Young couple buying first home

First Time Home Buyer

Start Your Journey to Homeownership
  • Get pre-qualified icon

    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.
    Get Pre-Qualified
  • Apply icon

    Apply Online

    You can apply within 15 minutes with our quick and easy online application. You can even upload documents through our portal.
    Apply Now
  • Have a question icon

    Get Expert Answers

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

Get Started Today

Fill out the form to start the mortgage process. A home loan expert will be in contact with you shortly.  

House

TODAY’S MORTGAGE RATES

30 Year Fixed Rate

6.625% Interest Rate

7.073% APR*

SONYMA

6.25% Interest Rate

6.658% APR*

Rates current as of 6/15/2024 

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Receive Up to $19,500 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?
Request a Call from a Mortgage Expert
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Finding, Buying & Financing Your New Home

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Your Journey to Home Ownership Download our free guide

Download Guide

HOME BUYER ASSISTANCE PROGRAMS

  • Sonyma down payment assistance

    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.
  • Homebuyers dream

    Home Buyers Dream Program

    This program provides up to $19,500 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

    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

    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

    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.

CHOOSE THE RIGHT MORTGAGE

  • $0 Down Mortgage

    $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.
  • Adjustable Rate Mortgage

    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.
  • Fixed Rate 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.
  • Home Buyer Program

    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.

Renovation Financing: Buy The Fixer-Upper

Sometimes the house you want – or the only one your budget allows – needs a little love. With Renovation Financing, you may be able to roll a renovation loan into your mortgage. This unique solution means you get to buy the home and pay for the work it needs…while still only paying one mortgage payment a month.

Talk to a Mortgage Expert today to find out if your purchase could qualify for renovation financing.

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HOMEOWNERSHIP STARTS IN 5 SIMPLE STEPS

  1. 1

    Get Prepared

    There are a few ways you can get prepared. We’ll guide you through some considerations before you apply.
  2. 2

    Calculate

    Use our calculator to determine your monthly payment.
  3. 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. 4

    Find a Home

    An MHV Mortgage Expert can recommend a trusted Real Estate Agent to help you find and negotiate the price for your new dream home.
  5. 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!

Prepare

  • Homeownership Coaching

    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 or visit Balance now. 
  • Money bag icon

    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

    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 our 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.
  • Document icon

    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.

    Get Prepared: Gather your 2 most recent paystubs and 2 years' worth of W2s. If you're self-employed, gather your two most recent years of personal and business tax returns. 

Calculate Your Mortgage Payment

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

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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. 

GET PRE-QUALIFIED    HAVE A QUESTION? WE'LL CONTACT YOU

Meet Our Mortgage Experts

Our Mortgage Experts will help guide you through the entire mortgage process and recommend a trusted realtor.

Bill Walsh

Bill Walsh

Mortgage Originator

Phone: 914.474.5194
Email: [email protected]

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

Visit Bill's Website 

Guy Greco

Guy Greco

Mortgage Originator

Phone:845.802.4072
Email: [email protected]

Branches Covered:
Kingston, Saugerties, Woodstock & Hurley Ave.
NMLS #: 2213002

Visit Guy's Website

Danielle Crossen

Danielle Crossen

Mortgage Originator

Phone:845.418.9263
Email: [email protected]

Branches Covered:
Highland & Port Ewen
NMLS #: 1678247

Visit Danielle's Website

Tom Mchugh

Tom McHugh

Mortgage Originator

Phone: 845.363.8993
Email: [email protected]

Branches Covered:
LaGrange, Fishkill,
Putnam & Westchester Counties
NMLS #: 697524


Visit Tom's Website
Denise Quinn

Denise Quinn

Mortgage Originator

Phone:845.522.3844
Email: [email protected]

Branches Covered:
Middletown, Rockland & Sullivan Counties
NMLS #: 454310

Visit Denise's Website

Jose Ortiz

Jose Ortiz

Mortgage Originator

Phone:845.663.6243
Email: [email protected]

Branches Covered:
Peekskill & Westchester County
NMLS #: 724128

Hablo español

Visit Jose's Website

Rick Farrow

Rick Farrow

Mortgage Originator

Phone:845.527.2090
Email: [email protected]

Branches Covered:
Newburgh & Rockland County
NMLS #: 800674

Visit Rick's Website

WHAT IS NEEDED FOR A MORTGAGE APPLICATION?

You may submit these documents through our Application portal

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

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

 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.

 GET MY DOWNLOAD(OPENS IN A NEW WINDOW)

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: 

  • Question mark

    Ask Questions

    Ask questions until you feel comfortable with everything.
  • Calendar icon

    Finalize Details

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

    Set Expectations

    Find out from the person who will conduct your closing what to expect at closing.
  • Document icon

    Secure Documents

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

    Arrange Payment

    Arrange your payment for the amount due at closing via wire transfer or bank check.
  • Money bag in hand icon

    Confirm Payment

    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

Commonly Asked Questions About Mortgages

  •  SONYMA mortgage is a mortgage through The State of New York Mortgage Agency (SONYMA). SONYMA specializes in mortgage programs to assist first-time homebuyers and those meeting certain income qualifications who are purchasing a home in New York State.         

    Click here for the home buyer programs we participate in.

  • Please visit our Rates page for today's mortgage rates. 
    • First, you will know exactly how much house you can afford. This will help you focus your search and use your time more efficiently.
    • Getting pre-qualified gives you buying power because the seller knows you have financing lined up, making you more attractive to them.

    Learn more about mortgages and get pre-qualified here.

  • To apply for a home equity or mortgage refinance, please visit our Mortgage Center here

    If you have any questions about the loan application process, please contact us at 845.336.4444.

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.