan Originator1 to guide you through the entire mortgage process.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis since 1930, we rank among the top 3% of credit unions nationally2. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

High Tech. Human Touch.

Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

Get Started

What happens during the mortgage application process?

Getting Started

You can apply online in 15-20 minutes! Submit your application anytime. Or call us at 1-800-561-9433 to apply by phone. When you apply, have ready your government-issued ID (driver’s license, state ID, or passport) and estimates of your household income, assets, home value and price you paid for your home. 

Gathering Documentation

We’ll contact you within one business day after you submit your application to review documentation that we'll need from you. We’ll also answer any questions you may have. 

Application Review & Approval 

Once you have supplied your documents, your loan will be reviewed by an underwriter. After the underwriter review, your Elements Mortgage Loan Originator and Loan Processor will work together to obtain any further documentation that is needed to close your loan, including the appraisal and title work. 


Once your loan has received final approval, your closing will be scheduled at a location convenient for you. That's it — your mortgage is complete! Application to closing takes an average of 30 days

Get Started

What do I need to know about my mortgage after closing?

We work with partners in our industry to best serve your home loan needs. Since 2017, Elements Financial began an alliance with Dovenmuehle Mortgage, Inc. (DMI) to provide servicing for the mortgage loans directly held by our credit union. DMI is known in the industry for professional service and convenient technology as one of the leading mortgage servicers in the U.S. They allow us to provide the following member benefits:

  • Access to online mortgage tax forms;
  • Expanded general mortgage information online and within your monthly statement, such as escrow details;
  • Continued 24-hour online access to your account and call center support.

The alliance with DMI has no impact on the terms of your mortgage. Your loan is still owned by Elements in cases where DMI provides the servicing.

How do I apply?

3 Easy Steps to Apply

  1. Apply online - Do this online whenever you have 15-20 minutes to spare. Or call 1-800-561-9433 to get started.
  2. Take our call - We'll contact you within one business day after you submit your application to go over what documentation we'll need and to answer your questions.
  3. Schedule your closing - We'll stay in touch with you throughout the mortgage process. Then, if you're approved, we'll schedule your closing at a location convenient for you.

Apply Now Get Preapproved

After our wedding, my husband and I began to look at homes online and realized we should probably consider financing first. When Elements visited my workplace, I learned of the First-Time Homebuyer program and the rest is HISTORY. We love our new home in Fountain Square. Thanks Elements!

- Pat L. | Member since 2018

How Much Can I Save with No PMI?

PMI Savings Calculator


Total savings over the life of your loan compared to a competitor mortgage with the same rate of 3.667% APY.

Potential Savings Over the Life of Your Loan

PMI Cost Per Month Total Cost of PMI
3.667% APR $0 $0
3.667% APR $119 $11,126

Calculator is designed with certain limits and is for illustrative purposes only. Potential savings are estimates based on Elements First Time Homebuyer Mortgage rates as of 12/1/2021. Actual rates for competitor mortgages will vary but are depicted the same as Elements here to illustrate potential savings for PMI only.

  1. 1 Nationwide Mortgage Licensing System Registrants: Elements Financial FCU 410639, Shawn Adams 1969445, Charles Akinbola 1811812, Barbara L Allen 609733, Luis Aparicio 144043, Lindsey Badanek 724103, Cynthia Bell 427359, Nyla Bivens 1128100, Cassandra Bogaards 894545, Jamie Bonner 435395, Laura Bordenkecher 1590841, April Bratton 1169913, Dawn Michelle Bruce 899516, Julie Bowering 443400, Melissa Bullock 2122657, Tracee Buckrop 609727, Karla Chevrie 404630, Eliza Claborn 1826115, Christine Clark 609734, Tayjah Coyle 2082021, Mary Ann Deckard 1259646, Ashlie M Dew 539208, Curtis Neal Dodd 200259, Ron E Ellis Jr 1207645, Barbara Fey 489638, Kara Michelle Fischer 1469113, Tami Renee Forsythe 609730, Lenore Gallagher 975065, Sherry Gaw 988244, Emilee Goode 1776621, Robert Goodwin 975067, Quentin Girten 1919653, Abigail Hall 1469114, Mariah Hestand 1809685, Dial Holliday 1436039, Jennifer Hooker 1807696, Theresa Iaria 1128103, Kasey Jones 1942020, Christopher Kerr 143199, Andee Kettlebar 443776, Jill Kidwell 609731, Michele King 1759144, Sara Keedy 1512646, Sean Kiely 425511, Tara Nicole Lambert 883082, Teresa Ledford 444283, Cindy Leisure 1080329, Rebecca Littell 996455, Tyler Lonergan 2066084, Blake Luker 2007589, Kristy Mars 609725, Beverly Marshall 444941, Alexander J Menestrina 1190426, Beth Moberg 473454, Justin D Montour 1198316, Brooke Moss 1824059, Terri Mossbrucker 1385461, Kristina Mowery 916118, Amber D Murphy 1082684, Mallory Neill 1750269, Constance Nelson 975071, Micha Noble 1950136, Grace Nolan 1840818, Regina Norman 1080327, Clayton F Patterson 424532, Shaneka A Pedersen 426201, Meghan Pedigo 1601304, Janene Petree 1529353, Kyle Thomas Plumlee 1930758, Kim Purkhiser 1313210, Tania Query 608383, Rebecca Rice 1007612, Miranda Grace Renee Rizzo 1198315, Janai S Roberts 252636, Tim Sallee 1192774, Susan Roberts 975068, Darlene Rogers 2266067, Carol Biale-Schroeder 1863399, Ryan Sebree 1866273, Ron Senci 1068152, Jessica Siegman-Bradford 1454706, Brad Smith 906855, Amy Lynn Stokes 1387213, Paulette Stull 1487007, Brent Tedford 1892880, Bradley Thompson 609732, Rhonda Weaver 2213627, Samantha White 1849420
  2. 2 Based on asset size as of 1/31/2020