--- title: Introducing Hanscom FCU's No-Money-Down Mortgage description: Hanscom FCU's No-Money-Down Mortgage lets you purchase a home with zero money down...even if you're already a homeowner! --- [![MoneyWisdom_HFCU_r2](https://go.hfcu.org/hs-fs/hubfs/MoneyWisdom_HFCU_r2.png?width=464&name=MoneyWisdom_HFCU_r2.png "MoneyWisdom_HFCU_r2")](https://go.hfcu.org/blog) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - [Insurance](https://go.hfcu.org/blog/topic/insurance) - [Investments](https://go.hfcu.org/blog/topic/investments) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - [Insurance](https://go.hfcu.org/blog/topic/insurance) - [Investments](https://go.hfcu.org/blog/topic/investments) ### Posts by Topic - [Personal Finance (262)](https://go.hfcu.org/blog/topic/personal-finance) - [Home (164)](https://go.hfcu.org/blog/topic/home) - [Life Changes (109)](https://go.hfcu.org/blog/topic/life-changes) - [Credit Cards (92)](https://go.hfcu.org/blog/topic/credit-cards) - [Security (74)](https://go.hfcu.org/blog/topic/security) - [Credit Score (69)](https://go.hfcu.org/blog/topic/credit-score) - [Auto (60)](https://go.hfcu.org/blog/topic/auto) - [Checking (54)](https://go.hfcu.org/blog/topic/checking) - [Business (48)](https://go.hfcu.org/blog/topic/business) - [Investments (36)](https://go.hfcu.org/blog/topic/investments) - [Mortgage (32)](https://go.hfcu.org/blog/topic/mortgage) - [Savings (29)](https://go.hfcu.org/blog/topic/savings) - [Scams (29)](https://go.hfcu.org/blog/topic/scams) - [Work (28)](https://go.hfcu.org/blog/topic/work) - [Debt (25)](https://go.hfcu.org/blog/topic/debt) - [Holidays (25)](https://go.hfcu.org/blog/topic/holidays) - [Money Management (22)](https://go.hfcu.org/blog/topic/money-management) - [Hanscom FCU (21)](https://go.hfcu.org/blog/topic/hanscom-fcu) - [Home Ownership (21)](https://go.hfcu.org/blog/topic/home-ownership) - [Credit Report (20)](https://go.hfcu.org/blog/topic/credit-report) - [Government (20)](https://go.hfcu.org/blog/topic/government) - [Home Equity (18)](https://go.hfcu.org/blog/topic/home-equity) - [Budget (17)](https://go.hfcu.org/blog/topic/budget) - [Mobile Banking (17)](https://go.hfcu.org/blog/topic/mobile-banking) - [Investment Property (16)](https://go.hfcu.org/blog/topic/investment-property) - [Saving Money (16)](https://go.hfcu.org/blog/topic/saving-money) - [Insurance (15)](https://go.hfcu.org/blog/topic/insurance) - [Taxes (15)](https://go.hfcu.org/blog/topic/taxes) - [Children (13)](https://go.hfcu.org/blog/topic/children) - [College (11)](https://go.hfcu.org/blog/topic/college) - [Financial Wellness (11)](https://go.hfcu.org/blog/topic/financial-wellness) - [Retirement (11)](https://go.hfcu.org/blog/topic/retirement) - [Community (10)](https://go.hfcu.org/blog/topic/community) - [Online Banking (10)](https://go.hfcu.org/blog/topic/online-banking) - [Estate Planning (8)](https://go.hfcu.org/blog/topic/estate-planning) - [COVID (7)](https://go.hfcu.org/blog/topic/covid) - [Deals (7)](https://go.hfcu.org/blog/topic/deals) - [Death (7)](https://go.hfcu.org/blog/topic/death) - [Shopping (7)](https://go.hfcu.org/blog/topic/shopping) - [Fraud (6)](https://go.hfcu.org/blog/topic/fraud) - [Mass Save (6)](https://go.hfcu.org/blog/topic/mass-save) - [Teens (6)](https://go.hfcu.org/blog/topic/teens) - [Divorce (5)](https://go.hfcu.org/blog/topic/divorce) - [Travel (5)](https://go.hfcu.org/blog/topic/travel) - [ATM (4)](https://go.hfcu.org/blog/topic/atm) - [Baby (4)](https://go.hfcu.org/blog/topic/baby) - [Debit Cards (3)](https://go.hfcu.org/blog/topic/debit-cards) - [Motorcycles (3)](https://go.hfcu.org/blog/topic/motorcycles) - [Weddings (3)](https://go.hfcu.org/blog/topic/weddings) - [Boats (2)](https://go.hfcu.org/blog/topic/boats) - [Charity (2)](https://go.hfcu.org/blog/topic/charity) - [Family Finance (2)](https://go.hfcu.org/blog/topic/family-finance) - [Lending (2)](https://go.hfcu.org/blog/topic/lending) - [Credit Unions (1)](https://go.hfcu.org/blog/topic/credit-unions) - [Green (1)](https://go.hfcu.org/blog/topic/green) - [Medical (1)](https://go.hfcu.org/blog/topic/medical) - [Pets (1)](https://go.hfcu.org/blog/topic/pets) - [dormant account (1)](https://go.hfcu.org/blog/topic/dormant-account) - [inactive account (1)](https://go.hfcu.org/blog/topic/inactive-account) # Introducing Hanscom FCU's No-Money-Down Mortgage ** [Hanscom Federal Credit Union](https://go.hfcu.org/blog/author/hanscom-federal-credit-union) ** Aug 12, 2022 Maybe you’re tired of writing rent checks each month, knowing that your hard-earned salary funds your landlord’s real estate investment. Or perhaps you want to purchase a new home but won't have the funds from the sale of your current home in time. [The No-Money-Down Mortgage from Hanscom FCU](https://www.hfcu.org/borrow/home-loans/mortgages.html) may be just what you need. Buying a home can feel impossible under those circumstances. You know the drill: Home-ownership means [coming up with a hefty down payment](https://go.hfcu.org/blog/6-mistakes-first-time-homebuyers-make). If you’re shelling out a large portion of your salary for rent, it’s discouraging to think about saving a considerable amount each month on top of your expenses to satisfy a loan officer. Plus, you’ve probably heard rumors that the days of no-money-down mortgages have gone the way of the dodo bird. Except at Hanscom Federal Credit Union, where we’ve got a product that lets you buy a home with *no money down*. **How does this program work?** “This is the first time we’re offering 100% financing,” said Susan Dunbar, Hanscom FCU’s Vice President of Mortgages. “A program with this kind of offer has been hard to find since 2008.” You read that right. You can cure your rental headaches without having to bring 20% or 10% or even 3% of the purchase price to the table. We’re offering a 30-year 7/1 Adjustable Rate Mortgage with Zero (!) Down Payment! In layperson’s terms, this means for the first seven years of your loan, you’ll have an initial fixed interest rate. After seven years it’ll adjust no more than 1% each year with a cap of 5% over the life of the loan. “The appeal of a 7/1 ARM,” said Dunbar, “is that most first-time homeowners will either refinance or move within the first seven years, so chances are good they won’t need to worry about the rate change.” Our mortgage product will let you purchase your primary residence—a single-family home or condo—with a loan amount of up to $647,200. You can purchase your home in any of the six New England states, or Virginia, Maryland, or Washington, DC. **What’s the catch?** Ok, you ask. What’s the catch? To qualify for this time-limited mortgage product, you’ll need to have strong credit (minimum credit score of 700) and a debt-to-income ratio of 43%, no exceptions. You do NOT need to be a first-time homebuyer...having owned a home in the last three years is acceptable. Because this is a no-money-down mortgage product, it will require private mortgage insurance (PMI), an added expense you’ll need to pay monthly. This product is open to Hanscom FCU members only, so you must open an account with us before closing. You’ll need to have two months of mortgage payments in reserve at closing; that’s principal, interest, taxes, and insurance. And lastly, if you’re thinking of asking Mom or Dad to pay those reserves, you’ll have to use [your own saved funds to cover closing costs](https://go.hfcu.org/blog/can-i-use-a-cash-gift-for-my-mortgage-down-payment) plus the two months’ reserves. However, you may be able to get the sellers to pay some of the closing costs (up to 3% of the sale price), which will further reduce the amount you’ll have to bring to closing. In a nutshell: - Open to both first-time homebuyers and those who own a home - Applicants must have minimum median FICO credit score of 700 - Maximum debt-to-income ratio is 43% - Must have 2 full months of housing payment in reserves or savings - No non-occupant co-borrowers allowed on loan - No gift funds allowed; closing costs and reserves must be your own - Maximum loan amount is $647,200 - Location is specific to New England states, VA, MD, and DC - Property Types allowed: Single Family Home or Condo (no multi-unit properties) Are you ready to stop renting and start looking for a home you can call your own? [Contact Hanscom FCU’s mortgage department](https://www.hfcu.org/loans-and-credit-cards/mortgages.html) today and learn more about this exciting limited-time product that’ll put you on the road to investing in your own future instead of your landlord’s.   *Hanscom FCU has published [a guide specifically for first-time homebuyers](https://go.hfcu.org/first-time-homebuyer). In it, find an easy-to-understand explanation of the home-buying process so that you are prepared every step of the way to your new home. * *[![New call-to-action](https://no-cache.hubspot.com/cta/default/118438/85c7467a-5b25-466d-8bf8-454f68ccce39.png)](https://cta-redirect.hubspot.com/cta/redirect/118438/85c7467a-5b25-466d-8bf8-454f68ccce39)*     *Others are reading: * - [Before Applying for a Mortgage: 5 Steps to Organize Your Finances](https://go.hfcu.org/blog/before-applying-for-a-mortgage-5-steps-to-organize-your-finances) - [6 Expenses to Include in Your Homebuying Budget](https://go.hfcu.org/blog/6-expenses-to-include-in-your-homebuying-budget) - [First-Time Home Buyer? Hanscom FCU Is on Your Side](https://go.hfcu.org/blog/bid/152416/first-time-home-buyer-hanscom-fcu-is-on-your-side) - [Two Lessons from My First Mortgage](https://go.hfcu.org/blog/two-lessons-from-my-first-mortgage) - [Can I Use a Cash Gift for My Mortgage Down Payment?](https://go.hfcu.org/blog/can-i-use-a-cash-gift-for-my-mortgage-down-payment)   ** [Home](https://go.hfcu.org/blog/topic/home), [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) [** What is a Mass Save® Home Energy Assessment? ](https://go.hfcu.org/blog/what-is-a-mass-save-home-energy-assessment) [** How the Prime Rate Increase Affects Your Hanscom FCU Credit Card ](https://go.hfcu.org/blog/prime-rate-and-credit-cards) ### About Author ![Hanscom Federal Credit Union](https://go.hfcu.org/hubfs/HFCU-Profile-1000x1000.jpg) Hanscom Federal Credit Union Hanscom Federal Credit Union, a purpose-driven $1.9 billion organization based in Littleton, MA, empowers its members to achieve financial wellness. Hanscom FCU serves over 95,000 members across the country and overseas through 16 branches, over 100,000 surcharge-free ATMs, 5,000 contact centers, and a web-based branch. Related Posts [![Your First Step in Buying a Home: Pre-Approved for a Mortgage](https://go.hfcu.org/hubfs/Untitled%20design%20(85).jpg) Your First Step in Buying a Home: Pre-Approved for a Mortgage ](https://go.hfcu.org/blog/bid/172300/the-mortgage-application-process-get-pre-approved-before-you-look) [![Navigating Financial Challenges After a Job Loss](https://go.hfcu.org/hubfs/iStock-1444494544.jpg) Navigating Financial Challenges After a Job Loss ](https://go.hfcu.org/blog/job-loss) [![Three Tips to Build a Financial Safety Net](https://go.hfcu.org/hubfs/2-2.png) Three Tips to Build a Financial Safety Net ](https://go.hfcu.org/blog/safety-net) ** - [**](http://www.facebook.com/share.php?u=https://go.hfcu.org/blog/introducing-hanscom-fcus-no-money-down-mortgage/) - [**](https://X.com/share?url=https://go.hfcu.org/blog/introducing-hanscom-fcus-no-money-down-mortgage/) - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://go.hfcu.org/blog/introducing-hanscom-fcus-no-money-down-mortgage/&summary=&source=CeBIT) ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Comment ### Subscribe To Blog ### Subscribe to Email Updates ### contact **Hanscom Federal Credit Union** 1610 Eglin St. Hanscom AFB, MA 01731 Call us: [800-656-4328](tel:8006564328) [https://www.hfcu.org/](https://www.hfcu.org/) ### About Us [The MoneyWisdom Blog](https://www.hfcu.org/the-moneywisdom-blog.html) ### Social ** ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.facebook.com/HanscomFederalCreditUnion The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://X.com/HanscomFCU The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.instagram.com/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.linkedin.com/company/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### http://www.youtube.com/c/HanscomFederalCreditUnion The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Popular Posts [What You Need to Know About Putting Your Home in a Trust](https://go.hfcu.org/blog/what-you-need-to-know-about-putting-your-home-in-a-trust) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202022-02-10T072804.753.jpg) [What You Need to Know About Your Federal Tax Bracket](https://go.hfcu.org/blog/what-you-need-to-know-about-your-tax-bracket) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202021-03-22T123305.900.jpg) [6 Boat Types to Get on the Water](https://go.hfcu.org/blog/6-boat-types-to-get-on-the-water) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/Jet_Ski.jpg) [23 Organizations Dedicated to the Needs of Seniors](https://go.hfcu.org/blog/23-organizations-dedicated-to-the-needs-of-seniors) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Senior%20citizens.jpg) [9 Smart Moves for Lottery Winners](https://go.hfcu.org/blog/lottery) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/lottery_winner.jpg) ### Recent Posts - [![National Credit Union Administration](https://go.hfcu.org/hs-fs/hubfs/NCUA-logo-small.png?width=95&name=NCUA-logo-small.png) ](https://www.ncua.gov/) [![Equal Housing Lender](https://go.hfcu.org/hs-fs/hubfs/EHL-logo-small.png?width=65&name=EHL-logo-small.png)](https://www.hud.gov/fairhousing) - @ 2023 [Hanscom Federal Credit Union](https://www.hfcu.org/) - Federally insured by the National Credit Union Administration. - [Privacy Policy](https://www.hfcu.org/content/docs/Privacy_Notice.pdf) **Disclosure:** Hanscom Federal Credit Union does not provide and is not responsible for any products, services, or overall website content available at any third-party sites linked within this blog. Moreover, Hanscom Federal Credit Union's privacy policies do not apply to any of the linked websites within this blog. Please consult the privacy disclosures on those linked sites for further information. ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Hanscom Federal Credit Union" }, "dateModified" : "May 15, 2023, 4:15:08 PM", "datePublished" : "2022-08-12 15:19:27", "description" : "Hanscom FCU's No-Money-Down Mortgage lets you purchase a home with zero money down...even if you're already a homeowner!", "headline" : "Introducing Hanscom FCU's No-Money-Down Mortgage", "image" : { "@type" : "ImageObject", "url" : "" }, "mainEntityOfPage" : { "@id" : "https://go.hfcu.org/blog/introducing-hanscom-fcus-no-money-down-mortgage", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://cdn2.hubspot.net/hubfs/118438/Logo%202.jpg" }, "name" : "Hanscom Federal Credit Union" } } ```