First Time Home Buyer Loans New York

First Time Home Buyer Program in New York

Purchasing your first home can be exciting but confusing if you don't have someone to help you and answer important questions and provide experienced guidance throughout the process. There are many first time home buyer assistance programs that are available to you, some for 1st time buyers and others for low income individuals. There are also many FHA loans that are perfect for individuals with limited or no down payment. If you are a retired or current member of the military you are eligible for a VA loan.

Here at First Rate Funding we invite you to meet with us and speak to someone in person, not just on the phone or by email. We love to help first time home buyers, it is one of the most rewarding experiences to help someone realize their dream and start building a future.

If you have any question please do not hesitate to contact one of our mortgage specialists by phone at (518) 452-4700 or contact us by email.

Community Home Buyer Programs

Provided for first time home buyers with limited income and limited funds for down payment and closing costs. The mortgages are offered as a fixed rate mortgage with terms of 15 to 30 years. There are a variety of available programs for you to choose from.

Community Home Buyer Program Features (partial list):

  • Down payment of 5 percent
  • 30-year, 20-year, and 15-year repayment periods (fixed-rate mortgages only; no ARMs allowed)
  • Up to 38 percent of borrower's monthly income can be used for housing costs
  • Can be used to buy one-family, principal residences, including condos and properties located in a planned unit development.
  • Household income must not exceed the area median income, based on MSA or County

Albany-Schenectady-Troy MSA (Metropolitan Statistical Area 10580) is made up of the following areas:

Counties and county-equivalents

  • 36001 Albany, NY
  • 36083 Rensselaer, NY
  • 36091 Saratoga, NY
  • 36093 Schenectady, NY
  • 36095 Schoharie, NY

US Department of Economic Analysis: BEA, personal income for Albany-Schenectady-Troy MSA:


SONYMA - (State of New York Mortgage Agency) - SONYMA is designed to provide affordable home ownership to low and moderate income families. SONYMA allows first time home buyers as well as purchasers of first or second homes in federally designated Target Areas

SONYMA Features: (partial list)

  • Government Backed Mortgages
  • Lower interest rates for first time home buyers
  • Low Down payment requirements - from 1% - 3% of property value.
  • 30 or 40 year term (40 yr. carries a slightly higher interest rate)
  • No Points

Due to the wide variety of mortgage programs available, not all products are listed here. Please call us at (518) 452-4700 or complete our contact form so that we may have the opportunity to serve you better.