We are excited to announce Superior First, our own first-time homebuyer down payment assistance program. This program offers grants to fund down payments and closing costs incurred during the purchase of a first home for low and moderate income homebuyers. Homebuyers can earn up to $2,500 down payment assistance on the purchase of their first home when they finance with Superior CU. Ready to get started? Apply online today!
“These funds have been set aside specifically to help create home ownership opportunities for our members” said Phil Buell, President & CEO of Superior CU. “We believe home ownership is important to our community and we are committed to helping individuals realize the dream of owning their first home”.
Interested individuals can inquire about the program from their Superior Credit Union Mortgage Originator or call 877.717.2271 option 2.
First-time homebuyers are eligible for down payment assistance equal to 5% of the purchase price (maximum award of $2,500.00). First-time homebuyer is defined as an individual or household who has not owned a home during the three-year period prior to the purchase of a home or an individual who is a displaced homemaker but owned a home with his or her spouse or resided in a home owned by the spouse while a homemaker. Eligible income not to exceed 100% of County median. First-time Homebuyer funds must be repaid, according to a graduated repayment schedule, to Superior Credit Union in the event Homebuyer does not own and reside in the home for a five-year period following receipt of the funds, or refinances in the five year period following receipt of the funds must also repay the funds. Superior Credit Union will include specific language with the Deed and/or Mortgage referencing the first-time homebuyer funds, and obligations upon receipt thereof, which may increase the recording fees owed by homebuyer at closing. Homebuyer should contact Superior Credit Union with specific questions regarding this program. Superior first-time homebuyer program cannot be used in conjunction with any other “community second” down payment assistance programs. Must contribute at least 2% of purchase price of own funds and cannot be receiving cash back at closing. Homebuyer must meet all other qualifications for a mortgage loan and are not guaranteed to qualify for a mortgage.