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Mortgage Options

Become a homeowner with affordable rates and flexible terms

With low down payment options, quick closing times, and competitive rates on multiple repayment term options, you can save money while purchasing the home of your dreams. Explore the mortgage options available with SFCU.


Estimate the Costs

Our 'Mortgage Scenario Tool' is an easy way to see some of the costs associated with buying a home. This educational tool offers estimates of rate, payment and closing costs associated with a variety of mortgage options. Your actual costs may vary, so reach out to an SFCU Mortgage Specialist to receive an official estimate.

      • Credit Union membership is required with minimum deposit of $5.
      • 1st Mortgages must be a 1-4 unit & owner occupied, except for the First Time Home Buyer Program, bare land and vacation/second home programs.
      • Vacation/Second Homes are 1.0% higher and have a maximum LTV of 80%. Can be the 10 or 15-year fixed program or any ARM program (except First Time Home Buyer) amortized over 15 years.
      • Manufactured/Mobile with Land loan has a maximum LTV of 80%. Purchases or limited cash-out refinances only.
      • The bare land loan requires 30% down and is for purchases only.
      • Jumbo mortgages are available and are 0.25% higher. Contact the Credit Union for details.
      • Escrow may be required.
      • Loans greater than 80% require PMI, except for the First Time Home Buyer Program.
      • Proof of homeowner’s insurance required. Proof of flood insurance may be required.
      • The 15/15 First Time Home Buyer Program allows for 100% financing of the purchase price/appraised value, whichever is lower. Single Family, Primary Residences Only. Other certain restrictions apply – Contact the Credit Union for more details.
      • Contact the Credit Union about maximum LTVs based on unit and purpose.
      • Mortgage loans are available in NYS only. Loan must meet credit, appraisal, and other guidelines. Title insurance is required.
      • Rates are subject to change at any time. The Credit Union reserves the right to modify or suspend any conditions of the loan programs at any time without prior notice.

      Adjustable Rate Mortgage rate and payment changes:
      The rate indicated for adjustable rate mortgages is the initial rate and is subject to increase. Adjustable-Rate Loans may be amortized over 20, 25 or 30 years. Manufactured/Mobile with land is amortized over 15 or 20 years.

      For example, the 5/1 ARM will have a constant interest rate for the first five years. Then the adjustable rate may change annually thereafter (“Change Date” as indicated in the Note) based on an “Index” which is the 1-Year Constant Maturity Treasury (1-Yr CMT) adjusted to a constant maturity of 1 year as made available by the Federal Reserve Board. The most recent index available as of 45 days before each Change Date is called the “Current Index”.

      Before each Change Date, the Note Holder will calculate the new interest rate by adding the “Margin” to the “Current Index”. The note holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). This rounded amount will be the interest rate until the next “Change Date”.

      The rate may not adjust more than the Per Adjustment Cap indicated above on each “Change Date”. The total loan adjustment will not adjust more than the Lifetime Cap indicated above over the lifetime of the loan.

      The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that would be due in full on the maturity date at the new interest rate in substantially equal payments. The result of the calculation will be the new amount of monthly payment.

    NMLS# 609016

NMLS# 609016

How it works

Becoming a homeowner is achievable in a few steps with SFCU.

  • 1

    Complete an application

    Apply with one of our expert Mortgage Specialists

  • 2

    Get approved

    We will review your application and quickly inform you of your approval status.

  • 3

    Buy your home

    With your mortgage funds you can purchase your home.

Apply for a mortgage


Have a question? Get in touch with us

See how you can buy a home with our affordable rates and flexible terms

Save money while purchasing the home of your dreams with low down payment options, quick closing times and competitive rates on all repayment terms.