First Time Homebuyer 100 Percent Financing Program

First Time Homebuyer 100% Financing Program


Island Style...

A simpler, easier way to borrow


The Program:

  • 30 year Conventional First Mortgage (80% Loan to Value)
  • Fixed Second Mortgage (20% Loan to Value)

Borrower Eligibility:

  • Member of Island Federal Credit Union
  • First-time homebuyer
    (has not owned in the last 3 years)
  • Single Family, Primary Residence, Nassau/Suffolk County
  • Minimum FICO® Credit Score: 680

Questions? Stop in any branch today or contact the Home Lending Department at 631-851-1100 ext.1347 or email


Program example: $200,000 purchase price will result in a $160,000 conventional first mortgage repayable with terms up to 30 years, and $40,000 fixed second mortgage repayable with terms up to 20 years. Membership eligibility applies Borrower required to pay their own closing cost (no gifts, seller concessions or grants permitted). FICO® scores below 740 may require additional costs. No late payments to any creditors within the last 12 months permitted. Maximum combined loan amount $636,150. All offers of credit are subject to credit approval. Available for first time home purchases only (no homeownership within the last three (3) years). No townhouses, condos or co-ops. Rates and terms are subject to change without notice. Hazard insurance is required on all loans secured by real property; flood insurance may also be required. Loan payments must be automatically transferred from an Island checking account. Additional terms and conditions may apply.

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