Best Bank For House Loan Home Loans For First Time Homeowners New Home Buyer Loans New York First Time Home Buyer | Down Payment Assistance – Mortgage rates are at 4.44% for the 30 year fixed loan program and at 3.75% for the 15 year fixed. As for variable rates, the 5/1 ARM rate currently stands at 4.13%. Check out FHA and VA rates as well if you are doing low or no down payments. New York First Time home buyer checklist. Decide on your loan program options.