First-Time Homebuyer Social

Join us for a chat with local experts to learn what every first time home buyer should know - and enjoy a burger and beer on us!

When:  Thursday, April 25, 2024
                Registration at 5:30pm
                Chat starts at 6:00pm
Where:  These Guys Brewing Company, Norwich, CT 

Register Below 

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First Time Homebuyer

Purchase with only 3% Down*
Save $499 - no origination fee+

Turn your Dream into a Reality 

If saving 20% for a down payment seems like a fantasy, it’s time to wake up and check out Scient’s First Time Homebuyer options.  With as little as 3% down, home ownership can be your reality. 

Benefits of a Scient First Time Homebuyer loan

Lower Costs 

  • 3% down payment vs. FHA loans at 3.5%
  • No upfront mortgage insurance payment 
  • Competitive rates
  • Flexible terms and payment options
    • Including ARM loans

Faster Closing

  • Less paperwork required than FHA Loans
  • Fewer steps for more efficient processing time

Easy PMI Cancellation 

  • Private mortgage insurance (PMI) is temporary compared to government-insured loans
  • Private mortgage insurance may be canceled after building enough equity




Have questions?  Our Mortgage Manager, Faith Silva, is here to help.   Contact her at 860 441 0914.


*For a loan amount of $200,000 at 97% LTV with a 30 year term and rate of  6.50% has an APR  (Annual Percentage Rate) of 6.67%  and a monthly payment at $1,264.14. Sample payment only
includes principal and interest.  It does not include mortgage insurance, property insurance and taxes, and the payment will be higher than this disclosed amount.  Minimum credit score is 620. Primary residence only on a single family home or condominium only.  Rates as of 9/27/22 and subject to change without notice.  +Waiver of Loan Origination Fee of $499 on First Mortgages with Scient Federal Credit Union.  Other terms and conditions may apply. 


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Homebuyer Grant Program

Equity Builder Program (EBP)
Housing Our Workforce (HOW)

The Equity Builder Program (EBP)

This program helps first-time homebuyers earning up to 80% of the area median income with down-payment, closing cost, home rehabilitation assistance and homebuyer education and counseling.

The maximum amount allowed is $30,806 per household for a Scient member.

Housing Our Workforce (HOW)

This grant helps homebuyers earning above 80% and up to 120% of the area median income with down-payment and closing cost assistance.  HOW assists eligible homebuyers wiht 10% of the home sales price or up to $25,000 in down-payment and closing costs. 


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Comparison Chart

Program Comparison

Equity Builder Program (EBP

Housing Our Workforce (HOW)

Annual Member Application Required Required
Maximum Grant per Household $30,806 10% of the sales price or up to $25,000 (lesser of the two)
Maximum Funds to Member $350,000 $260,000
Minimum Down Payment (homebuyer's own funds) $500 1.5%
Use of Grant Funds    

Down Payment 

Yes Yes
Closing Costs (including Homebuyer Education & Counseling Fee) Yes Yes
Discounted points/ Interest Rate Reduction (up to 2%/points) Yes Yes
Rehabilitation Assistance Yes No
Purchase Price Limit No Yes, based on Mortgage Revenue Bond Limits
Purchase property must be an owner-occupied primary residence? Yes Yes
First-time homebuyer Required Not Required
First-time homebuyer education and counseling Required Required
5-year retention mortgage and note Required Required
Member concession/incentive to homebuyer Required  Not Required
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There are a lot of things to know when buying a home. Here are some terms, checklists and worksheets to help guide you along the way.

Register here for the First-Time Homebuyer Social 

* Required

  • The First Name field is a required field
  • The Last Name field is a required field
  • The Email Address field is a required field
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