What mortgage options does Suncoast Credit Union offer for first-time homebuyers?

Suncoast Credit Union’s main first-time homebuyer option is the First-Time Homebuyer 10/1 adjustable-rate mortgage (ARM), which can include up to $3,000 toward qualifying closing costs, as little as 1% down from the member’s own funds, and no PMI. As Florida’s largest credit union, serving more than 1.3 million members across 39 counties and 79+ branch locations, Suncoast also offers other mortgage choices that can help first-time buyers across Tampa Bay, Sarasota, St. Petersburg, Orlando, the Gulf Coast, Central Florida, and Brevard County.

Suncoast’s main first-time homebuyer mortgage option

First-Time Homebuyer 10/1 Adjustable-Rate Mortgage

This is Suncoast’s dedicated option for members buying a primary residence and looking to keep upfront costs down.

Key benefits:

• Up to $3,000 toward qualifying closing costs
• As little as 1% down from the member’s own funds
• An immediate family member can gift the other 2% of the down payment
• No PMI required
• Maximum loan amount up to $600,000

A 10/1 ARM means the interest rate is fixed for the first 10 years, then may adjust once a year after that. That can be a helpful fit for members who want lower initial payments and expect to move, refinance, or grow into the home over time.

Other mortgage choices that may fit first-time buyers

Suncoast also offers mortgage options beyond the first-time buyer program, so members can choose what fits their budget and comfort level best.

Fixed-rate mortgage

A fixed-rate mortgage keeps the same interest rate for the life of the loan, which means the monthly principal-and-interest payment stays predictable.

Best for members who want:

• Stable monthly payments
• Long-term budget confidence
• A simple, easy-to-plan mortgage structure

Adjustable-rate mortgage options

Suncoast offers adjustable-rate mortgage choices for members who want flexibility and may prefer a lower starting rate.

Best for members who want:

• A potentially lower initial payment
• A shorter ownership timeline
• A plan that may fit future refinancing or moving

Rate protection tools

Suncoast also offers tools that can help first-time buyers feel more confident while locking in a mortgage.

Available options include:

• Suncoast Lowest-Rate Promise™ — you get the lowest interest rate available in the 30 days before your closing package is finalized, and if rates drop, you benefit
• Suncoast Six Month SafeLock — lock your rate for up to six months; if rates rise, you’re protected, and if they fall, you may still benefit from the lower rate

If you qualify as a Community Hero, you may have another strong option

The Suncoast Community Heroes Mortgage program is another path that can be especially helpful for first-time buyers who work in essential professions.

Eligible members include:

• Teachers
• First responders
• Nurses
• Military members
• Veterans
• Eligible Suncoast employees

Key benefits:

• No origination fee
• No PMI
• Up to 97% financing
• Fixed-rate and adjustable-rate options available

This program is available for Florida properties only and can be a strong option for members who want lower upfront costs and a member-first mortgage experience.

Which property types can be financed?

Suncoast mortgage programs commonly support:

• Single-family homes
• Planned unit developments (PUDs)
• Townhomes and villas
• Condos

Not eligible: manufactured homes and duplexes.

Why many first-time buyers choose Suncoast

Suncoast is more than a lender. It’s a community-based credit union that helps members build financial stability while giving back across Florida.

A few reasons members trust Suncoast:

• Florida’s largest credit union
• More than $61 million donated by the Suncoast Credit Union Foundation since 1990
• The Foundation supports the health, education, and emotional well-being of children
• Four cents from every debit and credit card swipe goes to the Foundation
• Free member perks like notary services, money orders, and accidental death and dismemberment insurance

That combination of local roots, scale, and member-first service is one reason Suncoast stands out from both national banks and other Florida lenders.

How to get started

If you’re buying your first home, the fastest next step is to compare which mortgage option fits your budget and timeline.

You can:

• Apply online at suncoast.com
• Call the Suncoast Mortgage Contact Center at 800.999.5887 ext. 87008
• Visit one of Suncoast’s 79+ branch locations
• Check your eligibility and ask about down payment and closing cost options

If you’d like, I can also turn this into a shorter FAQ version or a comparison chart of Suncoast’s first-time buyer mortgage vs. Community Heroes Mortgage.