Up to $10,000 Towards Closing Costs or Down Payment Assistance
Tompkins’ Community One Grant Program offers borrowers the chance to make home ownership a reality with up to $10,000 towards closing costs or down payment assistance, a reduced application fee, and maximum financing with no mortgage insurance for eligible borrowers. This program is available for an owner occupied 1-2 family purchase transaction and is subject to income and other qualifying guidelines.
Benefits & Qualifications:
- Reduced application fee
- Maximum 45% debt to income (DTI) ratio
- No Mortgage Insurance is required
- Owner occupied primary residence, 1-2 units only
- Income limits apply
- Satisfactory credit history required
- Alternative credit sources may be considered with a minimum 12 month documented history of on-time monthly payments. Minimum of 2 required; i.e. rent, phone, cable, heat, electric
- No purchase price limits
- 100% Loan To Value (LTV) ratio*/97% Max. LTV without reserves; Max. 140% Combined Loan To Value (CLTV) ratio with multiple approved grants
- Household income at or below 80% of the Area Median Income (AMI) in the county the applicant currently resides
- Escrow for taxes and insurance required
- Maximum 3% seller concessions regardless of LTV and not to exceed actual costs - cannot get additional cash back
*3 months Principal Interest Taxes Insurance reserves when LTV is greater than 97%. Grants or Gifts do not count as reserves. Grant program is for eligible residents currently residing within the specified zip codes (14604, 14605, 14606, 14607, 14608, 14609, 14611, 14612, 14613, 14614, 14615, 14619, 14620, 14621) who are purchasing a 1-2 family primary residence anywhere within Monroe County, NY. Loans subject to credit approval, income, and other qualifying guidelines. Homeowners insurance required; flood insurance may be required. Consult your tax advisor about deductibility of interest. Some restrictions may apply. Funds available until exhausted.
NMLS #: 456030
