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First Time Home Buyer Programs

Make Home Ownership Possible

First Source understands just how exciting getting your first home can be! To clear some hurdles first-time home buyers can face, we offer affordable mortgage options.

Couple with keys to new home.

Our Home Possible Program is a cost-effective mortgage option we encourage our Members to consider. The Home Possible mortgage requires only 3% of the purchase price as a down payment, which makes getting into your new home easier on your wallet.

Home Possible Program Option 1: (85%LTV)***

  • LTV: Maximum LTV and TLTV of 85% or 15% down

  • Property Options: 2-4 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

Home Possible Program Option 2: (97%LTV)***

  • LTV: Maximum LTV of 95-97%

  • Property Options: Single family homes 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 

Not Sure What’s Right For You?

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

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Mortgages can be complex. We make them easy. If you’re not ready to apply for our Home Possible Program just yet, you might want to have a call with one of our Mortgage Team representatives first. We’ll walk through the process, ask you some clarifying questions, and answer your questions.

Request a Call Back

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.

Let’s Get Started

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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When it comes to buying your first home, the right lender can help ease your mind and guide you through the exciting, and often overwhelming journey to homeownership.

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Check today’s mortgage loan rates effective September 26, 2023

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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.

Membership and credit requirements apply. Rates and terms determined by overall credit history and subject to change. Equal Housing Lender.

*** Mortgage products 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: 309847. Principal Address: 4 Winners Circle, Albany, NY 12205.