Home ownership has become more affordable because of lower interest rates and programs that allow lower downpayments when buying a home. Many renters can now afford to purchase a home and this offers renters several potential benefits. Monthly mortgage payments might be less expensive than paying rent. As home owners pay off their mortgage they take part in the most common way families and individuals build equity and wealth.

Information included on this page:

• The information provided is designed for families and individuals who are buying their first home. However, existing home owners who are considering refinancing their mortgage or borrowing against the equity in their home are encouraged to browse and contact lenders included here. 

Types of financial institutions that offer mortgage loans:

Banks:  Banks are a type of financial institution that originate loans as well as maintain deposits for account holders that are federally insured. As depository institutions banks are generally considered  full-service financial institutions because they offer a wide range of services. Services available include, checking and ATM-debit accounts, savings accounts, dedicated savings accounts for retirement or college tuition, credit cards, lines of credit, auto loans, personal loans, business loans and mortgage loans which are secured by real estate.

List of Affordable Mortgage Products and Services

You can scroll down the list of lenders or
click on the hyperlink text to find information on a particular lender's product.

Banks: Charter One Bank, Citibank, Fleet Mortgage, KeyBank N.A., M&T Bank

Credit Unions:  Genesee Co-op FCU, The Summit FCU, Pittsford FCU,

Mortgage Companies: Nothnagle

1/2% Below Market  30 year fixed rate with no points
Closing Costs $500, downpayment 5% (3% must be borrowers own funds remaining 2% can come from family member gift, grant or unsecured loan from nonprofit organization.

CCHAP Penny same legibility requirements as CCHAP

Closing Costs 1 cent, Customer responsible for mortgage tax. Charter One Bank Pays Private Mortgage Insurance  downpayment same as CCHAP.

All For One Rehab Loan Program
One affordable mortgage for the purchase and rehabilitation of a property. Current home owners can use their equity to fund improvements. Call for more details on this program.

Citipro
A key tool in the program is Citipro, a report that details each participant’s current economic situation. It also includes suggestions for savings, credit management and planning for the future. Citipro can be updated any time the participant’s income changes. It can be accessed either through the Citibank at Work Program, or at any Citibank branch free of charge.

Low Downpayment Requirements

One year good credit and stable employment

Relaxed qualifying guidelines of 35/40 for 1 and 2 units

No mortgage insurance

Fleet Mortgage also provides a variety of other affordable mortgage loan programs including SONYMA, VA, FHA, Fannie Mae, as well as participates in grant programs administered by municipal agencies and non-profit community-based organizations.

Key Bank N.A.

SONYMA Participating Lender

VA and FHA mortgages

97% Mortgage Program

Wells Fargo no money down mortgage (Finance 100% of purchase price with no money down. Can also use mortgage to finance closing costs).

GET STARTED MORTGAGE - requires a total downpayment of only 1% of the home buyer's own money. All other funds for closing costs, tax escrows, insurance escrows etc. can be part of the mortgage. This permits the home buyer to purchase a home now rather than waiting to go through prolonged programs of grant and savings club applications. This program is available for anywhere in the City of Rochester, with many census tracts being eligible for reduced interest rates.

REHAB MORTGAGE - Whether an individual is purchasing a home that needs repair of is refinancing a home that is already owned, and now needs repair, this mortgage allows the individual to borrow the funds needed for repairs and rehab at the same rate and 30 year term as a standard first mortgage lien. This program has flexible credit history standards and requires little to zero cash to be put into the transaction.

FIRST TIME HOME BUYER MORTGAGE - Allows a first time home buyer to obtain a discounted interest rate with all closing costs and escrow amounts financed TOTAL cash needed to obtain the discounted interest rate is only 3%.

CREDIT HISTORY PROBLEMS -Whether purchasing or debt consolidating, M&T Bank has special solutions for individuals that have had special situations that have caused credit problems in the past.

Participants contract to save for home ownership, and attend homebuyer education classes through Neighborhood Housing Services (NHS) of Rochester. When the savings period ends and the participant purchases a home, up to $1800 in savings can be matched at a 3-to-1 rate with a grant for down payment and closing costs. (Maximum matching grant: $5400.) Contact: Genevieve Legacy, 461-2230 or e-mail 
msr@gencoopfcu.com

Some of our mortgage dollars are designated for individuals who don’t qualify for conventional loans, and are targeted to the South Wedge and adjacent City of Rochester neighborhoods. Contact: David Knoll, 461-2230 or e-mail 
msr@gencoopfcu.com

We are one of the first credit unions in the nation to provide free, 30 minute mortgage application and approval, online, with extremely competitive rates. Member’s Choice netMortgage is offered in collaboration with CUNA Mutual Mortgage Corporation and Freddie Mac. Contact: www.gencoopfcu.com ; then click on the Member’s Choice netMortgage icon

With our partner, Credit Union Center Mortgage Corporation (CUC Mortgage), we offer a variety of mortgage loans. For those who don’t qualify for an FHA, VA or conventional loan due to adverse credit history, fairly-priced, non-predatory sub-prime loans are offered. Contact: Anitra Michaels, CUC Mortgage, 1-800-342-4998, extension 8234, or e-mail 
amichael@nyscul.org

In collaboration with the Landmark Society of Rochester, an internet kiosk is available in our office which may be used to view listings of properties for sale in the City of Rochester. It is available from 10am to 4:30pm Monday through Wednesday, 10am to 5:30pm Thursday and Friday. 

 msr@gencoopfcu.com

Mortgage Products:
15,20,25,30 year terms
Guaranteed life of loan servicing
Savings account rate paid on escrow accounts
No points, origination, application or lock-in fees
Very reasonable closing costs

Fixed Rate
90 day rate lock
Minimum down payment is 5% (Private Mortgage Insurance will be required on all loans with down payments of less than 20%)
Maximum loan amount is $252,700

1 Year Adjustable Rate (ARM)
2.75% initial interest rate for all loan amounts
2% annual cap, 10.75% lifetime cap
Minimum downpayment is 5% PMI required

Convertible ARM
(call for details)

Zero Closing Costs Option - No closing costs with 10% downpayment

Local Servicing of Mortgages

Must be a member of the credit union; properties in New York State only; owner occupied or second home.

100% Loan-to-Value 2nd mortgage for qualified buyers

Nothnagle Home Securities Corp.