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First Time Home Buyer


Adjustable Rate Mortgages

Most first time home owners stay in their home for less than 10 years. That's why Central One is offering the 10/5 ARM. This adjustable rate mortgage locks in a fixed rate for the first 10 years. After the first 10 years, the rate adjusts once every 5 years.

To limit your risk of rate fluctuation, Central One caps the interest rate change to 2% (up or down) at every review period and 5% (up or down) over the life of the mortgage.


Best for: 

  • First Time Home Buyers
  • Those planning to live in their new home for 10 years or less
  • Those wanting a lower down payment and lower closing costs


Benefits of a 10/5 ARM

  • As little as 3% down for qualified applicants
  • Reduced closing costs compared to a fixed rate mortgage
  • Often an APR much lower than a 30 year fixed rate mortgage
  • No prepayment penalties
  • Rate reduction for setting up automatic payments from your Central One checking account
  • Terms of up to 30 years


Suggested Calculators


Want to reduce the upfront cost of your home purchase?

  • Shop with one of these local realtors and save $500 on your closing costs!*
  • If you live in certain counties, Central One will cover a portion of your closing costs if you put a "Financed by Central One" sign in your yard. Ask a lending representative for more information.
  • First time home buyers can plan ahead with the Future Focus Home Savings Plan and receive 1% of the loan value back as a credit towards closing costs. Click for details!


Apply Now

or call a Mortgage Specialist at 800-527-1017.



Does buying a home seem like a far-away dream?

That dream is much more affordable than you may think! The Future Focus Home Savings Plan provides a pathway to home ownership and rewards you with higher yields and a cash reward for planning ahead. 

Future Focus Home Savings Benefits 

  • Earn an additional 1% APY‡ on the money you save for the home purchase
  • When buying your first home, Central One will reward you with 1% of the mortgage amount back to cover closings costs!‡‡

Meaning, if your mortgage is for $180,000 then Central One will give you up to $1,800 to cover closing costs.

Mortgage Amount Reward Towards Closing Costs
$150,000 $1,500
$300,000 $3,000
$500,000 $5,000


To qualify for the reward, you must: 

  • Meet the Future Focus program general requirements listed above
  • Deposit $100 or more per month into the savings plan for 18 months prior to buying a home
  • Finance with an Adjustable Rate Mortgage from Central One Federal Credit Union



First Time Home Buyer Seminars

We offer first time home buyer seminars to help prepare you for your largest purchase: your home. We explain the steps behind the home buyer process, what you will need to help you qualify for a home loan, and how to start the process of looking for a home. We offer these seminars on a regular basis so please check out our event calendars for specific seminars near you.


More Information


‡Annual Percentage Yield. Premium rate based upon Central One’s Regular Share Account plus 1%. 
‡‡Central One will reward up to 1% of the mortgage amount or the total sum of closing costs, whichever is lesser. 

Savings and Money Market Accounts (Share and Maxi) Disclosure: Dividend rates are accurate as of the last dividend declaration date. All savings and money market accounts are considered variable rate accounts and rates are subject to change at any time without notice.  Accrued dividends are forfeited if account is closed prior to monthly dividend posting. Fees or other conditions may reduce earning on the account .   Refer to Central One Federal Credit Union's  Truth-In-Savings Disclosure  and  Schedule of Fees.