We have a home loan for everyone–whether you're looking for your first home or forever home.
- Variety of Financing Programs
- Competitive Rates
- Refinancing Available
- Personal Service
- Competitively low variable and fixed rates
- Wide range of terms available
- Pre-approval available
- No pre-payment penalty
- Refinance for a potentially better rate
- Streamlined, on-time closings
- Local servicing for the life of the loan
- Affordable monthly payments
- Local decisions made in the St. Louis area
- Prompt responses and personal service
Remember that your annual real estate taxes are paid directly by First Community using the funds in your escrow account. For questions contact loan servicing.
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Get more information and apply online at our Home Mortgage Center.
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First-Time Home Buyer
This mortgage is designed to meet the needs of the first-time home buyer. It has minimal out-of-pocket costs (prepaid items). It has no origination fees, no closing costs, no private mortgage insurance (PMI), no down payment requirements and no prepayment penalties. It has a competitive rate and is available as a 30-year fixed rate or a 5/5 ARM. To qualify as a first-time home buyer, the applicant cannot have owned a home or had an ownership interest in a primary residence for the past three years.
If you have had joint ownership in a home in the last three years, you can apply as an individual applicant and qualify for the first time home loan.
We've put together a First-Time Home Buyers Guide. It will help walk you through the home-buying process so you know what to expect and can be prepared.
Adjustable-Rate Mortgages (ARMs)
First Community offers 1, 3, 5 & 7-year ARM mortgages that provide a lower initial monthly payment and slowly adjust over time. The rate cannot adjust more than 2% at each adjustment and no more than 6% over the life of the loan. Jumbo loan amounts are available and only 10% down is required to avoid Private Mortgage Insurance (PMI).
The fixed-rate mortgage provides the security of a fixed interest rate for the entire life of the loan. First Community offers 10, 15, 20 and 30-year fixed mortgages. We recommend this loan if you plan to stay in your home more than 10 years and want the security of mortgage payments that will not change.
First Community will finance the acquisition of land or refinance a land loan whether you intend to build a home or just invest. All vacant land loans are amortized over 15 years and 2, 3 or 5-year balloon land loans are available.
If you need to borrow at least $510,400 it is considered a “jumbo mortgage.” We have adjustable and fixed rates for our jumbo mortgages. Not everyone offers jumbo mortgages and our rates are always competitive.
Mortgage products subject to change without notice.
$1 share deposit required. Must quality for membership. Missouri & Illinois residents only. Loan subject to credit approval. Rates, terms and conditions subject to change without notice. Escrow account required. Home owners insurance, real estate taxes and interim interested must be pre-paid at closing. First Community Credit Union NMLS ID # 684198. Federally insured by NCUA. Equal Housing Lender.
First-time homebuyers are defined as those persons who have not owned a home or had an ownership interest in a primary residence for the past three years.
The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), requires credit union mortgage loan originators (MLO) and their employing institutions to register with the Nationwide Mortgage Licensing System and Registry (NMLS). Once registered, each MLO is provided a unique identifier from the NMLS. This list contains the MLO's employed by First Community Credit Union (NMLS ID # 684198).