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24-hour Telephone Banking | Routing # 221972234

My First Home Made Simple

There’s nothing like owning your first home.

Our My First Home payment options could get you moving. With more options and credit flexibilities than ever before to help low-to-moderate-income borrowers attain the dream of owning a home.

My First Home Made Simple

There’s nothing like owning your first home.

Our My First Home payment options could get you moving. With more options and credit flexibilities than ever before to help very low-to-moderate-income borrowers attain the dream of owning a home.

Who is My First Home Made Simple

  • First time homebuyers
  • Low moderate income borrowers in Ulster, Orange and Dutchess counties.
  • First time homebuyers
  • Low moderate income borrowers in Ulster, Orange and Dutchess counties.
3 Program offerings...

WVFSL First Time Homebuyer

  • Receive $1000 towards closing costs
  • ​Reduced interest rate
  • ​Down payment as little as 3%

Freddie Mac Home Possible®

  • ​Down payment as little as 3%
  • ​No minimum credit score required (subject to FHLMC investor guidelines) 
  • No credit score necessary
  • ​Down payment as little as 3%

FHLB Homebuyer Dream Program

  • Suitable for 1-4 family dwellings owner occupied
  • Receive up to $9,500 towards the down payment and closing costs, and $500 towards homeowner counseling costs. Funds are available on a first come, first served basis and are available for a limited time.
  • Suitable for 1-4 family dwellings owner occupied
  • Receive up to $9,500 towards the down payment and closing costs, and $500 towards homeowner counseling costs. Funds are available on a first come, first served basis and are available for a limited time.
Don’t Miss Out!
This is not an offer for an extension of credit or a commitment to lend and is subject to change without notice. Property must be in Ulster, Orange or Dutchess county. This offer may be withdrawn without notice at any time.
For full details of all 3 programs - VISIT US
Underwriting
Our underwriting is all done locally and we do keep some of our mortgages in portfolio. This allows us to be more flexible in our underwriting and not always limited to the secondary market rigid underwriting guidelines. So, if your particular circumstances are not ideal for loan qualification, you are not automatically declined.

Contact us today to learn more about how we can assist you with your home financing!
We’ll guide you through every step and make the home loan process as simple as possible.
Affordable Housing Program
Income Limits: Qualifying Income cannot exceed $66,960 Ulster and $80,320 for Orange and Dutchess

Geographic Availability: Ulster, Dutchess and Orange. No income limits for low-moderate census tracts in the 3 counties. (see listing for applicable census tracts)

Loan Purpose: First time Home Purchases only (no real estate ownership in the last three years)

Maximum LTV/CLTV: 97%/105%

LLPA: Fixed Rate Mortgages: 0% if credit score is >= 680 and 1.5% if credit score is 640-679, No LLPA for Adjustable Rate Mortgages

Minimum Credit Score: 640

MI Coverage: 25%

Bank Credit: $1,000 towards closing costs

Rate: 125% deduction on the prevailing rate

Term: 30 year maximum

Homebuyer Education: Required if all buyers are first time homebuyers. See Freddie online course.

Eligible Property: Single family homes

Homebuyer Dream Program
Must meet household income guidelines (see Mortgage Revenue Bond Median Income guidelines on website).

Borrowers may receive up to $9,500 towards down payment and/or closing costs and $500 towards H/O counseling costs. Wallkill has received an initial allotment of $80,000 to be reserved by August 27, 2021.

Must remain in house for 5 years to prevent recapture.

Must complete the homeownership education and counseling within 18 months of reservation (there is a fee of $125 for the education along with $75 registration fee).

Education and counseling can be done with Pathstone. Contact person is Eileen Clifford at 569-0770 ext 112 or eclifford@pathstone.com.

Must contribute $1,000 towards the transaction (can be in the form of a gift).

Reservation requests must include income documentation, fully executed contracts, Homeownership Education and Counseling certificate/letter, HDP-004.

Reservation requests can be made after May 3rd and no later than August 27th.

Submitted reservations do not mean automatic approval. Approval is granted when commitment of assistance is received.

Commitments expire in 120 days and bank must submit for reimbursement at least 15 days before expiration but not until loan closes.

Why Wallkill Valley Federal Savings & Loan ?

Competitive Rates

Faster Processing

In-House Loan Decisions

Underwriting flexibility

Low Fees

We will always service your loan

Revised 5-12-21, Board approved: 5-17-2021
Why Wallkill Valley Federal Savings & Loan?

  Competitive Rates

  Faster Processing

  In-House Loan Decisions

  Underwriting flexibility

  Low Fees

  We will always service your loan

For your convenience, we have branches located throughout New York’s Hudson Valley. You can visit our main office, any one of our branches, or use our convenient online banking services for all of your needs.

Still have questions?

CALL US 845-895-2051

Give Cyndi O’Brien, Rick Farrow or James DiSalvo a call, they would be happy to answer any questions and get you started on your journey to home ownership.
100+ Years of Excellence
Not just a bank... An Experience
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