First Time Home Buyer Program

Make Home Ownership Possible

First Source understands just how exciting (and stressful) getting your first home can be. To make it as easy and affordable as possible, we offer unique mortgage options specifically for first-time home buyers.

Our Home Ready Program is a cost-effective mortgage option requiring just 3% of the purchase price as a down payment. This can help make getting into your new home easier on your wallet.

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Home Ready Program: (97%LTV)^**

• LTV: Maximum LTV of 95-97%

• Property Options: Single family homes, condos, and Manufactured Homes are all eligible. (Manufactured Homes do have some additional requirements/restrictions including 5% down.)

• 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 

Every situation and home is unique. We look forward to working with you on your specific need for affordable home ownership.

Apply Now

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Interested In Learning More?

To see what other types of mortgages we have available, along with our specialized mortgage programs, visit our Mortgage overview page.