Home loans

Combination/Jumbo loans

Are there any special programs for first-time homebuyers?

Combination loan

A combination loan combines a first and second mortgage for up to 90% of the property's value in a single loan application, avoiding the additional costs of private mortgage insurance (PMI), the higher rates of a jumbo loan or both.

A combination loan can be helpful for homebuyers who don't have a lot of cash for a down payment, but don't necessarily qualify for special programs for lower income buyers.

Jumbo loans

These are loans for homebuyers who require larger loan amounts. Community 1 Federal Credit Union, through our mortgage partner Homeowners Mortgage, offers a variety of jumbo programs.

Jumbo loans are available in both fixed-rate and adjustable-rate mortgages. They generally have slightly higher interest rates because of the amount of money borrowed.