First Time Homebuyer Resources

Learn about the home-buying process
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First-time homebuyers start your journey here:


As a first-time homebuyer, navigating your local housing market and applying for your first mortgage can be a daunting process. With Sacramento Credit Union, you'll have friendly, professional and knowledgeable mortgage experts helping you every step of the way. In the meantime, the information below can help you get started on your journey to purchasing your first home. 

Click here to check rates.

Is buying a better option than renting?
It all depends on market conditions in your particular area. Find out which option makes the most sense for your finances by looking at the pros and cons of each. Use our calculator to find some answers.

What are the different types of mortgage loans?
Depending on your credit history and financial situation, you could qualify for Conventional, FHA, VA or First Time Homebuyer loan programs. Take time to research each and understand your mortgage options. Then click here to check our mortgage rates.

What's the difference between prequalification and pre-approval?
A prequalification letter gets you started and a pre-approval letter makes it official. Both show you're a serious buyer with financing lined up. You can use this calculator to determine how much you can afford for a monthly mortgage payment.

What documents are part of the mortgage process?
As a homebuyer, you'll be required to provide paperwork that shows your earnings, monthly debts and bank account balances.

What is your Rate Guard Lock and Shop program?
Our Rate Guard Lock and Shop program provides peace of mind by allowing you to lock in your interest rate for up to 150 days (lock with relock option) while you shop for your new home.*

*The interest rate is locked for 90 days while the borrower shops for a home. The borrower must submit a home loan application and be approved by SCU. Once the borrower has obtained a fully executed contract, he/she can relock if rates are lower (one time during the processing period) or keep the 90-day rate if the current rate is the same or higher for 60 more days. All locks will be priced at the daily SCU published “Rate Guard” rates. SCU credit and underwriting guidelines apply. Rate Guard can be utilized for owner-occupied purchases only with a maximum loan-to-value of 80% and a maximum loan amount of $484,350. FHA, VA and Reverse Mortgage loans are ineligible for the Rate Guard program. This program is subject to change or cancellation without notice.