Syracuse University East Neighborhood Guaranteed Mortgage Program

Syracuse University Real Estate Services Office
Available to: Syracuse University faculty and staff purchasing a house in the Eligible Neighborhoods.

Applicants must meet the following criteria:

• Only single and two family houses are eligible. Multi-family and commercial buildings are not eligible.
• Full-time and regular part-time faculty and staff are eligible. Temporary faculty and staff, grad assistants and students are not eligible.
• Buyer agrees to live in the home as principal residence. If buyer decides to sell, rent, or move out, the mortgage must be refinanced through another mortgage program.
• Buyer meets all customary lending criteria established by the lending institution. The decision to grant a loan rests solely with the lending institution.
• Buyer must fill out an application and eligibility form. This form is reviewed by the Syracuse University Real Estate Services Office, the Office of Human Resources, and the Senior Vice President for Business and Finance. If the application is approved, the buyer then submits the form to the lending institution, which processes the mortgage application under the East Neighborhood Guaranteed Mortgage Program.

Applications are available from the Real Estate Services Office at 443-2104. Participating lending institutions.

Affordable Advantage

The Affordable Advantage offers:

Below market interest rates - which increases your purchase power - CURRENTLY 6.125%*!!!

A low downpayment - so you need very little cash from savings (3%)

Relaxed qualifying guidelines - offer a higher debt-to-income ratio

No mortgage insurance (PMI) - for a lower monthly payment

And more...

Great News!!

5% DOWN NO PMI!!!

The buyer puts 5% down and Lender holds a second of 10%

No PMI at Lender with a 85% LTV

Minimum credit score of 680 is required

Seller concession of 6% is allowed

Lender can pay closing costs

The back ratio may be as high as 42%

Land Loan Finally Available

Down Payment	25%
One Year AML	Caps 2/6, Margin 3.25
Term	15 Years

This program is intended for consumers purchasing property to construct a private-occupancy single-family house.

There is no time limit for constructiion to be completed.

Central City Home Ownership Assist. Program

Fixed rate, owner occupied properties with a Syracuse address.

Household income cannot exceed 115% of median ($54050 as of 5/00)

Maximum loan $252700.

Down Payment is 5% of the borrower's own funds or choose the 3/2 Option (3% own funds, 2% gift or grant.)

Seller Concessions - 3% ok per U/W

Closing Costs: $500, plus NYS Mortgage Tax, and prepaid items

No PMI with 15% down

First time buyers must complete FNMA home ownership program.

33/43 ratios.

Published "0" Point Fixed Rate less .50%

CCHAP

Can be used with a penny option

Flat $500.00 closing cost to borrower ($225 appraisal, $200 doc. prep and $75 applicaiton fee) *** Lenderpays remaining fees.

Mtg Tax "L"

Household income limit 115%

Interest rate 1/2% below fixed rate

RESIDENTIAL LENDING DIVISION PROGRAM DESCRIPTION CENTRAL CITY HOME OWNERSHIP ASSISTANCE PROGRAM (CCHAP)

TMO Product Code:	15 Year Fixed/CH15-30 Year Fixed/CH 30
Maximum Term:	30 years
Eligible Product:	Fixed Rate Programs Only
Loan Purpose:	Owner Occupied - Purchase only
Eligible Borrowers:	Household income must not exceed 115% of area median. NOTE: Borrowers may not have ownership interest in any other eal estate at time of closing.
Eligible Properties:	1-2 family dwelling located designated MSA or PMSA areas.
Eligible Loan Amount:	Minimum loan: None Maximum loan: $252,700
Maximum Loan to Value:	95%
Down Payment:	A minimum down payment of 5% of borrower's own funds or or 3% from borrower's own funds plus 2% gift from family member, pledge, unsecured loan from a nonprofit organization.
Closing Costs:	The Bank will limit the buyers closing costs to a flat fee of $500.00. This amount does not include prepaid interst, PMI, first years property insurance, or any other prepaid items.
Interest Rate:	The interst rate will be 1/2% below the Bank's published fixed rate, zero point program.
Mortgage Insurance:	Required on all loans exceeding 85% LTV
Hazard Ins. & Tax Res.	Required
Cash Reserves:	Case by Case
Home Buyer Education:	Borrower must successfully complete the FNMA Guide to Homeownership Booklet.
Assumable:	No
Prepayment Penalty:	No
Late Charge:	5% of the monthly P&I or subject to applicable state law, assessed after the 15th of the month
Underwriting Ratios:	33% Housing - 43% total debt
NOTE:	The CCHAP program is a discontinued product, it is not eligible for a buydown. Any variations or concessions must be approved by the Corporate Community Development Manager.

RESIDENTIAL LENDING DIVISION PROGRAM DESCRIPTION CENTRAL CITY HOME OWNERSHIP ASSISTANCE PROGRAM 95 PENNY (CCHAP 95% PENNY)

TMO Product Code:	15-Year Fixed/PNCH-30-Year Fixed/PNCH
Maximum Term:	30 years
Eligible Product:	Fixed Rate Programs Only
Loan Purpose:	Owner Occupied - Purchase only
Eligible Borrowers:	Household income must not exceed 115% of area median. NOTE: Borrowers may not have ownership interst in any other real estate at the time of closing.
Eligible Properties:	1-2 family dwellings located in designated MSA or PMSA areas.
Eligible Loan Amount:	Minimum loan: none Maximum loan: $252,700
Maximum Loan to Value:	95%
Down Payment:	A minimum down payment of 5% of borrowers own funds or 3% from borrowers own funds plus 2% gift from family member, pledge, unsecured loan from a nonprofit organization.
Closing Costs:	The Bank will limit the buyers closing costs to a Penny and pre-paids only.
Interest Rate:	The interest rate will be 1/4% above the Bank's published fixed rate, Zero Point Program.
Mortgage Insurance:	Required on all loans exceeding 85% LTV, to be paid by the Bank.
Hazard Ins. & Tax Res.	Required
Cash Reserves:	Case by Case
Home Buyer Education:	Borrower must successfully complete the FNMA Guide for Homeownership Booklet.
Assumable:	No
Prepayment Penalty:	Yes - 3 years 2%-1st year, 2%-2nd year, 2%-3rd year
Late Charge:	5% of the monthly P&I or subject to applicable state law, assessed after the 15th of the month
Underwriting Ratios:	33% Housing -= 43% total debt