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SchoolsFirst Federal Credit Union has announced that it is lowering the minimum down payment requirement for its mortgage program serving school employees from 5% to 3% of the home’s purchase price, with the goal of making homeownership more attainable for educators and other school staff in California.
What changed
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The required down payment for eligible school employee members has been reduced from 5% to 3% of the purchase price on qualifying mortgage loans.
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This change applies to a special school employee mortgage program designed specifically for California school employees.
Why SchoolsFirst is doing this
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Housing affordability in California is very constrained, with recent data cited by the credit union indicating that only about 17% of Californians say they can afford a home.
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SchoolsFirst states that its purpose is to serve school employees and that lowering upfront barriers like the down payment is intended to help members put down roots, build stability, and create generational wealth.
Key program features mentioned
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School Employee Mortgage products highlight low down payment options (now as low as 3%) for eligible school employees.
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Certain school employee mortgage options also advertise no private mortgage insurance (PMI), which can reduce the total monthly payment compared with standard low–down payment loans that require PMI.
Who is eligible
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The program is targeted at “school employee Members,” meaning SchoolsFirst FCU members who work in education (such as teachers and other school staff) in California.
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Membership and loan approval are still required; all loans remain subject to credit and underwriting criteria, and program terms can change without notice.
If you share your role (e.g., teacher, district staff) and where you work, the next step would typically be to confirm SchoolsFirst membership eligibility and then speak with a real estate loan consultant about how the 3% down option would apply in your situation.
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