Make an Appointment

  1. Home
    2. Mortgage Loans FHA Loan

Government Federal Housing Administration Loan (FHA)

Bringing Home Ownership Within Reach

First Source offers our Members an FHA Mortgage loan to help make the opportunity of purchasing a home more affordable. This type of home loan can assist with closing costs and lower overall payments for the buyer.

Close up of a FHA loan application

What Is A Government FHA Loan?

FHA loans are insured by the US Federal Housing Administration and are considered federal assistance. They require that the new home owners live in the residence for at least one year. FHA loans are a great offer for those who otherwise may not qualify for a conventional mortgage loan.

Benefits Of An FHA Loan

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.

  • Low down payment

  • Less-than-perfect credit

  • Seller can contribute up to 6% toward closing costs

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

Knowing If An FHA Loan Is Right For You

If you’re a home buyer with a less than ideal credit score, an FHA loan might be a great option for you. First Source understands that everyone’s situation is unique and we look forward to working on your specific needs for affordable home ownership. Together, we can decide if an FHA loan is right for you.

Mortgage Checklist

As you prepare to speak with one of our Mortgage Specialists, we recommend downloading our handy Mortgage checklist. This guide will help you gather and organize the paperwork you’ll need to start the mortgage process. 

Download Our Checklist

Get Started

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

Apply Now

 

Mortgages can be complex. We make them easy. If you’re not ready to apply for a Mortgage loan 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.

Apply Now

Not sure how much house you can afford?

Check out our helpful mortgage loan calculator.


Mortgage Loan Calculator

First Source Executive Vice President Amy DeMetri, explains why planning ahead for your down payment can actually help you cover other upfront costs you might not be aware of.

Mortgage Loans

Check today’s mortgage loan rates effective December 4, 2024

Apply for a Mortgage Now

*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.

What's New

Your Credit Card, Your Rewards: How to Maximize Both
First Source Sponsors Utica Police Therapy Dog: Introducing “Penny”
First Source Announces John Calabrese As Next President/CEO
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.