Alert Notification Icon

Four branches are now open to serve your needs: Medical Center is open M-F 9-5. University Avenue and Pampas Lane are open M-F 9-5 and Saturdays 9-4. Embarcadero Road is open M-F from 8-5. Our Redwood City and Tresidder Branches remain closed. All other banking services continue as usual. Contact us 24/7 at 888.723.7328 with questions or concerns, or send a secure Message through Online or Mobile Banking. COVID-19 Updates.

Alert Notification Icon

Four branches are now open to serve your needs: Medical Center is open M-F 9-5. University Avenue and Pampas Lane are open M-F 9-5 and Saturdays 9-4. Embarcadero Road is open M-F from 8-5. Our Redwood City and Tresidder Branches remain closed. All other banking services continue as usual. Contact us 24/7 at 888.723.7328 with questions or concerns, or send a secure Message through Online or Mobile Banking. COVID-19 Updates.

What are your requirements for a down payment?

At Stanford Federal Credit Union, we offer purchase loan programs with as little as a 5% down payment (maximum loan amounts apply) depending on your individual financial needs. You’ll also want to consider additional funds needed for closing costs, as well as any lender reserve requirements. Example: If you’re purchasing a $700,000 home, you would need $35,000 for a 5% down payment.

Getting your funds together for a down payment is probably the biggest hurdle for many first-time home buyers. You may already be worth more than you realize. When calculating your available assets, be sure to consider ALL of the following sources:

  • All checking and savings accounts
  • Stocks, bonds, brokerage, and retirement accounts
  • 401K loan (if offered by your current employer)
  • Gift options from immediate family members

What if it doesn’t add up to the right amount? Don’t give up hope. There are ways to make it work:

  1. Look for a loan option that requires a smaller down payment
  2. Consider getting a loan with Private Mortgage Insurance (PMI)
    • Allows for a lower down payment
    • Lenders (like us!) like it because it protects us in case you default on the loan
    • You can pay for it on a monthly basis
    • You can request to have it cancelled once you reach 20% equity
  3. Talk to one of our Mortgage Consultants for other available loan options

Gifts from immediate family members are also an acceptable source of down payment. We’ll ask you for the contact information of the gift giver, as well as the donor’s relationship to you. Prior to closing your loan, we’ll verify receipt and deposit of the gift funds.

If you’ll be withdrawing funds from a 401(K) or retirement account to fund your down payment, we’ll probably ask you to show evidence that you have the funds available by providing a recent statement. We may also need to verify whether or not repayment is required. If repayment is required, it’s not a problem. We’ll just consider that monthly payment when making your loan decision.

Apply online or contact one of our Mortgage Consultants to get started with your Stanford FCU loan today!

Contact us for personalized assistance

Icon Browsers

Secure Message

Already a member? Send us a secure Message through Online or Mobile Banking. Just Login with your existing Login ID and Password.

Live Chat

Live Chat

Monday – Friday: 8 AM – 6 PM PT
Saturday: 9 AM – 4 PM PT
Sunday: Closed
Live Chat

Email Icon

Email

Please use secure Message for account inquiries.
info@sfcu.org