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

A new $2,500 mortgage credit for qualifying Home Possible® Mortgages can help you achieve the dream of homeownership and is a great option to consider.

How to Get Started

Contact a Business Development Mortgage Originator to learn more.

585.336.1502  CONTACT US

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:

Albany
$56,650		 Erie
$46,950		 Monroe
$48,650		 Schenectady
$56,650
Allegany
$41,850		 Essex
$41,850		 Montgomery
$59,520		 Schoharie
$56,650
Broome
$42,650		 Franklin
$41,850		 Niagara
$46,950		 Schuyler
$42,500
Cattaraugus
$41,850		 Fulton
$41,850		 Oneida
$42,600		 Seneca
$42,350
Cayuga
$43,950		 Genesee
$44,900		 Onondaga
$46,650		 Steuben
$44,350
Chautauqua
$41,850		 Greene
$46,650		 Ontario
$48,650		 Tioga
$42,650
Chemung
$43,100		 Hamilton
$43,300		 Orleans
$48,650		 Tompkins
$56,000
Chenango
$41,850		 Herkimer
$42,600		 Oswego
$46,650		 Warren
$45,300
Clinton
$44,950		 Jefferson
$40,750		 Otsego
$43,200		 Washington
$45,300
Columbia
$51,500		 Lewis
$41,850		 Rensselaer
$56,650		 Wayne
$48,650
Cortland
$42,650		 Livingston
$48,650		 St. Lawrence
$41,850		 Wyoming
$42,750
Delaware
$41,850		 Madison
$46,650		 Saratoga
$56,650		 Yates
$48,650