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First-time Homebuyers

Owning a Home is More Affordable Than You Think

Are you paying $1,200 or more a month in rent? The reality is you could own a home and have a similar monthly payment. If your household income is $50,000 annually, a $150,000 home could be affordable with a 10% down payment. Your monthly payment on a $135,000, 30-year mortgage at a rate of 4.625% with an APR of 4.66% would be $1,202.39 (includes principal, interest, insurances, and taxes)—only a few dollars more than your current rent payment. Plus, homeowners enjoy tax advantages and equity growth in their home. Since taxes and home prices vary, your specific payment may be different. Other mortgage options are available with down payment options as low as 3%.

Why Rent When You Could Own?

Saving enough money for a down payment can be a hurdle for many first-time home buyers. That’s why HVFCU offers special programs to help first-time homebuyers. Consider this – you can buy a home responsibly with little or no money out of pocket. Some programs allow funds for closing costs and down payment to be in the form of gifts or for the seller to pay some or all of your closing costs. Other programs provide for down payment assistance. The opportunity for home ownership is closer than you think.

First Home Club Offers $4 in Grant Monies for Every $1

The First Home Club2 is a matched savings program for prospective homebuyers in New York State. The program is financed by the Federal Home Loan Bank of New York (FHLB) and offers qualified first-time homebuyers the opportunity to earn $4 in grant monies for every $1 saved over a 10-to-24 month period.

Qualifying for First Home Club

You can participate in the First Home Club if you are a first-time homebuyer and your total monthly income is 80% or less than the area median income. To participate in the First Home Club with Hudson Valley Federal Credit Union, you must live, work, worship, volunteer, or attend school in Dutchess, Orange, Ulster or Putnam County.

A first-time homebuyer is anyone (alone or with his/her spouse) who has not owned a home in the last three years, or single parents and displaced homemakers who owned a home with a spouse within the last three years.

First Home Club Helps You Save for a Down Payment & Closing Costs

When you enroll in First Home Club, you agree to save money in a dedicated HVFCU savings account for 10 to 24 months. The First Home Club subsidy grants $4 in matching funds for every $1 you save up to $7,500. So, if you save $78.13 a month for 24 months, you’ll have saved $1,875. The First Home Club can match your savings with up to another $7,500, giving you $9,375 towards your down payment and closing costs.

Receive $500 Off Closing Costs

If you are receiving a FHLB First Home Club grant and finance with HVFCU, you are also eligible for $500 off closing costs3. Combine the $500 off closing costs with HVFCU’s low mortgage rates and the First Home Club matched savings to maximize the affordability of your home.

Getting Started in First Home Club

Get started by enrolling in the “Homebuyer Counseling Program” that is offered through the following organizations:

  • PathStone (New York State) – 845.569.0770 / 845.343.0771, pathstone.org
  • Hudson River Housing (Dutchess County) – 845.454.9288, hudsonriverhousing.org
  • Orange County Rural Development Advisory Corporation (Orange County) – 845.713.4568, ocrdac.org
  • Putnam County Housing Corporation (Putnam County) – 845.225.8493, putnamhousing.com
  • Rural Ulster Preservation Company (Ulster County) – 845.331.2140, rupco.org

Getting Your Mortgage with Hudson Valley Federal Credit Union

Here’s what you get with an HVFCU mortgage:

  • Low mortgage rates
  • Low down payment options
  • Free pre-approvals
  • Fast turnaround
  • Low closing costs
  • No mortgage pre-payment/payoff penalties
  • In-house account servicing

What to Expect with an HVFCU Mortgage

  • Low down payment options
  • Free pre-approvals
  • Fast turnaround
  • Low closing costs
  • No mortgage pre-payment/payoff penalties
  • In-house account servicing
  • Local decision making

Explore Further

1 APR=Annual Percentage Rate. The APR stated is the fixed rate being offered as of 3/15/13 for the term indicated. The rate is subject to change and based on the date of the application. Your APR will vary based on your final loan amount and finance charges. The repayment schedule is based on this rate and term and is 360 payments of $4.6312 for every $1,000 borrowed. Consult with your tax advisor regarding potential tax advantages.

2 Registration in the First Home Club does not guarantee approval of any mortgage through Hudson Valley Federal Credit Union.

3 HVFCU will give a credit of $500 toward closing costs at closing. Member pays for all other fees and services at closing. Offer valid only for First Home Club participants who close on their mortgage no later than 30 months from the start of participation in the program. Offer cannot be used in combination with buy-down of interest rate and may not be combined with any other offers or discounts unless otherwise noted. Limit one offer per household per year. Offer may be withdrawn at anytime. Mortgages in NY only.

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