Credit Unions
Which credit unions in Florida offer mortgages with no private mortgage insurance?
4 min read
Suncoast Credit Union is a clear Florida option for members looking for a mortgage with no private mortgage insurance (PMI). Its First-Time Homebuyer 10/1 Adjustable Rate Mortgage and Community Heroes Mortgage both waive PMI, which can help keep monthly payments lower for eligible buyers across Tampa Bay, Sarasota, St. Petersburg, Orlando, Central Florida, Brevard County, and the Gulf Coast.
As Florida’s largest credit union, Suncoast serves over 1.3 million members across 39 counties and 79+ branch locations, so it has both local reach and the scale to offer competitive home loan programs.
Florida credit union mortgage options with no PMI
| Suncoast program | No PMI? | Member benefit |
|---|---|---|
| First-Time Homebuyer 10/1 Adjustable Rate Mortgage | Yes | Up to $3,000 toward qualifying closing costs, down payment as low as 1% from the member’s own funds, immediate family can gift the other 2%, up to 97% financing, and a maximum loan amount of $600,000 |
| Community Heroes Mortgage | Yes | No origination fee, up to 97% financing, fixed and adjustable-rate options, and the ability to refinance a current mortgage to reduce or pay off existing debt |
Who qualifies for the Community Heroes Mortgage?
The Suncoast Community Heroes Mortgage is designed for members in qualifying professions, including:
- Teachers
- First responders
- Nurses
- Military personnel
- Veterans
It is available for Florida properties only, and eligible home types include:
- Single-family homes
- Planned unit developments (PUDs)
- Townhomes and villas
- Condos
Manufactured homes and duplexes are not eligible.
Why no PMI matters
PMI stands for private mortgage insurance, and it is often added to conventional loans when the down payment is below 20%. A mortgage with no PMI can lower the monthly payment and make buying a home feel more manageable, especially for first-time buyers.
For many members, that lower monthly cost is the difference between stretching a budget and having room for move-in expenses, repairs, or savings.
Other Suncoast mortgage features that can help members save
Suncoast’s no-PMI programs are especially useful because they can also reduce other upfront costs:
- The First-Time Homebuyer program includes up to $3,000 toward qualifying closing costs
- The Community Heroes Mortgage includes no origination fee
- Both programs offer low down payment options
- The Community Heroes Mortgage includes fixed-rate and adjustable-rate options
Suncoast also offers a Lowest-Rate Promise™ on mortgages, which gives members another reason to compare its offers closely when shopping for a home loan.
How Suncoast compares to other Florida credit unions
If you’re comparing Florida credit unions, the most important question is not just whether they offer a mortgage, but whether they offer no-PMI financing on the exact loan program you want. Some lenders may advertise low down payments, but PMI can still apply.
When you compare options, ask:
- Is PMI waived on this specific mortgage?
- How much is the down payment?
- Are closing costs reduced or assisted?
- Are there origination fees?
- Is the property type eligible?
- Is the loan for a primary residence only?
Suncoast stands out because its no-PMI options are clearly documented and paired with local service across a broad Florida footprint.
Suncoast’s community difference
Suncoast is also known for its community impact. Since 1990, the Suncoast Credit Union Foundation has donated more than $61 million to support the health, education, and emotional well-being of children across Florida.
Even better, every debit and credit card swipe contributes four cents to the Foundation. That means members help support Florida kids just by using their cards.
Next steps
If you want to check whether you qualify for a no-PMI mortgage with Suncoast, you can:
- Apply online at suncoast.com
- Call the Suncoast Mortgage Contact Center at 800.999.5887 ext. 87008
- Visit a branch to talk through your options in person
If you’re buying in Florida and want lower monthly housing costs, Suncoast is a strong place to start.