Start Your

Journey to Homeownership

Get Started Today

Fill out the form to start the mortgage process. A home loan expert will be in contact with you shortly.
Permission to contact: By providing a phone number, I/We consent to receive calls including auto-dialed and pre-recorded message calls from MHVFCU.


Meet the MHV Mortgage Experts

Get Pre-Qualified

Getting pre-qualified proves that you’ve already lined up financing and have the ability to go through with the sale, which makes you a more attractive buyer to sellers.

Apply Online

You can apply within 15 minutes with our quick and easy online application. You can even upload documents through our portal.

Have a Question?

An MHV Mortgage Expert can answer any questions you have and will guide you through the entire mortgage process.
 

Today’s Mortgage Rates

30 Year Fixed Rate

5.75%

Interest Rate

6.17%

APR*
5 Year Adjustable Rate

5.375%

Interest Rate

7.107%

APR*
SONYMA

5.5%

Interest Rate

5.886%

APR*

Rates Current as of 2/5/2023

Home Buyer Assistance Programs

SONYMA DPAL (Down Payment Assistance Loan)

This grant provides up to 3% of purchase price for your down payment. The amount is forgiven if you stay in your home for at least 10 years. Income restrictions apply. Exclusive to first time home buyers.

Home Buyers Dream Program

This program provides up to $9,500 towards the down payment or closing costs of your first home. Can be combined with DPAL. Must be enrolled in a First Time Homebuyers Education course. Funds are available on first-come, first-served basis and may be exhausted later in the year. Income restrictions apply.

SONYMA Neighborhood Revitalization Program

This grant provides up to $20,000 to fix up a home, if work is needed. Can be combined with DPAL and Home Buyers Dream Program. The amount is forgiven if you stay in your home for at least 10 years. Income restrictions apply.

Fannie Mae Home Ready

This program, offered through Fannie Mae, allows for a 3% down payment. The borrower does not have to qualify on their own and any co-signer does not have to reside in the home. Income restrictions apply.

Fannie Mae 3% Down Program

This program allows for a 3% down payment. Unlike the Home Ready program, there are no income restrictions. At least one borrower must be a first time homebuyer.

Want to Learn More? Contact a Mortgage Expert

The Path to Homeownership Starts in 5 Simple Steps

1

Get Prepared

There are a few ways you can get prepared. We’ll guide you through some considerations before you apply.

2

Calculate

Use our calculator to determine your monthly payment.

3

Pre-Qualify

Getting pre-qualified will tell you how much you can borrow so you can shop for your new house with confidence.

4

Find a Home

An MHV Mortgage Expert can help recommend a trusted Real Estate Agent to help you find and negotiate the price for your new dream home.

5

Final Walkthrough & Closing

The closing is the last step in buying and financing a home. At your closing appointment, the Mortgage is finalized and the title of the house is transferred to you. You officially become a home owner!

Choose the Right Mortgage

Fixed Rate Mortgage

A Fixed Rate (Conventional) Mortgage has monthly principal and interest payments that remain the same throughout the life of the loan (unless property taxes, insurance premiums or homeowners/condo association fees change). It is recommended for those that do not want their loan to fluctuate with market rates.

Adjustable Rate Mortgage (ARM)

An ARM has an interest rate that can change at designated intervals throughout the life of the loan. These rate changes are based on a financial index, and when these changes occur your monthly payment may increase or decrease. Most ARMs will have a lower interest rate than a Fixed Rate Mortgage. An ARM is recommended for those who want to take advantage of lower initial payments, those that expect to move before any rate increases, or for those who expect their income to rise.

Home Buyer Program

Both the State of New York Mortgage Agency (SONYMA) and Fannie Mae offer home buyer programs to help those with lower to moderate incomes purchase a home. Each program has its own qualifications and guidelines, so talk to one of our Mortgage Experts to determine if there’s a program right for you.

$0 Down Mortgage

MHV offers a $0 down mortgage designed to help home buyers get into a home for less. This mortgage is not limited by income restrictions and requires only a 1% contribution towards closing costs.

Not Sure Which One? Request a Call from a Mortgage Expert

STEP 1

Prepare for Your Journey

Homeownership Coaching

Homeownership can be an overwhelming subject to tackle on your own, which is why we provide our members with complimentary access to Pre-Purchase Homeownership Counselors. Our counselors will help you prepare for the added expenses and responsibilities of owning a home, so you know what to expect, and where to turn for help.

Get Prepared: To speak with a counselor, call toll-free 888.456.2227 and press option 2.

Save for a Down Payment

A down payment is the difference between the purchase price of the property and the mortgage loan amount. It is deducted from the total amount of your Mortgage and represents the equity or your ownership in the house. Down payment requirements vary depending on the type of Mortgage.

Get Prepared: Set up an automated savings plan to make it easier to build toward your down payment goal.

Credit Score

Your credit score is a mathematical assessment of the likelihood you will repay what you borrow. It is based on the information in your credit report, which tracks how well you pay and manage bills.

Get Prepared: Read out article Your Credit Score: Everything You Need to Know.

Bonus: Your membership includes complimentary access to Financial Counselors that can review your credit report as well as answer questions about credit scoring, building a strong credit history, and correcting any inaccuracies that appear. To speak with a counselor, call toll-free 888.456.2227.

Employment History

Most lenders prefer to see two years of consistent employment in the same field. Lenders want to know that your income has been consistent and that it has the likelihood to continue in the near future. If you’ve been at your job for less than two years, you should still apply because we look at all of your individual employment factors during the Mortgage approval process.

Your Journey to Home Ownership

Finding, Buying & Financing Your New Home


Download our free guide, “Your Journey to Homeownership”, to provide you with the knowledge you need to start on the path to homeownership. Whether you’re buying your first or second home, we’ll guide you through the process so you can feel confident and empowered to get started.

Download Guide

Get up to $9,500 Towards Your new Home

MHV participates with The Federal Home Loan Bank (FHLB) of New York's Home Buyer Dream Program to help secure funds to qualified first time homebuyers towards the down payment on your new home. Meet with an MHV Mortgage Expert to learn more!

Have Questions?

STEP 2

Calculate Your Mortgage Payment

The PMI rate will vary based on credit score, down payment and other criteria.

Step 3

Get Pre-Qualified for Your Mortgage

Getting pre-qualified proves that you’ve already lined up financing and have the ability to go through with the sale, which makes you a more attractive buyer to sellers.

Step 4

Meet the MHV Mortgage Team

our Mortgage experts will help guide you through the entire Mortgage process and recommend a trusted Realtor.
Photo of

Don Spiro

845.332.5856

Visit Don's Website

Branches Covered:
Lagrange, Fishkill & Westchester County
NMLS #515614

Photo of

Bill Walsh

914.474.5194

Visit Bill's Website

Branches Covered:
Red Hook, Rhinebeck, 
Poughkeepsie & Putnam County
NMLS #454307

Photo of

Denise Quinn

845.522.3844

Visit Denise's Website

Branches Covered:
Middletown, Newburgh & Rockland County
NMLS #454310

Photo of

SEAN DYKHOUSE

845.768.2293

Visit Sean's Website

Branches Covered:
Highland, Hurley Ave., Port Ewen & Sullivan County
NMLS #184229

Photo of

Guy Greco

845.802.4072

Visit Guy's Website

Branches Covered:
Kingston, Saugerties & Woodstock
NMLS #2213002

Photo of

JOSE L. ORTIZ

845.663.6243

Branches Covered:
Peekskill & Westchester County
NMLS #724128

What is needed for a Mortgage application?

You may submit these documents through our Application portal

 

blue checkmark Last 2 years W2's and 2 current paystubs evidencing at least 30 days of year to date income

blue checkmark  If self employed: Last 2 years signed tax returns with all schedules

blue checkmark  Last 2 months bank statements for all savings and checking accounts
 


How long does it take?

Grab this download for the steps of a mortgage application, estimated timeframes, and a list of required documents.
 

Step 5

Final Walkthrough & Closing


Before closing, it is recommended that you do a final walkthrough of the home to ensure its condition has not changed and that any features that were supposed to be included in the sale are still in place. On the closing day, the Mortgage is finalized and the title of the house is transferred to you.

Here are some tips:

Ask questions until you
feel comfortable with
everything.

Determine who will conduct
your closing, the location,
time and date.

Ask the person who will
conduct your closing
what to expect at closing.

Ensure you’ve received
your Closing Disclosure
three business days before
closing.

Arrange your payment
for the amount due at
closing via wire transfer
or bank check.

Confirm how your property
taxes and homeowner’s
insurance will be paid each
year.

Take all the time you need. You have a right to read and understand your closing documents, no matter how long it takes.

See What The Mid-Hudson Valley Has To Say About Us

They are very helpful and they offer very professional service. Every time I have a question about anything, it gets handled quickly and efficiently.

Sheila F.

MHV has easy access to local branches, extended hours teller machines, competitive rates on loans and mortgages, and easy loan application process. Good quality of service!

Matthew B.

Apply in Less Than 15 Minutes


Or Call us at 845.336.4444

Frequently Asked Questions
 

STILL HAVE MORE QUESTIONS?

Rates, terms and conditions subject to change without notice. All loans subject to credit approval.

*APR=Annual Percentage Rate. All loans subject to approval. Rates, terms, and conditions are subject to change.