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Mortgage Loan

Affordable home financing

First Source offers standard home loans as well as our own specialized mortgage programs. We have a systematic process we’ve developed to make your experience easy and smooth, communicating at each milestone along the way.

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Types of Mortgages Available 

There are three standard mortgage loan categories to which all mortgages fall under. Rates are generally very similar for each of these options.
 

Conventional

  • Can finance up to 95% of the price (up to 97% of the price in conjunction with our Home Possible Program)

  • Quick processing and closing

  • Flexible rates and terms available

  • Investment properties (secondary market 1-4 units)

  • Second homes

  • Seller can contribute up to 3% (up to 6% with 10% down, up to 9% with 25% or more down)

A Conventional Mortgage is a good choice for those with good credit ratings, and savings available for down payment and closing costs. (Generally a conventional loan requires a minimum of 5% down.)
 

Government Federal Housing Administration (FHA)

  • Low down payment

  • Less-than-perfect credit

  • Seller can contribute up to 6% toward closing costs

  • Owner-occupied properties only (1-4 units)

An FHA Mortgage can be a better option if you have less-than-perfect credit and may need more assistance with closing costs. A lower percentage is required for a down payment, and the seller has a higher percentage option for concessions.
 

Government Veterans’ Assistance (VA) Loan

  • 100% financing available for 1-4 unit properties

  • Must be owner-occupied

  • Must be an eligible veteran

  • Seller can contribute up to 4% toward closing costs, and unlimited prepaids cost

A VA Mortgage is specific home financing for veterans only, allowing for 0% down. Your DD214 and Certificate of Eligibility are required.


First Source Mortgage Programs 

In addition, we offer tailored mortgage programs for home buyers and those who serve our community.

 

Community Heroes Program**

If you are in a professional or support role in the fields of Education, Law Enforcement, Healthcare, U.S. Military (active-duty or veteran), or Fire & Rescue (full-time or volunteer), you can get up to $450 in cash/discounts toward your home purchase.

  • $250 cash deposit after closing (with First Source direct deposit and auto pay)

  • Reduced personal real estate attorney representation (optional, estimated savings value $150)

  • Discounted home inspector’s fee (optional with participating providers, estimated value $50)

  • Personal Community Advocate Hero Team to manage all of your mortgage needs

  • An affordable mortgage that matches your budget

If you’re unable to make a down payment, you may qualify for a no-down-payment mortgage solution.

 

Home Possible Program

Option 1 (95%LTV)***

  • LTV: Maximum LTV and TLTV of 95 percent

  • Property Options: 1-4 units and condos. Manufactured homes are not eligible.

  • Flexible Sources of Down Payments: Down payment can come from a variety of sources, including family and employer-assistance programs

  • Cancellable Mortgage Insurance: Mortgage Insurance (MI) can be cancelled after loan balance drops below 78 percent of the home’s appraised value

  • Mortgage Flexibility: 15-year to 30-year fixed-rate mortgages

  • Refinance Options: No cash-out refinancing option is available for borrowers who occupy the property

  • Income Flexibility: Borrowers with incomes above area median income may be eligible in high-cost areas. No income limits in underserved areas.

  • Primary Residence Only: All borrowers must occupy the property as their primary residence

Option 2 (97%LTV)***

  • LTV: Maximum LTV of 97 percent

  • Property Options: 1-unit properties and condos only. Manufactured homes are not eligible.

  • Flexible Sources of Down Payments: Down payment can come from a variety of sources, including family and employer-assistance programs

  • Cancellable Mortgage Insurance: Mortgage Insurance (MI) can be cancelled after loan balance drops below 80% of the home’s appraised value

  • Mortgage Flexibility: 15-year to 30-year fixed-rate mortgages

  • Refinance Options: No cash-out financing option is available for borrowers who occupy the property

  • Income flexibility: Borrowers with income above area median income may be eligible in high-cost areas. No income limits in underserved areas.

  • Primary Residence Only: All borrowers must occupy the property as their primary residence 

100% Mortgage Financing Program

This mortgage solution is more like a bridge loan. If you’re purchasing a new house before your current house has sold, this could be a good financing choice for you. 100% financing allows for the full amount of the new purchase to be financed, then once you sell your current house, you can pay this down. There are very specific requirements/restrictions for this program, including:

  • Loan Purpose: Purchase only

  • Loan to Value: 100% Financing

  • Eligible Product: 10/1 ARM 

  • Minimum Credit Score: 700

  • Minimum Borrower Contribution: 1% toward closing costs and pre-paids (can be gifted)

  • Gift Funds are allowed

  • Seller Concession: up to 3%

  • Occupancy: Owner-occupied only (no investments or second homes)

  • Reserves Required: 2 months principal, interest, taxes, and homeowner’s insurance

  • Auto Payment is required

  • Maximum Loan Amount: $453,100 (as of January 1, 2018)


Mortgage Checklist

To save time and trips to the branch, download our convenient checklist to make sure you have everything you need to apply. Gather all the materials on the checklist, and have them on hand when you call.

Download Our Handy Checklist


Online Mortgage Center

Check out our Online Mortgage Center for helpful tips and if you’re ready, you can start the application process right here.

You’ll also find today’s mortgage rates, the ability to check the status of your loan, and answers to just about any question that you may have about mortgages.

Online Mortgage Center


Every situation and home is unique. We look forward to working with you on your specific need for affordable home ownership. Get started with a mortgage loan or call 315-735-8571 to talk with our Mortgage Team about which solution is best for you.

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Diana’s experience getting a new mortgage shows why choosing the right lender can make all the difference.

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*Annual percentage rate
Mortgages in New York State only. Information is based on a loan amount of $160,000, credit score above 740, and loan-to-value at or below 60%. Your actual annual percentage rate may be different. All rates are subject to change without notice.

If an escrow account is required or requested, the actual payment will also include amounts for real estate taxes and homeowner's insurance premiums.

Rates are based on a purchase or no cash out refinance, cash out options may affect your rate.

*** Mortgage Programs are offered by Homeowners Advantage (HOA). Mortgages in New York State only. Home Loan interest may be tax deductible. Consult your tax professional about deductibility in your situation. HOA is a Licensed Mortgage Banker-NYS Department of Financial Services. HOA NMLS identifier: 290363. Principal Address: 4 Winners Circle, Albany, NY 12205.

** Mortgage products are offered by Homeowners Advantage through First Source Federal Credit Union. Full disclosures and terms will be provided during Community Heroes Mortgage Program consultations. The summary below is not all-inclusive. Mortgage is restricted to the primary residence (purchase only) located in NY State.


First Source credit and membership eligibility requirements apply. A First Source checking account with payroll direct deposit and automatic mortgage payments is required. The $250 deposit will be made to the program participant’s First Source checking account within 30 days of the closing, upon verification of all eligibility requirements. Personal real estate attorney fee waiver is a $150 credit, not redeemable as cash. Discounted home inspection fee is set by the inspector based on square footage, and not redeemable as cash. You are not required to use the program service provider(s) as a condition of the purchase of the subject property. You may use an alternative provider offering a similar service; however related discounts and other savings will not be available to you.

Proof of employment in healthcare, education, law enforcement, fire and rescue, U.S. military, or veteran status is required to be eligible for the Community Heroes Mortgage Program.

Mortgage products are offered by our Mortgage Team, Homeowners Advantage (HOA), which is a subsidiary of CAP COM FCU. HOA is a licensed Mortgage Banker – NYS Dept. of Financial Services. HOA NMLS Identifier: 290363. Principal Address: 4 Winners Circle, Albany, NY 12205. CAP COM FCU NMLS Identifier: 401261.