Mortgage Options

Find the right mortgage program that fits your needs, whether you are a first-time homebuyer or looking for a vacation home.

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Fixed Rate Mortgages1,2

Fixed rate mortgages are the simplest. You'll always know what your monthly principal and interest payments will be over the life of your loan because your interest rate cannot change. These are among the most popular loans for those reasons. Choose from:

  • 30, 25, 15 & 10-Year Fixed Rate
  • Fixed Rate High Balance
  • USDA Rural Housing 30-Year Fixed Rate Loan
  • FHA 30-Year Fixed Rate
  • 30 & 15-Year Fixed Rate Investment
  • Fannie Mae HomeReady®
  • Home Possible 30-Year
  • Renovation Mortgages 

 

Choosing a Fixed Rate Loan Term

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Adjustable Rate Mortgage Paperwork

Adjustable Rate
Mortgages (ARMs)3

Adjustable Rate Mortgages (ARMs), offer a lower starting interest rate and therefore, a lower monthly payment. Your rate and your payment may increase, though, as time goes on. ARMs are useful loans for a variety of circumstances. Choose from:

  • 5-Year ARM
  • 7-Year ARM
  • 10-Year ARM




Why Choose an ARM?

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very large house

Jumbo Mortgages

Need to borrow more than conventional loan limits allow? A jumbo loan may be your answer. We offer a variety of jumbo loans to meet your needs. You may quickly find yourself in need of higher financing than what a conventional mortgage can provide.

At HVCU, get a jumbo mortgage for the purchase or refinance of a more expensive 1-4 family residential dwelling, condo, townhouse, or Planned Unit Development (PUD) priced over $726,200 - 1 unit and $929,850 - 2 units. Choose from:

  • 30, 25, 20, 15, & 10-Year Jumbo Fixed Rate4
  • 10, 7, & 5-Year Jumbo ARM4

Jumbo ARM vs. Jumbo Fixed Rate ARM

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Veteran applying for a mortgage

VA Mortgages

The VA (Veterans Administration) Home Loan program is the most powerful home loan program on the market for many veterans, service members, and military families. These government-backed loans come with significant benefits that open the doors of home ownership to veterans who need help obtaining financing.

Qualifying veterans can finance the purchase of a primary residence, either existing or pre-construction, or refinance an existing loan. You don’t have to be a first-time home buyer to qualify, and you can reuse the benefit.

Money-Saving Features

Eligibility Requirements



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Renovation Mortgages

Renovation mortgages are for buyers seeking permanent financing to renovate, restore, purchase, or make additions to an existing home.

  • Borrow up to 97% of the purchase price, plus the cost of renovation
  • Purchase or refinance transactions
  • New York primary residences and second (vacation) homes only
  • 1-4 unit residential properties only
  • Renovation amount can be up to 75% of the final “after improved” value of the home
  • One closing with renovation funds disbursed as work is completed
  • Appraisal completed to reflect “after improved” value
  • Documentation is easier and simpler than FHA 203k loans
  • Take up to six months to have work completed after closing
  • Must have a licensed and insured general contractor managing the renovation


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State of New York Mortgage Agency (SONYMA)

SONYMA offers low-interest mortgage loans and programs designed specifically for qualified first-time buyers who meet their income and geographic requirements. SONYMA also provides guidance about the home buying process, including ways to help you secure funds for a down payment on your path to affordable home ownership.

  • Low and moderate income first-time homebuyers
  • Homebuyer education required
  • Down payment assistance loans available
  • Financing up to 97% for qualified homes/buyers



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Homeowner's Edge

Our Homeowner's Edge mortgage is one that thanks Police, Nurses, EMTs, and Firefighters for their service, and offers the following:

  • Competitive fixed rates
  • Lower Private Mortgage Insurance payments
  • 0% down payment on new purchases
  • Seller contribution of up to 3%


In addition to the above, there are no income limits and no special homebuyer education class required.

The mortgage is available on primary residences in Albany, Columbia, Dutchess, Greene, Orange, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Ulster, and Westchester Counties.

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Speak With a Mortgage Professional To Help Guide You Through the Home Buying Process – From Application to Selecting the Right Option for You, and More!


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Important Legal Disclosures & Information


For complaints and inquiries concerning your mortgage or home equity, please share your experience with us. You may also contact the New York State Department of Financial Services Consumer Assistance Unit at 800.342.3736 or by visiting the Department's website at www.dfs.gov.

All company names are the registered trademarks of their respective owners.

The tools and calculators on the HVCU website are provided for educational and illustrative purposes only. The accuracy of the calculations and their applicability to your financial circumstances are not guaranteed. HVCU does not provide tax, legal, accounting, financial, investment or other professional advice. The tools and calculators should not be used as a substitute for tax, legal, accounting, financial, investment or other professional advice. Your use of the tools or calculators does not assure the availability of, or your eligibility for, any specific product offered by HVCU or its affiliates. The terms and conditions of specific products may differ and affect the results obtained by using these tools and calculators. All financing is subject to credit approval. The default figures, amounts and information shown in the tools and calculators are hypothetical and may not be applicable to you. Please consult with qualified professionals to discuss your particular situation.

APR = Annual Percentage Rate. Rates are accurate as of 11/1/23 and are subject to change without notice. 

1Loan Rate Assumptions:

  • Loan Amount: $300,000
  • Closing Costs: $6,000
  • Property Value: $500,000
  • Existing Lien: 0
  • In the State of: New York
  • Credit Score: 740
  • Not a Manufactured Home
  • Single Family Residence, 1 Unit, Detached
  • Primary Residence

2As an example: A 360 month term at a fixed rate of 7.250% with a 60% LTV would be $68.22 for each $10,000 borrowed. Taxes and insurance are not included; therefore the actual payment obligation will be greater.

3ARM = Adjustable Rate Mortgage. Rates on 10/6 ARMS are fixed for the first ten years and subsequently subject to change bi-annually. Rates on 7/6 ARMs are fixed for the first seven years and subsequently subject to change bi-annually. Rates on 5/6 ARMs are fixed for the five years and subsequently subject to change bi-annually. Adjustable rate mortgages have an annual rate cap of +/- 2.00% and a lifetime rate adjustment cap of +/- 5.00%.

ARM Loan Rate Assumptions

  • 7/6 ARM:
  • Loan Amount: $300,000
  • Closing Costs: $6,000
  • Property Value: $500,000
  • Existing Lien: 0
  • In the State of: New York
  • Credit Score: 740
  • Not a Manufactured Home
  • Single Family Residence, 1 Unit, Detached
  • Primary Residence


As an example, a 7/6 ARM at a fixed APR of 6.625% at 60% LTV would be $1,920.93 initially, adjusting every six months after the initial term, based on an index and margin. Taxes and insurance are not included; therefore the actual payment obligation will be greater.

4Jumbo Loan Rate Assumptions:

  • 30-Year
  • Loan Amount: $750,000
  • Closing Costs: $36,000
  • Property Value: $1,250,000
  • Existing Lien: 0
  • In the State of: New York
  • Credit Score: 740
  • Not a Manufactured Home
  • Single Family Residence, 1 Unit, Detached
  • Primary Residence

As an example, a 360 month term at a fixed APR of 7.125% at 60% LTV would be $5,502.89. Taxes and insurance are not included; therefore the actual payment obligation will be greater.