Consumers Credit Union

Smart Start logoFirst-time home buyer? Or haven't owned in years

If you’re new to the home-buying scene or it’s been at least three years since you’ve owned a home, CCU has the perfect loan for you: Smart Start! As the people in your corner, we’re offering this new product that doesn’t charge more even if your credit score is less than perfect.

Smart Start Features


Auto_SameRateNo loan or Income limits.

No Private Mortgage Insurance required. This helps lower your payment!

Get your dream home with just
a 3% down payment!

Rate DiscountSave with a 0.25% rate discount* if a parent cosigns.

Gift allowanceGifted money from your parents can be used for the downpayment and closing costs.**

Credit Score Only a 620 minimum credit score is required.

Lending You an ARM: Smart Start offers you a choice of two products

5/5 ARM

Offers a low fixed interest rate for the first 5 years and then adjusts to market rate every 5 years throughout the life of the loan.

7/1 ARM

Offers a low fixed interest rate for the first 7 years and then adjusts to market rate annually throughout the life of the loan.

What is an ARM and PMI?

Smart Start FAQs

*To qualify, a parent or guardian must cosign your mortgage and meet our standard credit and income requirements. You will receive a 0.25% reduction on the standard interest rate for the initial rate period of the adjustable-rate mortgage. Both the primary borrower and parent cosigner share responsibility for the loan, and required documents must be completed and signed by both parties. However, the first-time homebuyer needs to qualify on their own for the loan. All provided information is subject to verification, and removing the parent cosigner will cancel the rate reduction. The mortgage will appear on the credit reports of both the primary borrower and the parent cosigner. We may change or discontinue this offer at any time.

A payment example for a 5-year Adjustable-Rate Mortgage (ARM) product with a 3% down payment.

  • Purchase Price: $206,200
  • Loan Amount: $200,000
  • Interest Rate: 7.25%
  • Annual Percentage Rate: 7.40% APR
  • Initial Fixed Period: Interest is fixed for the first 5 years, then adjusts periodically. This will result in 60 monthly principal and interest payments of $1,365. Please note that these payments do not include taxes or insurance. Actual payments may be higher.

This example is for illustrative purposes only and assumes a FICO score of 620 with 0 points. Actual terms may vary.

**Some restrictions may apply, please speak to a mortgage loan officer to learn more.