First-Time Home Buyer Mortgage

First Time Home Buyer

Start Your Journey to Homeownership

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 Online

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

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

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

TODAY’S MORTGAGE RATES

30 Year Fixed Rate

7.25^% Interest Rate

7.723^% APR^*

5 Year Adjustable Rate

6.75^% Interest Rate

8.202^% APR^*

SONYMA

6.875^% Interest Rate

7.309^% APR^*

View More Rates

Rates current as of 9/30/2023

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

$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 (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

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

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.

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

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 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!

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.
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 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 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.

Woman on computer

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

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

Mortgage Originator

Phone:845.802.4072
Email: [email protected]

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

Visit Guy's Website

Jose Ortiz

Business/Mortgage Development Officer

Phone:845.363.8993
Email: [email protected]

Branches Covered:
Peekskill & Westchester County
NMLS #724128

Visit Jose's Website

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

Mortgage Originator

Phone:845.522.3844
Email: [email protected]

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

Visit Denise'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:

Ask Questions

Ask questions until you feel comfortable with everything.
Finalize Details

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

Find out from the person who will conduct your closing what to expect at closing.
Secure Documents

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

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

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

Apply for your mortgage

HAVE A QUESTION? WE'LL CONTACT YOU

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.
An FHA Loan is a loan that is insured by the Federal Housing Administration (FHA) used to purchase or refinance 1- to 4-unit properties. For more information on the mortgage products offered at MHV, please click here.
- 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.