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
USDA Rural Housing Loan
The USDA Rural Housing Loan is for low to moderate income households in rural areas who can afford the monthly mortgage payments but who do not have enough funds available for the down payment or closing costs.
- For rural areas – more areas qualify than you think
- Financing up to 100% of appraised value plus one-time guarantee fee
- Expanded ratios of 29%-41% with 640 credit score
- No maximum purchase price
- No asset limit/no reserve minimum
- Flexible credit guidelines
- Closing costs can be included
- Seller contributions up to 6% of the sale price
- FHA 30-Year Fixed Rate
- 30 & 15-Year Fixed Rate Investment
- Fannie Mae HomeReady®
Fannie Mae HomeReady®
A Fannie Mae HomeReady mortgage is designed for creditworthy, low-to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income communities.
- Not just for first time homebuyers
- Up to 97% LTV 1-unit purchase
- Up to 95% rate and term refinance
- (97% FNMA to FNMA)
- No minimum borrower contribution 1-unit purchase
- May own other residential property
- No income limits in low income census track
- Homeownership education required (refinance excluded)
- 80% of area medium income (AMI) for all other properties
- Home Possible 30-Year
- Renovation Mortgages
Choosing a Fixed Rate Loan Term
What to Consider When Selecting
a Fixed Rate Term
Fixed rate mortgage loans come in various terms such as 10, 15, 20, or 30 years. In determining the length of your loan, you may want to consider:
- Total amount of interest you want to pay over the course of your loan. For example, the total cost of a 30-year loan in terms of the interest paid on the loan is higher than the total cost of a 10, 15, or 20-year loan. With a 30-year loan, you have the advantage of lower monthly payments due to the longer loan term. With a 15-year loan, you have the advantage of repaying the loan more quickly with higher monthly loan payments.
- Your ability to make a high monthly payment. If you can afford to pay more per month, you reduce the number of months you have to pay. Also, choosing a 15-year term will save you thousands in interest charges vs. the typical 30-year term.
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?
An Adjustable Rate Mortgage may be a good option for your mortgage if you want to:
- Maximize your buying power
- Keep your payments lower during the first few years of your loan
- Move into a different home within the next ten years
- Pay-off your mortgage within the next 10 years
- Expect your income to increase significantly in the coming years
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
Jumbo ARM vs. Jumbo Fixed Rate ARM
Jumbo Fixed Rate Mortgages are a consideration if you plan on staying in your home a long time, think interest rates will increase, and want payments that do not change with market conditions.
Jumbo ARMs are a consideration if you want a loan with low initial payments that can adjust up or down with market movement.
VA Mortgages
The VA (Veterans Administration) Home Loan program is one of the most powerful on the market for many Veterans, Servicemembers, and military families. These government-backed loans come with significant benefits that open the doors of home ownership to qualifying members who need assistance obtaining financing.
- Purchase or refinance a primary residence
- No down payment required
- Limited closing costs
- Pay $0 in appraisal fees5
Money-Saving Features of VA Mortgages
- Financing up to $726,200
- No down payment requirement
- Up to 100% financing of the property value
- No monthly private mortgage insurance premiums
- Limited closing costs
- Seller contributions of up to 4% of purchase price
- Seller-paid closing costs options
- One-time funding fee (waived for disabled veterans)
- No pre-payment penalty
- Minimal property requirements
Eligibility Requirements for VA Mortgages
Generally, veterans who meet length of service requirements, service members on active duty who have served a minimum period, certain Reservists, and National Guard members, and certain surviving spouses of deceased veterans.
You will need a VA Home Loans Certificate of Eligibility from the Veterans Administration to apply, which we can request for you. They may be able to provide assistance if you run into difficulty making payments. VA-backed loans are assumable as long as the person assuming the loan qualifies.
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
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, Sullivan, Ulster, and Westchester Counties.
Check Out Our Mortgage Rates
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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 2/1/25 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.
5Veterans, Servicemembers, and members of the National Guard or Reserve may be eligible for a $0 VA loan appraisal fee. Eligible members must meet the criteria outlined for a VA loan guaranteed by the U.S. Department of Veterans Affairs (VA) to qualify. Restrictions and limitations may apply.