Your dream home is waiting -
Let us help you get there with our mortgage options.
Welcome to the Mortgage Suite
Reach your homeownership goals with us.
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Whether you are planning to buy, refinance, or remodel a home, NYU Federal Credit Union provides the financing options to meet your needs. Get started with our Mortgage Suite, designed to assist you in your homebuying journey. NYU FCU is here to guide you each step of the way.
Mortgages
We offer financing on 1-4 Family Homes, Condos, and Co-Ops in all 50 States up to $3,000,000.
NYU FCU offers FREE Pre-Approvals, so that you can shop with confidence by knowing what you can afford right from the start. We allow up to 95% financing with Private Mortgage Insurance (PMI)
Down Payment Assistance
We're bridging the gap between your savings for home purchases, and making that purchase a reality. Generally, you are required to have a down payment of at least 20% of the purchase price to avoid Private Mortgage Insurance. We understand that it can be difficult to save this amount of funds.
A Down Payment Assistance Loan allows you to put down 10% of the purchase price, and we will loan you the remaining 10%. With this loan, you'll avoid PMI, and still be able to purchase your home with a lower down payment.
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Available on Primary Residences Only in New York or New Jersey. Not available on Co-Op purchases.
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For Fixed Rate the available repayment period is 5, 10, 15 or 20 years. Fixed Rate is determine by term. 5 Year- 5.875%, 10 Year - 5.875%, 15 Year- 6.00%, 20 Year- 6.625%
For Variable Rate Line of Credit- Term 30 Years. Rate is (Prime Rate Plus 0.50%.)
With loans Greater than $50,000 — Closing costs are applicable, member pay for recording fees, transfer taxes and attorney closing fee.
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Ask your Mortgage Representative to apply.
Home Buyer Dream Program
Through our partnership with the Federal Home Loan Bank of NY, first-time homebuyers have a chance to apply for a $10,000 grant during open grant rounds. These funds can be used towards down payment and closing costs.
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Members must commit to living in the home for at least 5 years. Income restrictions apply.
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The Grant Round is currently CLOSED.
Mortgage Preparedness Loan
Consolidate your debt to position yourself and your finances for your home purchase by creating cash flow and improving savings. The mortgage preparedness loan can help you consolidate your debts and allow you to make one affordable monthly payment.
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You may apply up to $50,000 given qualifying credit history, credit score and income. This will be an installment loan for 12-60 months, with a rate depending on the term, with a fixed monthly payment.
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Credit Score | Credit Tier | Up to 36 Months | 37-48 months | 49-60 months |
|---|---|---|---|---|
760+ | A+ | 11.0% | 12.0% | 13.0% |
700-759 | A | 12.0% | 13.0% | 14.0% |
650-699 | B | 13.0% | 14.0% | 15.0% |
600-649 | C | 15.0% | 16.0% | 17.0% |
520-599 | D | 16.0% | 17.0% | 18.0% |
Home Equity Loan
Tap into your home's built-up equity with a fixed-rate loan or line-of-credit. A home equity loan, also called a second mortgage, lets you borrow against the equity you've built up in your home through your down payment, mortgage payments and increased home value. You'll save with great rates and a variety of terms, plus no annual fees. New York and New Jersey only.
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Available to primary residence only: House, Co-Op or Condo
(no second/vacation homes, investment or rental properties, mobile homes and mixed use properties) -
Closing costs will be the member’s responsibility
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Min credit score of 620
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NYU FCU membership is required for all loans
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US citizen or permanent resident alien
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Loan amounts from $50,000 to $500,000
Line available up to 70% of appraised value minus balance of first mortgage
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Term | 1st Lien | 2nd Lien |
|---|---|---|
5 Years | 7.00% | 8.00% |
10 Years | 7.25% | 8.25% |
15 Years | 7.50% | 8.50% |
20 Years | 7.75% | 8.75% |
Home Equity Line of Credit
A home equity line of credit (HELOC) is a flexible and affordable way to cover large, ongoing or unexpected expenses, like home improvements and debt consolidation.
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Low adjustable rate of Prime Rate for the life of the loan
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Easy access during the five-year draw period with a repayment term of 15 years
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Rate Adjustment Variable - Adjustments made on the 1st of each quarter
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Index - Prime rate
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Life Cap - 16% APR*
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Floor - 3.25%
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5 years draw, 10 years repayment OR 10 year draw with interest only payments during draw, 20 year repayment afterward
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Loan amounts from $50,000 to $500,000
Line available up to 70% of appraised value minus balance of first mortgage
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Credit Score | Credit Tier | Rate* | Max Amount |
|---|---|---|---|
780+ | A+ | Prime Rate - 0.75% | $500,000 |
700-779 | A | Prime Rate | $500,000 |
660-699 | B | Prime Rate + 0.25% | $500,000 |
620-659 | C | Prime Rate + 1.00% | $500,000 |
Index Source - Wall Street Journal Prime Rate
Rates are variable Quarterly, tied to the Prime Rate published in the Wall Street Journal, and adjusts on the first day of the quarter. Rate is not to exceed 16%. Current Prime Rate effective 7/27/2023 is 8.50%*