HVFCU Mortgage Rates Review: Today’s Best Analysis

Hudson Valley Federal Credit Union is open to those who live, work, worship, volunteer, or attend school in Dutchess, Ulster, Orange, or Putnam County in New York.

A member-owned financial institution, HVFCU has been in business for more than 50 years and is primarily focused on serving the banking needs of area customers and communities with 19 branches spread across its four-county territory.

Along with a variety of personal and business banking options, HVFCU offers a number of mortgage rates and options to meet the homeownership needs of local members.  While HVFCU is not accredited by the Better Business Bureau, it has an A+ rating, with a file open since 2007.

HVFCU Mortgage Facts

• Originally started as a credit union for IBM employees, it now primarily serves the lower Hudson Valley community

• One of the nation’s largest credit unions in assets, open to residents in Dutchess, Orange, Putnam, and Ulster counties in New York

• Membership lasts a lifetime and follows consumers if they move

• Large number of mortgage offerings, including fixed-rate, adjustable-rate, jumbo, and government-backed loans with varying term lengths

• Quick online application process that includes helpful resources and possible instant approval

• Offers a range of other personal and business banking services and products

Overall

HVFCU initially began as the IBM Poughkeepsie Employees Federal Credit Union. Opened in October 1963, it was started as a financial cooperative for employees in Poughkeepsie and Fishkill.

HVFCU has undergone name changes and growth in the half-century since.

It is ranked as the No. 35 biggest credit union in the nation, but it remains grounded in the founding principles of serving the local community.

Membership to the credit union is open to residents who live, work, pray, or study in Dutchess, Orange, Putnam, and Ulster Counties. IBM, the technology giant, has its headquarters in neighboring Westchester County.

Acquisitions have expanded the products and services HVFCU offers, which include a wide range of personal and business banking options. The number of home loans it can extend to members ensures borrowers can find the right fit. 

HVFCU also maintains a large presence in community volunteering, fundraising, and advocacy. Personalization and convenience, like online banking and mortgage applications, help members effectively manage their finances.

Current Mortgage Rates

HVFCU Loan Specifics

Credit union members choose from a number of home loans when working with HVFCU. However, prospective homeowners must research the available mortgage types to find the right loan and rate for them.

These include:

Fixed-Rate Mortgages

This loan option is best for homeowners who want a flat monthly payment and believe they’ll stay in their residence for the long term. A fixed rate means your mortgage payment won’t fluctuate with the market and can be easily budgeted for.

The one downside is that the rate might be higher than what an adjustable-rate mortgage (ARM) would feature. HVFCU offers a number of fixed-rate loans, with terms of 10, 15, 20, 25, and 30 years.

Adjustable-Rate Mortgages

The mortgage rate you get when you secure an ARM adjusts with the prevailing market, meaning borrowers can pay less or more when the rate changes. ARMs come with an initial fixed period where the rate does not move, but will eventually fluctuate.

Protections exist against excessive increases. An ARM is optimal if borrowers plan to pay the mortgage off quickly or move in the near term. HVFCU has ARMs of 1, 3, 5, and 7 years. It also offers a hybrid 15/15 option that is rebalanced once after 15 years and locked in for another 15.

Jumbo Loans

Loan amounts above the conforming standard of $766,550 for 2024 are Jumbo loans, which typically have tighter qualification standards. HVFCU can meet your needs with fixed-rate jumbo mortgages of 10, 15, 20, 25, and 30 years; it also offers ARM jumbo loans for 5 and 7 years.

Fha Loans

These government-backed loans are generally geared toward consumers who may have poor credit or need financial help affording a down payment, which can run up to 20 percent of purchase value.

To help, the Federal Housing Authority will lend to borrowers through partners with FHA loans that help realize the dream of homeownership for many. If looking for a down payment as low as 3.5 percent, consider a 30-year fixed-rate FHA loan.

VA Loans

These mortgages are intended for active Armed Forces service members, veterans, and widowed spouses.

VA loans are serviced through private mortgage companies but come with more favorable terms and conditions, and are available only to a small audience. If you qualify, consider how a 30-year fixed-rate VA loan could meet your borrowing needs.

USDA Loans

A type of government-backed option, that finances homeownership in rural areas, USDA loans are not offered through HVFCU. However, it does have refinancing options for consumers to examine, as well as other loan mortgages, like land loans. 

HVFCU Home Loan Options: A Comprehensive Overview

Loan Type	Description	Options
Fixed-Rate Mortgages	Ideal for Long-Term Residence With Predictable Monthly Payments	Terms of 10, 15, 20, 25, and 30 Years
Adjustable-Rate Mortgages	Rates Adjust With the Market, Offering Potential Savings or Increases	ARMs for 1, 3, 5, and 7 Years, Plus a Unique Hybrid 15/15 Option
Jumbo Loans	For Loan Amounts Exceeding Standard Limits	Fixed-Rate Terms of 10, 15, 20, 25, and 30 Years, Plus ARMs for 5 and 7 Years
FHA Loans	Government-Backed Loans for Low Down Payments (as Low as 3.5%)	Available for Those With Poor Credit or Limited Finances
VA Loans	Favorable Terms for Active Armed Forces, Veterans, and Widowed Spouses	Offers 30-Year Fixed-Rate Loans With Special Conditions
USDA Loans (Not Offered)	Government-Backed Option for Rural Homeownership	Not Available Through HVFCU, but Refinancing and Other Loan Options Are Offered

HVFCU Mortgage Customer Experience

HVFCU’s guiding mission is to empower local consumers and serve their needs as comprehensively as possible. The credit union takes those principles to heart in making sure borrowers have all the information they need to complete a mortgage application.

Online access for members includes:

• Loan Consultant Help
• Online Applications Status
• Mortgage Calculators
• HVFCU Mortgage Rates
• Educational Materials and Informative Guides On Homebuying
• Homeownership Program Resources

Besides ensuring that borrowers have all they need to make an informed decision, HVFCU also extends benefits to members, like:

• No Cost Pre-approvals
• Quick Turnaround
• Limited Closing Costs
• No Penalties for Mortgage Payoff/Pre-payment
• Account Servicing
• Decisions Made Locally

Members can also take advantage of customer service options, like online banking and web chat.

HVFCU Lender Reputation

Though the Better Business Bureau does not accredit HVFCU, it does have an A+ rating with a file open since 2007 on its headquarters. The business has been open for more than 50 years, which could indicate good financial and reputational health.

HVFCU Mortgage Qualifications

HVFCU does not publicize mortgage qualification standards, but members of the credit union can gain more details. In general, borrowers can expect their credit score to be a deciding factor:

Credit Score	Category	Likelihood of Approval
760 or higher	Excellent	Very Likely
700-759	Good	Likely
621-699	Fair	Somewhat Likely
0-620	Poor	Somewhat Unlikely
None	N/A	Unlikely

HVFCU Phone Number and Additional Details

• Homepage URL: https://www.hvfcu.org
• Company phone: 845-463-3011
• Headquarters: 137 Boardman Road Poughkeepsie, NY 12603

The Bottom Line – HVFCU Mortgage Rates Review

Hudson Valley Federal Credit Union, with its strong community focus and long-standing presence in Northern New York, offers a range of mortgage options to cater to diverse borrower needs.

From fixed-rate and adjustable-rate mortgages to jumbo and government-backed loans, HVFCU provides flexibility and competitive rates.

However, its membership restrictions limit eligibility and the credit union’s specific mortgage qualification standards are not publicly disclosed.

Despite lacking national ratings, HVFCU maintains an A+ rating with the Better Business Bureau, reflecting its established reputation.

Overall, it’s a viable choice for those residing in its service areas seeking personalized, community-centric mortgage solutions.

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