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.

SONYMA provides low interest mortgages to low- and moderate-income home buyers throughout New York State. This Mortgage offers several benefits including low interest rates, low down payment requirements, flexible underwriting guidelines, and down payment assistance. This Mortgage is recommended for first time home buyers.

The Home Ready Program is our low down payment Mortgage designed to help creditworthy borrowers with low- to moderate-incomes afford homeownership. Down payments are as little as 3%, and income of other household members or co-borrowers who don’t live in the home can help in qualifying. This loan option is recommended for first-time home buyers and has an online Homeownership education requirement to help you successfully purchase and own a home.

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. From setting a realistic household budget and reviewing credit reports, to explaining the homeownership process and lending requirements, our counselors can help guide the way.

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. For many shoppers, saving up a 20% down payment is not easy, but it can have many financial benefits and save you thousands of dollars in the long run. MHV offers financing options up to 97%.

Get Prepared: Set up an automated savings plan to make it easier to build toward your down payment goal. Automate savings by taking a portion of your paycheck and having it directly deposited into your savings account.

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. Creditors typically check your score when deciding whether or not to approve your loan application. Scores range from 300 to 850, with a higher score being indicative of less risk.

Get Prepared: We recommend you check your credit report before applying for your Mortgage by visiting www.annualcreditreport.com.

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.