First-Time Buyers
Up to $7,500 toward your first home
Down payment assistance, reduced closing costs, and a homebuyer course that is genuinely worth the four hours it takes.
What the program includes
Three pieces that work together. You do not have to take all three, but most members do.
Down payment assistance
Up to $7,500 as a forgivable second lien. Stay in the home five years and the balance is forgiven at 20% a year, with nothing owed at the end.
Reduced closing costs
We waive the origination fee and credit $750 toward title and appraisal. First-time buyers save about $1,450 against a standard purchase file.
Homebuyer education
A four-hour HUD-aligned course, online or at any branch, covering budgets, credit, offers, and closing. Required for assistance and free either way.
Who qualifies
First-time buyer means you have not owned a primary residence in the last three years, which includes more people than they expect.
Rates current as of July 2026 and subject to change. Membership eligibility required. This is a demonstration website; rates, products, and figures shown are illustrative only.
How to use the program
Start the course early. It is the piece most likely to hold up a closing if you leave it to the end.
Enroll in the course
Four hours, self-paced online or one Saturday morning at a branch. You get the certificate the moment you finish the final section.
Apply and get pre-approved
We check income against the area limit, confirm the three-year rule, and issue a pre-approval that already accounts for the assistance.
Reserve your assistance
Funds are committed to your file for 120 days once your offer is accepted. The program is funded annually, so early in the year is a safer bet.
Close and start earning forgiveness
The second lien records at closing with no payment and no interest. Each year in the home forgives 20% of it automatically.
Common questions
Do I ever have to pay the $7,500 back?
Only if you sell, refinance, or stop occupying the home within five years. In that case you repay the unforgiven portion, prorated by the number of full years you lived there.
I owned a home years ago. Am I still a first-time buyer?
If you have not held an ownership interest in a primary residence in the past three years, yes. Divorced borrowers and people who inherited and sold a property frequently qualify without realizing it.
Can I combine this with a gift from family?
Yes. Gift funds are permitted for the balance of your down payment and closing costs, provided we have a signed gift letter and can trace the transfer. You still need 1% of the price from your own account.
Does the course cost anything?
No. It is free to members whether or not you end up financing with Summit, and the certificate is accepted by most other lenders and state housing agencies.
Is my mortgage rate higher because of the assistance?
No. Your first mortgage prices the same as any other member's, currently 6.375% APR on a 30-year fixed. The assistance is a separate lien and does not change your rate.
Can I use this with a VA loan?
You can, though most eligible veterans do not need to, since a VA loan already allows zero down. Where it helps is covering closing costs when the seller will not contribute.
The first step is a free class
Take the homebuyer course before you shop. Members who finish it first close faster and negotiate better.