Borrowers’ annual income cannot exceed HUD area median income limits with some geographical exceptions.
- 2016 limits for Genesee, Livingston, Monroe, Ontario, Orleans, and Wayne counties is $67,700.
First-time homebuyers or landlords only are required to have one of the applicant(s) receive homebuyer education prior to closing. Homebuyer education is available in English and Spanish.
Home Possible® 95 Eligible Properties
Owner-occupied 1-4 unit residence, modular homes, and planned unit developments (PUDs).
Home Possible® Advantage Eligible Properties
Single-family primary residences.
Second homes (including vacation homes); manufactured homes; condominiums; cooperative housing (co-ops); property used for agriculture, farming or commercial enterprise; vacant land; investment property; and multi-family (5+ units).
Mortgage Eligible Counties
Property must be within Genesee, Monroe, Ontario, Orleans, Livingston, and Wayne counties in New York State.
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.
No Prepayment Penalties
Interest Rate APR (Annual Percentage Rate)
Rates subject to credit evaluation. Actual rates may vary. All rates are quoted based on a 45-day rate lock and are for properties located in upstate New York. Rates for longer rate locks may be higher.
Rate Lock Details:
The interest rate may float from time of application to a few business days prior to closing. Anytime during this float time period, the interest rate may be locked. Conventional mortgage rates are quoted based on a 45-day rate lock. Extended rate lock options up to 180 days are available upon request.
- The conventional mortgage rate may be locked for 45 days, and there's no lock fee.
- Extended rate lock options up to 180 days are available upon request. Extended rate lock fees will be charged a fee at the time the rate is locked.
- Optional extended rate lock fees are non-refundable if the borrower fails to close. These fees are fully refundable if ESL declines the loan.