First Time Home Buyer
Buying your first home? Explore MHV mortgage options, helpful resources, and expert guidance designed to make your path to homeownership easier.
first-time homebuyer, first home, new home buyer
Welcome home starts with real guidance.
Buying your first home is complicated. MHV Mortgage Experts walk you through it, and qualifying first-time homebuyers get up to $5,000 toward closing costs. †
Your questions are welcome here.
Nobody teaches you this stuff. But MHV will. A local Mortgage Expert will reach out, usually within one business day. No pressure, no obligation.
First homes come with help.
Between MHV and New York State programs, qualified first-time buyers can access thousands of dollars in grants and assistance. Your Mortgage Expert will tell you exactly what you qualify for after talking through your goals.
Home Buyer Program
Get up to $5,000 toward closing costs for a qualifying first-time buyer who banks with MHV. †
$0 Down Mortgage
Or choose a $ 0 down mortgage from MHV, with no income restrictions and only 1% toward closing costs.
Learn more about the other assistance programs available to help you say "welcome home".
Your Mortgage Expert will guide you through what you qualify for and answer any questions about these programs and our loan options. Most programs have income restrictions and additional criteria, and you can combine several.
Home Buyers Dream Program
The Homebuyer Dream Program offers up to $15,000 for qualified borrowers on a first-come, first-served basis. We’ll talk you through whether this option makes sense for you.
Fannie Mae 3% Down Program
3% down payment options are available through Fannie Mae HomeReady and Fannie Mae’s Standard 97% LTV loan.
See every step before you take it.
Homeownership starts with real guidance.
Have questions about your Hudson Valley house hunt? Nobody teaches you this stuff. But MHV will.
Meet Our Mortgage Experts
Our Mortgage Experts will help guide you through the entire mortgage process and recommend a trusted realtor.
Bill Walsh
Branches Covered:
Michael Riger
John Reidy
Denise Quinn
Branches Covered:
Tom McHugh
Dan Lusignan
Guy Greco
Branches Covered:
Rick Farrow
Branches Covered:
Shawn Simmons
Your first questions, answered.
Our Mortgage Experts walk you through every question, from getting qualified to understanding the different types of mortgage loans and assistance programs.
It’s real money toward your closing costs. Qualifying first-time homebuyers get up to a $5,000 credit applied at closing on an MHV biweekly mortgage for a single-family home or condo in the Hudson Valley. The credit goes toward your eligible closing costs, right on your Closing Disclosure. You can’t take it as cash. There’s no set end date today, but MHV may change or end the program for future applicants. Program terms in effect when you apply will apply. Current program terms apply when you apply.
You may qualify if all of these are true:
• No one on the loan has owned a home in the past three years. Never owned? You qualify. Owned a home years ago but not recently? You may qualify too.
• You’re buying a single-family home or condo as your primary residence.
• Your loan is an MHV biweekly mortgage. That means you make a payment every two weeks instead of once a month. Your Mortgage Expert will walk you through how it works.
• Each borrower whose income is used to qualify for the loan opens an MHV Checking Account, sets up direct deposit of that income, and enrolls in auto-pay for the mortgage. A co-borrower whose income isn’t used to qualify doesn’t need to.
Membership is required, and joining is simple if you live or work in our seven-county Hudson Valley area. Not sure if you check every box? Call us. A local Mortgage Expert will give you a straight answer.
Two things. Keep your direct deposit going into your MHV Checking Account, and keep your mortgage payment on autopay from an MHV account. The credit is also built for long-term homeownership, so it comes with a three-year commitment: if your mortgage is paid in full, refinanced, or otherwise ends within 36 months of closing — including if you sell the home — you’ll repay the credit (up to $5,000) at payoff. After 36 months, there’s nothing to repay. If your job or pay situation changes, call us. We’d rather help you sort it out than surprise you.
Then we’ll tell you, and we’ll recommend it. Our Mortgage Experts are paid the same no matter which product you choose. If a SONYMA Down Payment Assistance Loan, a Federal Home Loan Bank first-time homebuyer program, or another option serves you better than our credit, that’s the one they’ll point you to.
There’s no perfect moment, but there are good signs: steady income, some savings set aside, and a clear picture of your monthly budget. The best first step is a conversation, not an application. Call a local Mortgage Expert and talk it through. No pressure, no obligation.
Pre-approval is a lender’s written estimate of how much you can borrow, based on your income, savings, and credit. In today’s Hudson Valley market, it matters: sellers take pre-approved buyers seriously, and you’ll shop knowing your real budget instead of guessing.
Often less than you think. Many first-time buyers assume they need 20% down, but a range of programs can lower that number significantly. Your Mortgage Expert will walk you through the options that fit your situation, including down payment assistance programs available in New York.
Closing costs are the fees due when your home purchase becomes final. Think appraisal, title work, attorney fees, taxes, and lender charges. They’re separate from your down payment, and they catch many first-time buyers off guard. That’s exactly what the MHV credit is designed to help with.
More than most people realize. Beyond MHV’s lender’s credit, New York first-time buyers may qualify for SONYMA down payment assistance, Federal Home Loan Bank grants, and other programs. Your Mortgage Expert knows them all and will match you with whichever combination serves you best, even if it isn’t ours.
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.
It’s the document that spells out the final terms and costs of your mortgage before you sign. It can look intimidating. It shouldn’t have to. Your MHV Mortgage Expert will walk you through every page so you know exactly what you’re signing and why.
Please visit our Rates page for today's mortgage rates.
The first year of homeownership comes with costs renting never had: property taxes, homeowners' insurance, maintenance, and the occasional surprise repair. We help you plan for that before you close, and we stay with you after, with real guidance on budgeting for your first year and building equity over time.
Talk to a local Mortgage Expert. A real person, in the Hudson Valley, who picks up the phone. They’ll answer your questions, check your eligibility for the credit, and walk you through your options in plain language. See if you qualify, or call us today.
† First-Time Homebuyer Assistance Program Disclosure and Agreement
Mid-Hudson Valley Federal Credit Union ("MHVFCU") is pleased to offer eligible first-time homebuyers financial assistance to help offset the costs associated with purchasing a home.
Eligible borrowers may receive a credit up to $5,000, which may be applied toward the borrower's down payment and/or eligible closing costs, subject to program requirements and underwriting approval.
Participation in this program is voluntary and subject to the terms and conditions outlined below.
Eligibility
To qualify for this program, all borrowers must:
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Meet MHVFCU's underwriting and mortgage approval requirements.
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Qualify as a First-Time Homebuyer, defined as an individual who has not owned or held an ownership interest in a principal residence during the three (3) years immediately preceding the closing date.
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Occupy the property as their primary residence.
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Meet all additional program requirements established by MHVFCU.
MHVFCU reserves the right to request documentation reasonably necessary to verify eligibility.
Program Requirements
As a condition of receiving the Down Payment Assistance benefit, the borrower(s) agree to:
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Maintain an active Mid-Hudson Valley Federal Credit Union checking account.
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Maintain recurring direct deposit into the MHVFCU checking account
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Enroll in and maintain automatic bi-weekly mortgage payments from the MHVFCU checking account, unless otherwise approved in writing by MHVFCU.
Failure to maintain any of these requirements may result in discontinuation of participation in the program and may constitute a default under this agreement, subject to applicable law and the terms described below.
Recapture Provision
The credit provided under this program is intended to promote long-term homeownership and member relationships.
Accordingly, if the mortgage loan is paid in full, refinanced, satisfied, assumed, otherwise terminated, within thirty-six (36) months of the loan closing date, the borrower(s) agree to repay the full amount of the credit received (up to $5,000) to Mid-Hudson Valley Federal Credit Union at or before the time of payoff.
The recapture amount shall be added to the payoff balance and must be paid in full before MHVFCU will satisfy the mortgage, unless prohibited by applicable law.
No recapture shall apply after the thirty-six (36) month anniversary of the loan closing date.
Program Changes
MHVFCU reserves the right to modify, suspend, or discontinue this program for future applicants at any time. Any changes will not affect assistance already provided except as specifically described in this Agreement.
Additional Terms
Participation in this program does not guarantee mortgage approval.
All mortgage loans remain subject to credit approval, property appraisal, verification of income and assets, underwriting requirements, applicable federal and state laws and MHVFCU mortgage policies.
The credit benefit has no cash value and may only be used for eligible down payment and/or closing costs as determined by MHVFCU.
Borrower Certification
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Have read and understand this Disclosure and Agreement.
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Certify they meet the First-Time Homebuyer eligibility requirements.
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Agree to maintain a Mid-Hudson Valley Federal Credit Union checking account, recurring direct deposit, and automatic bi-weekly mortgage payments as described above.
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Understand that the credit is subject to full recapture if the mortgage loan is paid off or otherwise terminated within thirty-six (36) months of closing.
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Agree to repay the recapture amount in accordance with this Agreement.
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Understand that failure to open, fund, and maintain the required account and payment arrangements may result in the loss of credit and may require additional funds to close. Membership in Mid-Hudson Valley Federal Credit Union is required.
*APR = Annual Percentage Rate. All loans subject to credit approval. Rates, terms, and conditions are subject to change without notice. Income restrictions and eligibility requirements apply to assistance programs. Home Buyers Dream Program funds are available on a first-come, first-served basis and may be exhausted later in the year.
Federally Insured by NCUA. Equal Housing Lender. NMLS #411955.