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For many aspiring homeowners, the biggest hurdle isn’t the monthly payment, it’s saving up a large down payment. We know how daunting it can feel to watch the housing market move while you try to save thousands of dollars. That’s why at Space Coast Credit Union, we designed our No Down Payment Home Loan to remove that barrier. We want to help well-qualified buyers move into a home sooner, without needing the traditional 20% down payment.

This home loan option is especially helpful for first‑time homebuyers and young professionals who are building their careers, managing expenses responsibly, and are ready to stop renting, but don’t want to wait years to save for a down payment.

What Is the No Down Payment Home Loan?

SCCU offers 100% financing on eligible home purchases through our No Down Payment Home Loan. This means qualified buyers can finance the full purchase price of the home. While buyers will still need funds for items like closing costs, prepaid insurance, taxes, and inspections, the large upfront down payment is eliminated.

This loan is available on single-family homes and can be paired with conventional fixed-rate loans and select adjustable-rate mortgages. This gives our members the flexibility to structure their financing in a way that works best for their unique goals.

Key Benefits of Choosing Our No Down Payment Home Loan

One of the most significant advantages of this loan is the ability to purchase a home without putting thousands of dollars down. This allows buyers to enter the housing market sooner and use their savings for other important needs.

Ideal for First‑Time Homebuyers

We designed this loan with first-time buyers in mind. It’s perfect for those who have a strong income and qualifying credit but simply haven’t had enough time to accumulate a large down payment.

No Pre‑Payment Penalties

Borrowers can make extra payments or pay off their loan early without being charged a prepayment penalty. We want to provide you with complete flexibility over the life of your loan.

The Competitive Credit Union Advantage

When you finance with SCCU, you’ll receive local decision-making, quick initial pre-qualification, and dedicated member service for the life of the loan. We create a personalized and supportive experience that you won’t find at traditional lenders.

Requirements to Qualify

To be eligible for our No Down Payment Home Loan, borrowers must meet standard SCCU credit and underwriting requirements. These include:

• Acceptable income and credit history (Credit score to qualify: 700 and above)
• Owner‑occupied, primary residence
• Single‑family home purchase only
• The ability to cover closing costs, such as inspections, prepaid taxes, insurance, and two months of reserve savings
• Standard credit approval, verification, and collateral evaluation

Please note that additional conditions, rates, and terms may apply and are subject to change.

Ready to Take the Next Step?

Buying a home without a down payment may be closer than you think. SCCU’s No Down Payment Home Loan is designed to help you move forward with confidence, without waiting years to save.

Learn More