First-Time Buyer Learning Center

Explore resources dedicated to the home buying process, types of financing, tips and more.

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Mortgage options

Loan types explained

Purchasing your first home is an exciting milestone. From choosing where you want to live, to selecting paint colors and finding the perfect space for you or your growing family, it’s all part of the journey of becoming a homeowner.

But before you start touring homes, it’s good to understand the basics of the entire process. Here we’ll cover preparing to buy, understanding how home financing and all costs work, as well as shedding light on the most fundamental aspects of buying and owning a home.

Select where you are in your home buying journey below to explore our articles and resources.

I'm starting my research

Learn more about budgeting and saving up for a home, the role of credit, and the homebuying process.

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I’m closer to buying 

Discover ways to secure your purchase, what you’ll need for a mortgage, closing costs and much more.

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I’m ready to talk to someone 

Connect directly with our Home Loan Consultants so you can find the right mortgage solution for your needs.

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We were very hesitant about talking to a financial institution...we're so grateful to be able to work with a non-profit credit union that's really taking into account the human factor into finances.” – Natalie H, Patelco Member

Understanding the basics of buying a home

Buying a home is a big milestone, and researching the process is the first step!

From developing your budget, to learning about credit scores and how much to save for your down payment, we’re here to make sure you’re doing what’s best for your financial journey. Learn more about the basics of home buying from our expert articles.

First-time home buyer’s guide

Owning a home is part of many members’ financial goals. In addition to providing shelter, a home can create generational wealth or serve as a long-term investment. Understanding the process and knowing how to prepare are key ingredients to successfully achieving homeownership.

Read our guide

Preparing to buy a home – what you need to know

You’ve done your research, you understand the basics of your budget and now you’re ready to buy.

Before you start putting offers on homes, be sure to check out some resources to help guide you in making the best home buying decision possible.

Navigating the Path to Homeownership – a podcast

Home Purchasing
Navigating the Path to Homeownership – a podcast

July 11, 2023

00:09:26

In this episode of Small Talks for Big Change, Michele Enriquez discusses homebuying with Fred Williams, a Home Loan Consultant at Patelco, as they debunk myths about home loan rates and emphasize Patelco’s commitment to helping members achieve their homeownership goals.

Fred highlights the importance of personalized guidance. Discover how Patelco’s approach stands out and learn more by scheduling an appointment with a Home Loan Consultant today!

Listen on Spotify Listen on Apple
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Prepare your budget with our mortgage calculator

Take the guess work out of the homebuying process. If you’re thinking about buying, then you’ll need to consider a few areas of spending to determine how much you can afford. Remember: it’s not always a matter of how much you could borrow, but rather how much you should borrow.

Use our calculator below to help fine tune your budget.

Mortgage Calculator

How much home can I afford? (Below, “Monthly child support payments” refers to child support payments made as a monthly expense, not to income from child support.)

Calculations provided are for demonstration purposes only and do not guarantee credit approval for the rate and terms displayed.

Tips & Facts

Did you know?

When lenders decide whether to pre-approve you for a mortgage, they look at four main factors, commonly known as the four C’s: credit, capacity, capital, and collateral. Getting pre-approved for a mortgage can give you an edge over other buyers. Read more here to understand what each of them means and why they matter.

Your home loan options explained

We know there are a lot of mortgage products out there, so here’s an easy glimpse into the most common types that Patelco offers and how much you can expect to borrow through each.

Loan Program

Down Payment

Borrow up to1

Key benefit
First Time Buyer loan 3% down $806,500 Low down payment with no closing costs2
VA loan 0% down $806,500 Affordable options for Veterans
and active duty service members
FHA loan 3.5% down $806,500 Low down payment and easier credit qualifications
Jumbo loan 5% down3 $1 million Buy in higher price range
Piggyback (80/10/10) loan 10% down +
10% down from 2nd mortgage 		$2 million 20% overall down payment may help qualify
for larger loan and save on costs
Help with your down payment

We know saving up for a home can be challenging. With programs like CalHFA, WISH and more, you may be able to get assistance to cover your closing costs or down payment on your first home. Interested in learning more?

Connect with a Home Loan Consultant Help with your down payment

Frequently Asked Questions

The Patelco advantage

Low rates, flexible options

Competitive rates, flexible loan programs and down payment options

Expert advice and guidance

Personalized advice and guidance at each step – find a Home Loan Consultant here

Home protection services

Compare your home insurance options and savings — get a free quote

Fast and free pre-approvals

Shop for homes with confidence with our full credit approvals

Lock your rate while you shop

Secure your rate for up to 30 days while you’re actively making offers5

On-time closings

We’re committed to closing quickly to meet your contract deadlines

Ready to begin your home search?
Start with a pre-approval. It will give you an overview of what you can afford so you can begin to make offers on homes with confidence.
Learn more about pre-approvals Ready to begin your home search?

Questions about home buying? We have you covered.

Speak to one of our Patelco Home Loan Consultants

Explore our Home Loan rates and apply for a mortgage

Contact Patelco with any other questions

1 Source: The State Of Mental Health At Work Isn’t Good, New Studies Show (forbes.com)

2 LevelUp (formerly the Timely Repayment Incentive Program aka TRIP) is offered to members who are approved for the following loans at Patelco’s credit tier 2 or higher: auto, motorcycle, RV, boat, and personal loans, excluding all lines of credit. Total discount of up to 1.50% APR (Annual Percentage Rate) applied in 0.50% APR increments for every 12 consecutive on-time monthly payments. Maximum discount will never cause the final APR to be lower than the LevelUp floor rate for the specific loan and term at time of funding. Monthly payment amount remains constant, with additional money going toward principal, which shortens the term of the loan and the total amount paid over the life of the loan and is not required to maintain your Patelco membership.

3 The ScoreUp savings account is used as collateral for your ScoreUp loan. As of 02/16/2023 the APY (Annual Percentage Yield) for of the ScoreUp savings account is 0.05% and is subject to change without notice.

4 Source: over 22,000 five-star reviews on the App Store.

5 Early access to direct deposit funds depends on the timing of the receipt of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

6 APY=Annual Percentage Yield. Rates are effective as of 08/01/2024 and are subject to change before or after account opening without notice. Rates vary by tier and apply to the full balance.

7 To qualify for the $50 bonus, you must use the employer code provided to open a new checking account (minimum deposit of $100). The $50 reward will be credited to your savings account within 5 business days of the qualifying new account being opened. If you receive $600 or more in prizes from Patelco throughout the year, we’ll send you an IRS Form 1099.