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First Time Home Buyer Program

first time home buyer program

Buying your first home? We can help you get your foot in the door.

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Down Payment & Grant Resources

At ALEC, we know that owning a home is still an elusive dream for some of our members. That’s why we’re committed to doing everything we can to help first-time buyers with pre-qualification and understanding the entire home loan process.
First time home buyers may be eligible for certain types of grants, government program or other flexible down payment options to help overcome challenges that sometimes come with homeownership. These challenges could include non-traditional credit history, limited income, or limited funds for a down payment.
To qualify, you must meet certain requirements regarding maximum income limits and homebuyer education. If you do qualify, you will be able to take advantage of all the benefits of this popular homebuying solution.
If you are interested in learning what programs and grants might be available to you, we strongly encourage you to speak with an ALEC Mortgage Loan Originator who will be able to review your specific situation and make give you expert advice on the next steps toward your dream. We will work with you to find the best programs and loan options for you.1

Very Low-Income Program (VLIP)

  • As low as 3% down payment allowed
  • Up to $2,500 grant issued at closing towards down payment and closing costs
  • Household income restrictions apply
  • Gifts from relatives allowed
  • Primary residence only
  • Fixed Rate Mortgage Only
  • 1 Unit Property Only

HomeReady®/ Home Possible® Program

  • As low as 3% down payment allowed for 1 Unit Homes
  • As low as 5% down payment allowed for 2-4 Unit Homes
  • Household income restrictions apply
  • Gifts from relatives allowed
  • Can not have owned a home in the last 3 years
  • Primary residence only

Federal Housing Administration (FHA)

  • As low as 3.5% down payment allowed
  • Higher debt to income allowed
  • Up to 4-unit properties available
  • Minimum FICO® score of 600 to qualify
  • Primary residence only
  • Purchase and refinance allowed
Contact Us for More Information

Features of an ALEC mortgage:

Competitive interest rates

both fixed and adjustable

Fixed-rate mortgages

borrow up to 97% of the home value with just 3% down

No application fee

When you’re ready, so are we.

Want more information? Fill out the form to select which option you're interested in or submit your questions. An ALEC loan representative will then contact you to provide knowledgeable answers and assist with your loan application process.

Extended Rate Lock

Contact Information

Thank you for your interest in a mortgage loan with ALEC.2 Please fill out the form below, and we will be in touch with you within one business day.

I am interested in receiving further information on: *

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Have questions? We are here to help!

Contact Us Online

Visit a Branch

Call 800.762.9988

Are you looking for a helpful, step-by-step guide to buying a home? The Consumer Financial Protection Bureau has created Your Home Loan Toolkit. This booklet can help you make better choices on your journey to homeownership.

Try our Mortgage Calculators to help determine what your payments might be.

NMLS# 421478. View a complete list of all other NMLS numbers.

1. All loans subject to approval. The ALEC First-Time Home Buyers Program is available to members purchasing their first home, as well as members who have not owned a home in the past three years. All program funding and availability is subject to change at any time.
2. Submission of this form does not guarantee rates.