Home Possible® Very-Low Income Purchase (VLIP) Mortgages Credit

Home Possible® Very-Low Income Purchase (VLIP) Mortgages Credit has the potential to provide a $2,500 mortgage credit for qualifying, lower income Home Possible® mortgages with household incomes that do not exceed 50% of the Area Media Income (AMI). The full amount of the Home Possible VLIP Mortgage Credit must be used for down payment and/or other closing costs.

The Home Possible VLIP Mortgage Credit is available on a limited basis for qualifying Home Possible mortgages with settlement dates on or after March 1, 2024 and on or prior to February 28, 2025.

How to Get Started

Speak with an ESL Mortgage Originator

Interested members should reach out to an ESL Business Development Mortgage Originator (585.336.1502) and get prequalified or submit an application to purchase their first home.

Eligible Properties

Owner-occupied, single-family home, condominiums, 2–4 family homes, modular homes, and Planned Unit Developments (PUDs).

Ineligible Properties

Properties that are not eligible for this program include: manufactured homes, second homes (including vacation homes), cooperative housing (Co-Ops), property used for agriculture, farming or commercial enterprise, vacant land, or investment property.

Income Limits & Mortgage Eligible Counties

Property must be located in one of the following counties within the State of New York and the total household income for that county cannot exceed 50% of the AMI: