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.

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.

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.

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.

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.

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.

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.

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.