Low & No Down Payment Mortgage Options

Rates as low as
5.864
% APY*

A New Home, Now Within Reach

At Monterra Credit Union, we provide customized mortgages with competitive rates and local service.  

Small Down Payment. Life-Changing Possibilities.

Available on traditional first mortgages as well as hybrid adjustable-rate mortgages 

Second mortgage options available including a 15-year second or a 30-due-in-15 loan type

First mortgages up to 30-year terms with $1.75 million maximum loan amount

Borrow up to $350,000 on a second mortgage

You put 5% down, take out a 15% second mortgage, and finance the remaining 80% with a first mortgage. This mortgage option is known as an 80/15/51 because it splits the financing into 80% for the first loan, 15% for the second, and 5% down. Keeping the first loan at 80% of the home’s value allows you to avoid PMI while further reducing the amount of cash needed upfront.

•    5% Down Payment
•    15% Second Mortgage (Home Equity or "Second Mortgage" Loan)
•    80% First Mortgage Loan

 

You put 10% down, take out a 10% second mortgage, and finance the remaining 80% with a first mortgage. This mortgage option is known as an 80/10/10 because it combines an 80% first loan, a 10% second loan, and a 10% down payment. Keeping the first loan at 80% of the home’s value allows you to avoid PMI while balancing a larger upfront investment with lower overall borrowing.

•    10% Down Payment
•    10% Second Mortgage (Home Equity or "Second Mortgage" Loan)
•    80% First Mortgage Loan

 

No Down Payment & No Mortgage Insurance

Hybrid adjustable-rate mortgage options, including 5/5 ARM and 7/1 ARM

30-year terms with financing available up to $1.75 million

Eligible properties include single family homes that are a primary residence only

No Private Mortgage Insurance (PMI), helping keep your monthly payment lower

Owning a home is now more accessible than ever with a mortgage that requires no down payment and no mortgage insurance. We offer flexible solutions designed to help turn homeownership into a reality for buyers who may have thought it was out of reach. This program is created for qualified buyers purchasing their primary residence and is built to remove common financial barriers to buying a home.

  • Hybrid adjustable‑rate mortgage options, including 5/5 ARM and 7/1 ARM
  • 30-year terms with financing available up to $1.75 million
  • Eligible properties include single family homes that are a primary residence only
  • No Private Mortgage Insurance (PMI) helping lower your monthly payment.

 
Get Started
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*APY = Annual Percentage Rate. All mortgage loans through Monterra Credit Union are for homes in California only. Adequate property insurance required for the life of the loan. Flood insurance may be required. All rates, loans, and terms are subject to credit approval.  

1. The 80/15/5 requires a minimimum two‑year employment history with the same employer, and at least two tradelines for 24 months. Primary residences only. Single family and Planned Unit Developments only. Eligibility requires a credit score of at least 700 and a maximum debt‑to‑income ratio of 42%. Requires completion of a homeownership counseling program through a HUD-approved provider.

2. The 100% financing mortgage option requires a minimum two-year employment history with the same employer, and at least three (3) tradelines for 24 months. Primary residences only. Condominium/townhomes properties are not eligible. Eligibility requires a credit score of at least 720, a maximum debt to income ratio of 40% and verified assets equal to at least three months of PITI (principal, interest, taxes, and insurance) in reserve. This program requires completion of a homeownership counseling program through a HUD-approved provider.

Conditions and restrictions apply.