College Graduate Homebuyers Program
About Our Program
We would like to help our new college graduates find their first house and simplify the home buying process. A special pool of funds has been established to help area college graduates finance their first house. Loan terms are designed to recognize the special circumstances for new graduate including job tenure, down payment requirements and even closing costs.
Any recent (within the past three years) college graduate is eligible to apply for financing through the College Graduate Homebuyers Program. Graduates earning associate degrees, four-year degrees, masters degrees or doctorate degrees are eligible for the program.
Cedar Rapids and the surrounding areas are a great place to begin your journey and First Federal Credit Union would like to be a part of that.
- Minimum down payment of 3% of purchase price
- Maximum loan of 30 years
- Down payment funds can be a gift from a family member
- Special qualifying guidelines that recognize employment history and potential income
- Graduate will receive a ¼% interest rate discount from standard FFCU rate
- Borrower is required to escrow for property taxes and insurance
- Closing cost reduction of $500
- Primary borrower must have received a minimum two degree from an accredited school within the last 36 months
- FFCU FIRST 10 Loan. Borrowers have the same rate for 10 years
- Other terms and conditions apply
- Maximum loan amount of $250,000
319.362.3171 or 319.560.4233