First Time Home Buyer
Latest rates
All rates15/5 Adjustable rate
as low as10/5 Adjustable rate
as low as30 Yr Fixed rate
as low as
15/5 ARM for First Time
Home Buyers
3% Down, Lender Paid PMI**, $999 Closing Costs*
Excited to buy your first home? Our first-time borrower program and dedicated lending team are here to help you qualify for a mortgage.
10/5 Adjustable Rate Mortgages
Secure a fixed rate for the first 10 years with our adjustable rate mortgage, then enjoy adjustments every 5 years. Plus, save $500 on closing costs when you shop with our local realtors!
A friend highly recommended Central One Federal Credit Union and couldn't be happier. Simple, quick process.
Ready to make homeownership a reality?
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*15/5 ARM for First Time Home Buyers: 690 minimum credit score, must be owner occupied single family/one unit property. Must have direct deposit into a Central One account. In order to be considered a first-time home borrower you must not have owned property in the past three years. The $999.00 closing costs do not include Owners Title Insurance and Pre-paid items such as Property Insurance, Tax Escrow, and Pre-paid insurance. Additional fees may apply.
**The PMI (Private Mortgage Insurance) premium is lender paid (“lender credit”) as a single premium payment from the credit union on behalf of the borrower. Subject to PMI approval.‡Annual Percentage Yield. Premium rate based upon Central One’s Regular Savings Account plus 1%.
***Requirements for mortgage rate reduction : Must have a Premium Checking account. In addition to maintaining all other membership and Premium Checking account requirements, mortgage must be on primary residence purchase only. All loan programs, rates, terms and conditions are subject to change. Loan approval and actual rate will be determined based on credit history, term, loan to value, and other factors.
15/5 ARM for First Time Home Buyers
Our program helps borrowers qualify for a mortgage with a 40-year adjustable rate. Enjoy a fixed rate for the first 15 years, then adjustments every 5 years. Plus, rate changes are capped at 2% per review period and 5% over the mortgage’s life to limit rate swings.
Best for:
- First Time Home Buyers
- Those wanting a low monthly payment
- Those not wanting to pay PMI (Private Mortgage Insurance)**
- Those wanting a low down payment and low closing costs*
Benefits:
- As little as 3% down for qualified applicants
- $999 Closing Costs*
- Lender Paid PMI**
- Lower payments than a 30 year fixed rate loan
- No prepayment penalties
- Terms of up to 40 years
Adjustable Rate Mortgages - 10/5 ARM
Most first time homeowners stay in their home for less than 10 years. That’s why Central One is offering the 10/5 ARM. This adjustable rate mortgage locks in a fixed rate for the first 10 years, the rate then adjusts once every 5 years.
To limit your risk of rate fluctuation, Central One caps the interest rate change to 2% (up or down) at every review period and 5% (up or down) over the life of the mortgage.
Best for:
- First Time Home Buyers
- Those planning to live in their new home for 10 years or less
- Those wanting a lower down payment and lower closing costs
Benefits
- As little as 3% down for qualified applicants
- Reduced closing costs compared to a fixed rate mortgage
- Often an APR much lower than a 30-year fixed rate mortgage
- No prepayment penalties
- Rate reduction for setting up automatic payments from your Central One Premium checking account***
- Terms of up to 30 years
Rates
| ARM | Loan to Value | Rate | APR | Est. Payment | Details |
|---|---|---|---|---|---|
|
15/5 ARM* |
≤ 75% |
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15/5 ARM* |
> 75% |
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10/5 ARM |
≤ 75% |
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10/5 ARM |
> 75% |
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5/1 ARM |
≤ 75% |
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5/1 ARM |
> 75% |
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3/3 ARM |
≤ 75% |
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3/3 ARM |
> 75% |
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1/1 ARM |
≤ 75% |
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1/1 ARM |
> 75% |
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Rates effective as of: May 25, 2025
Rates are subject to change. APR-Annual Percentage Rate
Adjustable Rate Mortgage (ARM) Disclosure: Jumbo mortgages add 0.375% to the stated rate. Rates listed include 0.25% discount for Direct Deposit and Electronic Loan Payment when the payment is taken from a Central One account. Actual rate will be determined based on credit history, term, loan to value and other factors.
* 15/5 ARM available for first time home buyers only.
| Fixed Term | Points | Rate | APR | Est. Payment |
|---|---|---|---|---|
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7 Year |
0 |
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7 Year |
1 |
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7 Year |
2 |
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7 Year |
No Closing Costs** |
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10 Year |
0 |
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10 Year |
1 |
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10 Year |
2 |
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10 Year |
No Closing Costs** |
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12 Year |
0 |
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12 Year |
1 |
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12 Year |
2 |
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12 Year |
No Closing Costs** |
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15 Year |
0 |
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15 Year |
1 |
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15 Year |
2 |
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15 Year |
No Closing Costs** |
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20 Year |
0 |
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20 Year |
1 |
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20 Year |
2 |
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20 Year |
No Closing Costs** |
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30 Year |
0 |
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30 Year |
1 |
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30 Year |
2 |
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30 Year |
No Closing Costs** |
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Rates effective as of: May 25, 2025
Rates are subject to change. APR-Annual Percentage Rate Fixed Rate Mortgage Disclosure: Published rates are based on purchase transactions with 25% down and a credit score of 740. Jumbo mortgages add 0.375% to the stated rate. Actual rate will be determined based on credit history, term, loan to value and other factors. Other restrictions may apply. All loan programs, rates, terms and conditions are subject to change.
| Term | Rate as low as | Estimated Payment |
|---|---|---|
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7 years or less |
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7 to 10 years |
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10 to 12 years |
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Rates effective as of: May 25, 2025
Rates are subject to change. APR: Annual Percentage Rat MyChoice Mortgage Refinance Disclosure: First position mortgage only. Property must be owner-occupied. Rates listed include a 0.25% discount for Direct Deposit and Electronic Loan Payment and an additional 0.25% discount when deducted from a Central One Premium Checking account. Appraisal is needed for any loan to value over 70% of assessed, or any loan amount over $400,000, max loan to value is 80% of appraised value. If you live outside of Worcester County, additional Appraisal and Title Search Fees may apply. Actual rate will be determined based on credit history, term, loan to value and other factors. Other restrictions may apply. All loan programs, rates, terms and conditions are subject to change.
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Open Account
Ice Cream Day Dates
All Ice Cream Day events are from 4:00 – 6:00 pm.
June 12th- Auburn Branch, 63 Southbridge Street
July 24th- Westborough Branch, 40 South Street
July 31st- Milford Branch, 82 Prospect Street
August 7th- Northborough Branch, 148 Main Street
August 28th- Shrewsbury Branch, 714 Main Street
August 15th- Worcester (Saint Vincent Hospital) Branch – We’ll be serving Goody’s Kettle Corn at the branch all day!
Food Truck Dates
All Food Truck Events are from 11:00 am – 1:00 pm.
July 12th- Westborough Branch, 40 South Street: Tacoborough Food Truck
August 9th- Shrewsbury Branch, 714 Main Street: Savage Wraps Food Truck
August 14th- Worcester (Saint Vincent Hospital) Branch – Garden Fresh sandwiches in-branch
August 23rd- Auburn Branch, 63 Southbridge Street: Bird’s Nest Panini Food Truck
September 6th- Northborough Branch, 148 Main Street: Tacoborough Food Truck
October 4th- Milford Branch, 82 Prospect Street (Route 140): Braised Food Truck
Adjustable Rate Mortgages
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The 15/5 Adjustable Rate Mortgage offers a fixed APR of
for the first 15 years then adjusts to a new rate every 5 years. Term: Available for terms up to 40 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.
-
The 15/5 Adjustable Rate Mortgage offers a fixed APR of
for the first 15 years then adjusts to a new rate every 5 years. Term: Available for terms up to 40 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.
-
The 10/5 Adjustable Rate Mortgage offers a fixed APR of
for the first 10 years then adjusts to a new rate every 5 years. Term: Available for terms up to 30 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.
-
The 10/5 Adjustable Rate Mortgage offers a fixed APR of
for the first 10 years then adjusts to a new rate every 5 years. Term: Available for terms up to 30 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.
-
The 5/1 Adjustable Rate Mortgage offers a fixed APR of
for the first 5 years then adjusts to a new rate every 1 year. Term: Available for terms up to 30 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.
-
The 5/1 Adjustable Rate Mortgage offers a fixed APR of
for the first 5 years then adjusts to a new rate every 1 year. Term: Available for terms up to 30 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.
-
The 3/3 Adjustable Rate Mortgage offers a fixed APR of
for the first 3 years then adjusts to a new rate every 3 years. Term: Available for terms up to 30 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.
-
The 3/3 Adjustable Rate Mortgage offers a fixed APR of
for the first 3 years then adjusts to a new rate every 3 years. Term: Available for terms up to 30 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.
-
The 1/1 Adjustable Rate Mortgage offers a fixed APR of
for the first 1 year then adjusts to a new rate every 1 year. Term: Available for terms up to 30 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.
-
The 1/1 Adjustable Rate Mortgage offers a fixed APR of
for the first 1 year then adjusts to a new rate every 1 year. Term: Available for terms up to 30 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.
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