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First-Time Homebuyer Program

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

Or call 1-800-561-9433

Fixed-Rate Options Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 6.875% 6.912% 0.000 $2,184.29 360
20-Year Fixed 6.750% 6.798% 0.000 $2,528.21 240
15-Year Fixed 6.500% 6.559% 0.000 $2,896.43 180

First Time Homebuyer Rates effective as of November 25, 2024. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 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 $350,000, FICO® score of 780 or greater, 5% or more down payment, and loan amount of $332,500; 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.

More Disclosure

Adjustable Rate Options Interest Rate  APR  Points  Initial Monthly Payment Maximum Monthly Payment
5/5 ARM 30 7.000% 6.738% 0.000
Months 1-60
$2,212.13
Months 61-360
$2,471.00
7/6 ARM 30 7.375% 7.587% 0.000
Months 1-84
$2,296.49
Months 85-360
$2,461.00

Adjustable Rates effective as of November 25, 2024. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 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 a purchase price of $350,000, FICO® score of 780 or greater, 5% or more down payment, and loan amount of $332,500; 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 ARM products with terms other than those listed.

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 every six months 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).

More Disclosure

First-Time Homebuyer Program

KEY FEATURES

  • 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 $450,000
  • Flexible mortgage options, including fixed and adjustable rates
  • Low fees and closing costs
  • Personal guidance to help you every step of the way
  • in 15-20 minutes!

Calculate Your Savings

MAY BE A GOOD CHOICE IF

  • 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 

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

Results

Total savings over the life of your loan compared to a competitor mortgage with the same rate of 6.912% APR.

Potential Savings Over the Life of Your Loan

PMI Cost Per Month Total Cost of PMI
6.912% APR $0 $0
6.912% APR $119 $15,319

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 11/25/2024. Actual rates for competitor mortgages will vary but are depicted the same as Elements here to illustrate potential savings for PMI only.

  1. 2 Based on asset size as of 12/31/2022.