Closing the Deal: Alternative Financing Options


It’s important to educate yourself and shop wisely when financing a home. Even a small difference in points, fees, payment type, or down payment requirements, can add up to thousands of dollars, affecting your monthly payment or ability to finance.

Some lenders have different names for their fees, and might even waive one fee while adding another. Meeting with a loan officer can help you compare your options and understand your choices to ensure you select the right mortgage for your needs.

Finding the Perfect Home

Donna Szpulecki , a single mother, was looking for the perfect home for her and
her son Kai. First, she attended RUPCO’s NeighborWorks Home Ownership program, completed the required twelve hours of buyer education, and became qualified for the Kingston City Repair Grant. A few months later, she came to
HVFCU and, after speaking with Mortgage Loan Officer Michele Rizzi, was pre-approved and well on her way.

With the help of her Realtor, Donna found her perfect home on a quiet, tree-lined street in Kingston. Donna reviewed her options with Michele and decided a State of New York Mortgage Agency (SONYMA) home loan coupled with their Down Payment Assistance Loan (DPAL) would be the best bet. Szpulecki also received a grant to make repairs and renovations to the house she would soon call “home.”
Our Mortgage Lending team helped make Donna Szpulecki’s dream of home ownership a reality. At HVFCU, we understand that every homebuyer is different. That’s why we take the time to review your situation and apply our knowledge, experience, and flexible lending options to help you find the right financing.

The SONYMA/DPAL program was a great option for Donna and can be for many other first-time homebuyers as well. SONYMA provides mortgage loans to first-time homebuyers with limited income and the DPAL program provides up to 3% down payment assistance with as little as 3% down from the buyer. SONYMA mortgages are often available at rates lower than conventional mortgages and the DPAL is forgiven after 10 years!

Share Your Story

Do you have a story to share about how HVFCU helped you buy your home? If so, send us a note at [email protected]. We’d love to hear from you.

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