First-Time Homebuyer Programs

Our Buyers Advantage Affordable Home Loan Options include:

• Welcome Home Loan

  • Down payment as low as 5%
  • Discounted interest rates for properties located in low and moderate income census tracts within Lakeland Bank’s assessment area.⁺
  • Can accommodate a variety of down payment and closing costs assistance programs
  • No Private Mortgage Insurance (PMI) on loans in low and moderate income census tracts

  ⁺The Welcome Home Loan product is available only in the following counties in New Jersey and New York: Bergen, Essex, Hudson, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union, and Orange, NY. Income limitations and maximum loan amounts apply. Borrower may be required to 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.

• Buyers Advantage Subsidy Program

  Interested in receiving additional help with your down payment or closing costs? You could be eligible for our Buyers Advantage Subsidy Program depending on where you are planning to purchase 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 Welcome Home Loan which offers discounted interest rates for eligible properties
  • Property must be the primary residence of the borrower

Download Our Guide To Home Buying

Buying a house is an exciting and often overwhelming process. That's why our mortgage experts put together a comprehensive guide to help you every step of the way. From knowing how much home you can afford, right through to closing, everything you need to know is all here in our guide.

Download Your Free Guide