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Types of Mortgages

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Finance up to 95% of the purchase price and enjoy quick processing time with same-day pre-qualification – if credit qualified. Flexible rates and terms are available. 

Payments may adjust up or down based on interest rate changes. You will see loans referred to as a 5/1 or 10/1 ARM. The first number is the number of years that the initial interest rate is locked in. The second number is the number of years between possible rate adjustments. The 10/1 is a very popular choice because it has an initial interest rate for 10 years that is sometimes as much as one percentage point lower than a traditional 30-year loan. After the 10 years is up, the rate then adjusts each year for the remainder of the loan. Ask about ARMs designed for buyers who are relocating from overseas with no requirement of credit score or seasoned funds.

Perfect for first-time homebuyers, members with low down payments or those with less-than-perfect credit. The seller can contribute up to 6% toward closing costs and pre-paid items.

VA loans allow for 100% financing of the appraised value owner-occupied properties with 1-2 units. Must be an eligible veteran. The seller can contribute up to 6% toward closing costs and pre-paid items.

Guaranteed RHS Program allows financing up to 100% of the appraised value. Income and property limitations apply. No monthly mortgage insurance required. The seller can contribute up to 6% toward closing costs and pre-paid items. Many areas surrounding the greater Capital Region qualify for this program, so ask us.

Loans greater than $417,000 and up to $1 million with predictable monthly payments. Flexible rates and terms available.

We have financing options for investment and multi-family properties (up to 4-family units). Our Business Services group also finances investment properties of 2-20 units. Find out more.

Perfect for when you’re buying in a subdivision and your homebuilder doesn’t need cash during the construction phase. Lock in a rate for 330 days. Options available with 10% down payment and no PMI required. Choose from a 15- or 30-year fixed-rate Mortgage as well as adjustable rate mortgages.

Options available with 10% down payment and no PMI required. Land already owned can be used as a down payment.

Lock in a rate for 270 days and pay interest only on the growing principal balance. When the home is completed and all draws have been advanced, the loan will be modified to a permanent mortgage.

Contact an expert for current rates.

Earn up to $7,500 towards your down payment with our First Home ClubSM program from the Federal Home Loan Bank of New York. Must be a first-time homebuyer (not owning your primary residence during the last three years) and meet income limits. Earn $4 for every $1 you save for a new home, up to a maximum match of $7,500. You’ll be required to complete 10-18 months of systematic savings and attend a homebuyer education session. Speak with our mortgage team for more details or click here for a PDF with additional information.

The State of New York Mortgage Agency offers mortgage programs to assist first-time homebuyers (not owning your primary residence during the last three years)* with the purchase of a home in New York State. There are a variety of mortgage programs featuring competitive interest rates, low down payment requirements, flexible underwriting guidelines, no prepayment penalties and down payment assistance. Each of these features is designed to make your home purchase more affordable.

*SONYMA’s first-time homebuyer requirement is waived for eligible US military veterans and applicants who purchase a home in a Federally-designated Target Area.