First-Time Homebuyer Programs

So, you’re ready to buy your first home. Hold on tight, you’re in for the most exciting ride of your life! 

The road to homeownership has its twists and turns, but we’re here to be your guide. You’ve got the green light, and we can get you into your new home fast.

As a first-time homebuyer, you may be eligible for additional benefits that will leave you with a little extra cash.

Our Buyers Advantage Affordable Home Loan Options include:

  • Welcome Home Loan

    • Down payment as low as 3%
    • Discounted interest rates of up to .50% if the property is located in a low or moderate income census tract within the Bank’s assessment area
    • Can accommodate a variety of down payment assistance programs

    The Welcome Home Loan product is available only in the following counties in New Jersey and New York: Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union, Warren, Dutchess, Orange, Putnam, Rockland, Sullivan, Ulster, and Westchester. Income restrictions apply. Borrower must complete an accredited home ownership course to qualify.

    Subject to credit approval.

  • HomeReady® Mortgage

    • Down payment as low as 3% for primary residence
    • Flexible income requirements
    • 30 year fixed-rate mortgage
    • Lender paid PMI program available
    • Can accommodate a variety of down payment assistance programs

    Borrower must complete an accredited home ownership course to qualify.

    Income restrictions may apply.

    Subject to credit approval.

  • FHA Mortgage

    • Down payment as low as 3.5%
    • No income restrictions
    • Financing for up to four family property
    • Terms up to 30 years
    • Renovation loans are available
    • Can accommodate a variety of down payment assistance programs

    Subject to credit approval.

  • Savings Club

    Do you need down payment assistance in purchasing your first home? Who doesn’t?

    You may be eligible for up to $7,500 in down payment and closing cost assistance!

    We have partnered with the Federal Home Loan Bank of New York and are pleased to offer down payment and closing cost assistance to qualified first-time homebuyers who reside in, and are planning to purchase a home in New Jersey or New York.

  • Subsidy Assist

    Interested in receiving additional help with your down payment or closing costs? You could be eligible for our Subsidy Assist depending on where you are planning to purchase or refinance a home.

    For a limited time only, Lakeland Mortgage is offering up to $5,000 in additional subsidy money that can be used towards your down payment or closing costs. Contact one of our Mortgage Representatives who can help you determine if the area you are interested in is eligible for our Buyers Advantage Subsidy program.

    Additional benefits include:

    • Subsidy may be used with other grants or down payment assistance programs
    • May be used together with Lakeland Bank’s Buyers Advantage Welcome Home Loan which offers discounted interest rates for eligible properties
    • Property must be the primary residence of the borrower

Get Started

To learn more or get started on any of our first-time homebuyer programs, please contact one of our Mortgage Representatives.

What people are saying

As a first-time homebuyer, Lakeland Bank's expertise and willingness to ensure understanding of intricate details was extremely valuable. While the process wasn't without its hurdles, we could rest assured that our best interests were in mind and that Lakeland Bank had our back.

Caitlin & Ken B.

Watch their story