DOW CREDIT UNION FIRST TIME HOME BUYER MORTGAGE

Dow Credit Union Welcome Home Loan, A Mortgage for First-Time Home Buyers

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FIRST TIME HOME BUYER MORTGAGE

Feel the wow of home ownership!

The Welcome Home Loan is a fixed-rate first-time home buyer mortgage with no PMI (private mortgage insurance) to help lower payments. Also, enjoy flexible qualification requirements.1 

Discover how much home fits your budget!

GET PREQUALIFIED

Welcome Home Loan Requirements

Ready to put down roots in Michigan? Eligibility includes purchasing a Michigan home as your primary residence, not having owned a home within the past three years, and establishing a qualifying direct deposit. Additional eligibility requirements may apply.1

Dow Credit Union Welcome Home Loan Requirements
  1. Loans subject to approval based on creditworthiness of applicants and collateral conditions. Limited to developed, non-agricultural, non-income producing homes located within Michigan. First Time Home Buyer program eligibility requirements: Applicants must not have owned a home within the previous three years. Minimum 3% down payment. Requires establishing a minimum of $900 per month in qualifying ACH direct deposits. Other loan limitations may apply.

Ready to start?

Call us at 800.835.7794, get prequalified, or apply.

First Time Home Buyers Enjoy these Advantages when Partnering with Dow Credit Union

Lower monthly payments with no PMI, unlock our lowest rates for auto, recreational, and personal loans, and get local support from a team that never leaves your side. You may also qualify for Preferred Checking, with the potential to earn up to 5.12% APY2 and enjoy everyday benefits like no monthly fees, no transfer fees, and zero NSF fees!

Dow Credit Union Welcome Home Loan Direct Deposit Perks
  1. Earn 5.12% Annual Percentage Yield (APY) on daily balances up to $20,000 after qualifying activities. Rates subject to change. Earn $1,000+ annually with a monthly balance of $20,000 after qualifying activities. Qualifying monthly activities are based on statement cycles and include a minimum of 15 debit card transactions (ATM transactions not included); a minimum of $900 in qualifying ACH direct deposit; a minimum one account sign in to Online/Mobile Banking; and enrollment in electronic paperless communications (i.e., statements, tax forms, and notices). Some limitations apply.

Ready to start?

Call us at 800.835.7794, get prequalified, or apply.

Save $50-$300 per payment with NO PMI!

Many mortgage programs require PMI (private mortgage insurance) when you put down less than 20%, which adds roughly $50 to $300 to your monthly payment depending on the loan amount. Avoiding PMI could potentially save new homeowners $600 to $3,600+ annually, depending on the loan and PMI amount.3

No Private Mortgage Insurance for first time home buyers at Dow Credit Union!
  1. Illustrative example only. Actual PMI costs and monthly payment savings will vary based on loan type, loan amount, and other loan factors such as collateral.

Ready to start?

Call us at 800.835.7794, get prequalified, or apply.

Dow Credit Union | Down Payments and Closing Costs

DOWN PAYMENT AND CLOSING COSTS

Take the next step toward homeownership with confidence!

Your down payment and closing costs are important parts of buying your first home, and understanding them can help you plan ahead. Our local mortgage team will walk you through your options, answer your questions, and help you find solutions that fit your budget.

 

Real Stories from Homebuyers Like You

The new higher interest Preferred Checking account is great. I also love the rebate-eligible loans at Dow Credit Union; I’ve had a home loan and a car loan. The staff are always friendly, professional, and well informed. 
Kathleen C
PREFERRED CHECKING
I joined back in 1974 for fifty cents. Came through when I was short a couple weeks cash advance. One of the first three to get a home loan. Love the year end rewards. People always upbeat, love the new building. Covered every car loan I ever had. Love the credit union, yes, I do, there when I need them, and they always came through.
Steve D
MEMBERSHIP
We asked for a home improvement loan through our long-time credit union and they were so unhelpful. Once we started the process with Dow CU it was so easy and they were beyond wonderful with customer service and support. What a difference and we now know where to go for all our future needs!
Karen B
EXCELLENT SERVICE

Ready to start?

Call us at 800.835.7794, get prequalified, or apply.

MORTGAGE TEAM

Meet your local mortgage team.

Our local mortgage team stands by your side from application to closing, offering personalized guidance, responsive service, and the confidence of having a trusted partner throughout your journey.

 

Dow Credit Union Mortgages with Sean Haney

Sean Haney

Mortgage Loan Officer
989.832.4887
NMLS # 1449685

Email Sean ⟶

Dow Credit Union Mortgages with Lisa Hartley

Lisa Hartley

Senior Mortgage Loan Officer
989.832.4854
NMLS # 732418

Email Lisa ⟶

Dow Credit Union Mortgages with Nikole Reece

Nikole Reece

Senior Mortgage Loan Officer
989.832.4856
NMLS # 1174990

Email Nikole ⟶

Dow Credit Union Mortgages with Sheryl Thirkill

Sheryl Thirkill

Mortgage Loan Officer
989.832.4869
NMLS # 533737

Email Sheryl ⟶

Dow Credit Union Mortgages with Kris Brozzo

Kris Brozzo

Mortgage Sales Manager
989.832.4813
NMLS # 732412

Email Kris ⟶

Dow Credit Union Mortgages with Conner Hart

Conner Hart

Mortgage Loan Officer
989.832.4886
NMLS # 2336771

Email Conner ⟶

MORTGAGE INFORMATION

View additional details.


 

For your security, the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act requires credit union mortgage loan originators to register with the Nationwide Mortgage Licensing System & Registry (NMLS). The NMLS numbers for Dow Credit Union & our loan officers are listed below.

Dow Credit Union NMLS ID: 631514

Mortgage Loan Origination Staff

Angie HillierNMLS ID: 732413
Conner HartNMLS ID: 2336771
Debra SovaNMLS ID: 652927
Katie SchweppeNMLS ID: 212274
Kip MeservaNMLS ID: 732416
Kristina BrozzoNMLS ID: 732412
Laura SharpNMLS ID: 1856331
Lisa HartleyNMLS ID: 732418
Nicole KruegerNMLS ID: 2151468
Nikole ReeceNMLS ID: 1174990
Sean HaneyNMLS ID: 1449685
Sheryl ThirkillNMLS ID: 533737
Tonya BreedenNMLS ID: 2006994
Tracy HoagNMLS ID: 1641498

For more information, please see:  www.nmlsconsumeraccess.org.

Please contact us either by phone or email and we will get back to you within three business days.

Phone

800.835.7794

Ask for the Loan Servicing Manager or the Member Solutions Manager.

Email

Use our email contact form.

Make sure to title the subject of your message with Mortgage Dispute Escalation.

You have the right to submit an application for a mortgage loan or home equity loan with Dow Credit Union. This pamphlet outlines the criteria used by Dow Credit Union for the approval or denial of a mortgage loan or home equity loan application.

Credit Granting Criteria

  • Legal capacity to borrower and mortgage.
  • Verification of employment and income.
  • Probability of loan repayment based on the following factors:
    • Information provided by the credit reporting agencies
    • Previous borrowing experience
    • Debt-to-income ratio
  • Verification of funds to be used for closing costs, required cash at closing and down payment, if applicable.
  • Value of the real estate based on comparison sales of similar properties, the physical condition and other factors as outlined in the valuation report.
  • Borrower’s ability to secure acceptable homeowner’s insurance and flood insurance, if applicable.
  • Marketable title vested in borrower(s) and free of all liens, assessments, and encumbrances.

If you have questions about the criteria outlined in this pamphlet, which is used by Dow Credit Union for the approval or denial of a mortgage loan or home equity loan application, please contact us at 800.835.7794 or mortgageloans@dowcreditunion.org.

Rev. 9/15/2022 | View PDF File

Ready to start?

Call us at 800.835.7794, get prequalified, or apply.

First Home Mortgage | Dow Credit Union