Home Possible® Mortgage

With competitive rates and flexible down payment options, Home Possible helps individuals overcome challenges that sometimes come with homeownership. These challenges could include non-traditional credit history, limited income, or limited funds for a down payment.

To qualify, you must meet certain requirements regarding maximum income limits and homebuyer education. If you do qualify, you will be able to take advantage of all the benefits of this popular homebuying solution.

A Quick Overview of the Benefits:

• Competitive rates: It’s another way we make home buying affordable at ESL.
• More options for your down payment: With a Home Possible Mortgage, you can apply alternate sources of funds to your down payment, including cash gifts from relatives.
• Budgeting simplicity: Simplifies budgeting because your principal and interest payments stay consistent. 
• Flexible terms: We offer 15-year, 20-year, and 30-year Home Possible Mortgages. So you can choose the term that’s right for you.
• Helpful insurance discounts: They’re a great way to save money if you have a mortgage loan that requires Private Mortgage Insurance (PMI).
• No prepayment penalties: When you get a mortgage from ESL, you can pay it off at any time without worrying about any prepayment penalties.
• Additional financing options available: If you meet certain requirements, you can combine your Home Possible Mortgage with grants and other secondary financing (i.e. Home Equity Line of Credit). Give us a call, and we'll walk you through the qualification process.

Income Limits

Borrowers’ annual income, cannot exceed 80% of the area medium income (AMI) with some geographic exceptions.

• The 2023 income limits for Livingston, Monroe, Ontario, Orleans, Wayne, and Yates Counties is $72,960. For Genesee County, the limit is $69,280. For Wyoming County, the limit is $63,120. For Seneca County, the limit is $62,720. For Steuben County, the limit is $63,840.

Homebuyer Education

First-time homebuyers (no ownership of a home within the last 3 years), or landlords only are required to have one of the applicant(s) receive homebuyer education prior to closing. More information is available by visiting The Housing Council at PathStone or Consumer Credit Counseling Service of Rochester. Homebuyer education is available in English and Spanish.

Home Possible® Eligible Properties

Eligible properties include owner-occupied single-family home, 2-4 family home, modular homes and Planned Unit Developments (PUDs).

Ineligible Properties

Properties that aren’t eligible for this program include second homes (including vacation homes); manufactured homes; condominiums; cooperative housing (co-ops); property used for agriculture, farming, or commercial enterprise; vacant land; or investment property.

Mortgage Eligible Counties

Property must be located in Genesee, Livingston, Monroe, Ontario, Orleans, Seneca, Steuben, Wayne, Wyoming, and Yates Counties in the state of New York.

Mortgage Insurance

Mortgage insurance is available at reduced rates and is required if the Loan-to-Value (LTV) is over 80%.

Payment Due Date

Payment due date will be determined when the loan is disbursed.

Payment Options

• Automatic transfer (AutoSweep) from savings or checking.
• Automatic debit from a checking or savings account at any financial institution.
• ESL branch or telephone banking.
• ESL online or mobile banking.
• ESL chat banking.

No Prepayment Penalties

For rate information, call 585.336.1502 or 800.352.6669, x1502, to speak with a helpful member of our Mortgage Team today. Or fill out this contact us form to have a member of our Mortgage Team reach out to you.

Understanding ESL Mortgage Closing Costs and Fees 

Here’s something important to remember when you’re shopping for a mortgage: 

We carefully manage and control the mortgage process from start to finish. Our goal? We want to minimize the costs our members pay. That’s one of the reasons why our closing costs are among the lowest in our area.

We also make sure that our entire approach to closing costs is straightforward and easy to understand. That’s why you’ll know exactly what’s due prior to closing. And you won’t have any unexpected, last-minute expenses that may delay the closing process.

A Quick Reference Guide to Closing Costs

At ESL, we realize that buying a home can be a complex and confusing process for many home buyers. That’s why we want to make sure you understand all of the specific costs involved in your closing

Here’s a quick recap of these common closing costs:

• Origination charges cover our fees for processing your mortgage application, including your application and underwriting fees, the costs involved in document preparation, and the settlement and attorney costs. 
• Discount points are paid voluntarily in exchange for a lower interest rate. They are calculated as a percentage of your loan amount and usually paid at closing.
• Mortgage Insurance will be required on loans with over 80% LTV to protect the lender in the event of default of the borrower.
• Other expenses for third-party services obtained on your behalf. These expenses include the costs for your title insurance and fees for appraisals and credit reports.
• Taxes and other government fees cover your state and county mortgage taxes and the recording fees paid to the county clerk.
• Prepaid items include property taxes, homeowners insurance, and prepaid interest. They may also include mortgage insurance.

Estimate Your Closing Costs

To make a sound financial decision about a mortgage, it helps to estimate your closing costs in advance. 

That’s why we provide a helpful Mortgage Closing Calculator. It will help you find a mortgage that fits your financial situation and your budget.

Use our Mortgage Closing Calculator today.

Post-Closing: Potential for Late Fees

At ESL, there’s only one fee that may be assessed after your closing. And that only happens if your mortgage payments are late. If we do not receive the full monthly payment 15 calendar days after the scheduled due date, you’ll have to pay a late fee that is 2.0% of the total overdue payment of interest and principal.

Please remember, however, that there are easy ways to avoid late fees. Just make sure your mortgage payments are made on time every month. View Loan Payment Options. 

It’s easy to apply for a Home Possible Mortgage from ESL.

• Call 585.336.1502 or 800.352.6669, x1502, to speak with a helpful member of our Mortgage Team today. Or fill out this contact us form to have a member of our Mortgage Team reach out to you.

Please remember that borrowers and co-borrowers must be at least 18 years old to apply.

In preparation for your mortgage application please begin to gather, and be prepared to eventually make available the following documents:

• Income for all borrowers – your W2s and tax return will provide this information.
• Banking information – banking statement information that include bank name, your name, account number, current balance, and 30 days transaction history.
• Estimate monthly expenses – Write down your monthly expenses like rent, mortgage, utilities, credit cards, and additional expenses.
• Estimate funds available for down payment (excludes closing costs).
• Estimate for closing cost, property taxes, and insurance.
• Purchase contract – if available at application.
• Inspection expenses – receipt/invoice for any/all inspections, if available at application.