First-Time Home Buyer Program

Make Homeownership More Affordable

Buying your first home is exciting, but it can also feel overwhelming. First Source offers affordable mortgage solutions designed to help first-time home buyers move forward with confidence, flexibility, and lower upfront costs.

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Explore Your First-Time Home Buyer Options

See How Much Home You Can Afford

Use our mortgage calculator to estimate your monthly payments based on home price, loan amount, interest rate, and term. It’s a simple way to prepare for your first home purchase with confidence.

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Check Today’s Mortgage Rates

Explore current mortgage rates available for first-time home buyers and affordable homeownership programs. Our team can help you compare options and find a loan that fits your goals.

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With these tools, you can explore home financing confidently while preparing for your first home purchase.

Apply for a First-Time Home Buyer Mortgage

Every homebuyer’s situation is different. Our mortgage team is here to help you understand your options and guide you through the homebuying process.

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About the HomeReady® Program^**

Our HomeReady® Program is a cost-effective mortgage solution designed to help make homeownership more accessible with as little as 3% down.

Program Features

Low Down Payment Options

Eligible borrowers may qualify with maximum LTV options up to 95-97%.

Flexible Property Types

Single-family homes, condos, and eligible manufactured homes may qualify. (Manufactured homes require a minimum 5% down payment and additional restrictions may apply.)

Flexible Down Payment Sources

Down payment funds may come from approved sources including family gifts and employer-assistance programs.

Cancellable Mortgage Insurance

Mortgage insurance may be cancelled once the loan balance reaches below 80% of the home’s appraised value.

Fixed-Rate Mortgage Flexibility

Choose from flexible fixed-rate mortgage terms ranging from 15 to 30 years.

Refinance Opportunities

No cash-out refinance options are available for eligible owner-occupied properties.

Income Flexibility

Borrowers above area median income may still qualify in high-cost areas.

No income limits apply in certain underserved areas.

Primary Residence Requirement

All borrowers must occupy the property as their primary residence.

Don’t Forget Homeowners Insurance

Protect your home with coverage you can trust. We’ll help you get started.

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First-time buyers reviewing home options together

What Can the HomeReady® Program Be Used For?

The HomeReady® Program can help eligible buyers purchase:

Primary residences only
Single-family homes
Condos
Eligible manufactured homes

Additional Program Benefits May Include:

Down payments as low as 3% for qualified buyers
Flexible down payment funding sources
Cancellable mortgage insurance after eligible equity is reached
Flexible fixed-rate mortgage terms

Every homebuyer’s situation is unique, and our team is here to help you understand what options may fit your goals.

Why Choose First Source for Your First Home Mortgage?

We’ve helped thousands of first-time homebuyers take the next step with:

First-Time Buyer Guidance

Get answers to your questions and support from a team that understands the challenges of buying your first home.
Easy-to-Understand Financing

We’ll walk you through your mortgage options, down payment requirements, and monthly costs in a way that makes sense.
Confidence From Day One

From pre-approval to closing, you’ll have the tools and guidance needed to move forward with clarity.

Buying your first home can feel overwhelming. We’re here to make it simpler, more understandable, and more achievable.

First-time homeowners settling into their home

Live Smarter

Looking for a more affordable path to homeownership? Let’s make it happen together.

Apply Now

Interested In Learning More?

To explore additional mortgage options and specialized home loan programs, visit our Mortgage overview page.

Loan rates and terms are determined by overall credit history and are subject to change without notice. Applications are subject to credit approval. Membership eligibility required.

**Mortgage products are offered by Owners Choice Funding (OCF) through First Source Federal Credit Union. Mortgages in New York State only. Home Loan interest may be tax deductible. Consult your tax professional about deductibility in your situation. OCF is a registered mortgage lender with the NYS Department of Financial Services. NMLS #56538