Home Possible® Mortgage

With an affordable Home Possible Mortgage from ESL, you can overcome many of the obstacles that keep you from getting a traditional mortgage. We're here to help you purchase your new home.

I needed a flexible mortgage to meet my needs, and ESL helped me find it.

Apply today for an ESL mortgage.
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  • Features & Benefits

    Maybe you have limited income, you can't afford a big down payment, or you need additional discounts on mortgage insurance to reduce your monthly payment.  A Home Possible Mortgage from ESL is a sensible and affordable option for many hopeful homebuyers who find it difficult to get a traditional mortgage.

    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 home buying 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 principle 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 Mortgage Insurance.
    • 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. Give us a call, and we'll walk you through the qualification process.

    Bottom line? If you think it will be hard to get a mortgage, find out how a Home Possible Mortgage from ESL can help you achieve your home buying goals.

     
  • Specifics

    Income Limits

    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.

    Homebuyer Education

    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.

    Ineligible Properties

    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

    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

    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.
     
  • Rates

    Home Possible® Mortgage - Purchase

    Term in Years
    Rate
    Points
    APR
    Term in Years30 year
    Rate 4.250%
    Points 0.000
    APR 4.293%
    Term in Years20 year
    Rate 4.000%
    Points 0.000
    APR 4.059%
    Term in Years15 year
    Rate 3.500%
    Points 0.000
    APR 3.574%

    Rates accurate as of

     
    .

     

    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.

    Counties in upstate New York include:  Genesee, Livingston, Monroe, Ontario, Orleans, and Wayne.

    Conventional Loans: Balance less than or equal to $417,000 for single family, owner occupied; Balance less than or equal to $533,850 for two-family, owner occupied.

    Rate lock options:

    • The ESL standard mortgage rate lock option is 45 days and there is no lock fee.
    • 90-day and 120-day rate locks: 1/2 point fee paid at time of lock.
    • 150-day and 180-day rate locks: 1 point fee paid at time of lock.
    • The fee associated with the rate lock is non-refundable if the borrower fails to close. These fees are fully refundable if ESL declines the loan.
    • For loans that do not close prior to the rate lock expiration date, the interest rate and total points can change. This determination will be made by ESL as of the day after the rate lock expires. If the new interest rate is the same or lower than the old locked rate, the new interest rate will be the same as the old locked rate and the member will pay the total points associated with that rate and an additional 1/4 of 1-point at closing. If the new interest rate is higher than the old locked rate, then the new interest rate will be the higher interest rate and the member will pay the total points associated with that rate and no additional fees will be charged. Under each situation, the rate will be re-locked for 30-days.
    • Material changes in loan terms brought about by credit qualifications, collateral value or other factors may void a rate lock.

    Payment Examples

    Home Possible® Advantage Mortgage - Purchase

    Term in Years
    Rate
    Points
    APR
    Term in Years30 year
    Rate 4.250%
    Points 0.000
    APR 4.293%
    Term in Years20 year
    Rate 4.000%
    Points 0.000
    APR 4.059%
    Term in Years15 year
    Rate 3.500%
    Points 0.000
    APR 3.574%

    Rates accurate as of

     
    .

     

    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.

    Counties in upstate New York include:  Genesee, Livingston, Monroe, Ontario, Orleans, and Wayne.

    Conventional Loans: Balance less than or equal to $417,000 for single family, owner occupied.

    Rate lock options:

    • The ESL standard mortgage rate lock option is 45 days and there is no lock fee.
    • 90-day and 120-day rate locks: 1/2 point fee paid at time of lock.
    • 150-day and 180-day rate locks: 1 point fee paid at time of lock.
    • The fee associated with the rate lock is non-refundable if the borrower fails to close. These fees are fully refundable if ESL declines the loan.
    • For loans that do not close prior to the rate lock expiration date, the interest rate and total points can change. This determination will be made by ESL as of the day after the rate lock expires. If the new interest rate is the same or lower than the old locked rate, the new interest rate will be the same as the old locked rate and the member will pay the total points associated with that rate and an additional 1/4 of 1-point at closing. If the new interest rate is higher than the old locked rate, then the new interest rate will be the higher interest rate and the member will pay the total points associated with that rate and no additional fees will be charged. Under each situation, the rate will be re-locked for 30-days.
    • Material changes in loan terms brought about by credit qualifications, collateral value or other factors may void a rate lock.

    Payment Examples

     
  • Fees
    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

     
  • How to Apply

    Ready to apply for a Home Possible Mortgage from ESL?

    Below are handy tools that guide you through:

    Call 585.336.1502 or 800.352.6669, x1502, to speak with a helpful member of our Mortgage Team today​. Or complete this online form, and we'll contact you at a time that's convenient for you.