Homebuying Starts Here!

3% Down Payment

As low as 3% down payment is for qualifying first-time homebuyers only. Available on eligible primary-residence purchase loans, subject to credit approval and program requirements.

MCU requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%.

A 3% down payment on a $500,000 purchase price amounts to $15,000, and a base loan amount of $485,000.

Monthly PMI is calculated as (Original Loan Amount x Annual PMI Rate/12).

For complete details on mortgage rates and terms, please contact our Mortgage Lending Department.

Loans are available to all Municipal Credit Union members. Membership is open to anyone who lives, works, worships, or attends school in New York City (NYC), and family members or household members of existing MCU members. A primary share account is required to establish membership. Primary share accounts are the Hero Savings Account, the Smart Apple, and the Youth Savings Account. Membership eligibility is subject to verification. Certain restrictions may apply.

0.25% Rate Discount

A 0.25 percentage-point direct deposit rate discount is available only at the time of application and when a Qualifying Direct Deposit^† is set up on an Everyday Hero Checking account. Qualifying Direct Deposit must be established within 60 days of loan funding. If qualifying direct deposit is not established within 60 days, or if qualifying direct deposit is subsequently discontinued during the term of the loan, the interest rate and APR will increase by 0.25 percentage points, in accordance with the terms of the loan agreement. Additional terms and conditions may apply.

^†A “Qualifying Direct Deposit” is a recurring electronic Direct Deposit of income from payroll, pension or government benefit payments (such as Social Security), made by your employer, payroll or benefits payor, or government agency via an Automated Clearing House (ACH) transfer. Each deposit must be identifiable as a direct deposit transaction through a valid ACH trace number. Teller deposits, debit card and ATM deposits or transfers, peer-to-peer transfers or payments including through Zelle®, Venmo®, Cash App, Apple Cash, Google Pay or similar service(s), Online and Mobile Banking transfers or deposits, transfers from another MCU account, or other in-person, ATM, or electronic transfer, such as wire transfer or one-time ACH deposits do not qualify as Qualifying Direct Deposits. MCU reserves the right to verify the source of all deposits and disqualify any that do not meet the defined criteria.

The Homebuyer Dream Program®

Municipal Credit Union (MCU) offers the Homebuyer Dream Program® (HDP) in partnership with the Federal Home Loan Bank of New York (FHLBNY), subject to program eligibility and availability of funding. Grants of up to $19,500 are available for first-time homebuyers to assist with down payments and closing costs. An additional grant of up to $500 may be provided for homeownership counseling expenses, payable to a participating nonprofit counseling agency.

Eligibility and program requirements apply, and participation is subject to approval by MCU and FHLBNY. Grants are limited and awarded on a first-come, first-served basis.

Important Notes:

• Offer valid for eligible mortgage products only.
• The lender reserves the right to amend or terminate this promotion at any time without prior notice.
• All loans are subject to credit approval and additional underwriting requirements.
• Other restrictions may apply.

Authorization for Credit Information Access

Submitting your mortgage application constitutes your authorization for MCU to access and review your credit report and other relevant financial data obtained from authorized credit reporting agencies. This information is solely utilized to determine your eligibility for a mortgage. Please be aware that this credit inquiry may result in a minor, temporary impact on your credit score.

Promotional Rate Information

Should promotional interest rates be available, please note that these are offered for a limited time and are contingent upon meeting specific eligibility criteria. These criteria may include, but are not limited to: a minimum credit score, adherence to loan-to-value ratio thresholds, and specific loan purpose and property type requirements. It is important to understand that promotional rates cannot be combined with other discounts or offers; additional terms and conditions apply. For detailed information regarding promotional rates, please contact us at 1-844-MCU-NYNY (1-844-628-6969), Option 2.

Loan Approval Process and Availability

The approval of all mortgage applications is subject to a thorough credit assessment, verification of the information provided in your application, and a satisfactory property appraisal. Available loan programs, interest rates, and terms may vary based on your location and may not be universally available. Further restrictions may also apply.