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100% Mortgage Financing Program

A Program That Requires No Down Payment

First Source’s 100% Mortgage Financing Program 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.

Happy mature couple toasting with wine on moving day

Requirements For 100% Financing Program Include:

  • 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 prepaids (can be gifted)

  • Gift Funds: 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: Required

  • Maximum Loan Amount: $548,250 (as of January 1, 2021)

Get Started Today

Every situation and home is unique. We look forward to working on your specific needs for affordable home ownership. If you’re not ready to apply for our 100% Mortgage Financing Program, you might want to consider scheduling an introductory discovery call with one of our Mortgage Team representatives. Simply click on the button below, select the “Apply for a Loan” service from the menu and choose the “Mortgage Services” option.

Looking For More Information?

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

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We look forward to helping you.

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Not sure how much house you can afford?

Check out our helpful mortgage loan calculator.


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Check today’s mortgage loan rates effective April 21, 2021

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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.

First Source credit and membership eligibility requirements apply. 

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.