First Time Home Buyer
Get Pre-QualifiedGetting 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
TODAY’S MORTGAGE RATES
30 Year Fixed Rate
6.75% Interest Rate
5 Year Adjustable Rate
6% Interest Rate
6% Interest Rate
Rates current as of 2/23/2024
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 ProgramThis 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 ProgramThis 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 ReadyThis 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 ProgramThis 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 MortgageMHV 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 (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 MortgageA 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 ProgramBoth 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.
HOMEOWNERSHIP STARTS IN 5 SIMPLE STEPS
Get PreparedThere are a few ways you can get prepared. We’ll guide you through some considerations before you apply.
CalculateUse our calculator to determine your monthly payment.
Pre-QualifyGetting pre-qualified will tell you how much you can borrow so you can shop for your new house with confidence.
Find a HomeAn MHV Mortgage Expert can recommend a trusted Real Estate Agent to help you find and negotiate the price for your new dream home.
Final Walkthrough & ClosingThe 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!
Homeownership CoachingHomeownership 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.
Save for a Down PaymentA 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 ScoreYour 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.
Employment HistoryMost 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.
Meet Our Mortgage Experts
Our Mortgage Experts will help guide you through the entire mortgage process and recommend a trusted realtor.
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.
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 QuestionsAsk questions until you feel comfortable with everything.
Finalize DetailsDetermine who will conduct your closing, the location, time and date.
Set ExpectationsFind out from the person who will conduct your closing what to expect at closing.
Secure DocumentsEnsure you’ve received your Closing Disclosure three business days before closing.
Arrange PaymentArrange your payment for the amount due at closing via wire transfer or bank check.
Confirm PaymentConfirm 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.
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.