MyGenMortgage
About MyGenMortgage
For many people with low to moderate income, the biggest obstacle to buying a home is the down payment and closing costs that come with getting a mortgage loan. That's why we created a community-focused mortgage product specifically designed to help local people and families who may not have the funds to obtain a traditional mortgage.
Key features of MyGenMortgage
A low to moderate income mortgage
95% financing
No closing costs
No private mortgage insurance (PMI)
Competitive rates
Up to 6% in seller concessions
Fast and local servicing
Frequently Asked Questions
MyGenMortgage is targeted towards low to moderate income people living in Seneca, Cayuga, Ontario and Orleans Counties. See the below chart for income limits by county.
| Persons in Household | ||||||
|---|---|---|---|---|---|---|
| County | 1 | 2 | 3 | 4 | 5 | 6 |
| Seneca | 46,500 | 53,150 | 59,800 | 66,400 | 71,750 | 77,050 |
| Cayuga | 49,250 | 56,250 | 63,300 | 70,300 | 75,950 | 81,550 |
| Ontario | 53,200 | 60,800 | 68,400 | 75,950 | 82,050 | 88,150 |
| Orleans | 53,200 | 60,800 | 68,400 | 75,950 | 82,050 | 88,150 |
95% financing means a customer can borrow 95% of the value of their home, which means they only need a 5% down payment.
Some lenders require their customers to buy Private Mortgage Insurance (PMI) if their down payment is less than 20% of their homes value. MyGenMortgage does not require PMI, helping you save on an extra cost sometimes associated with buying a home.
If your real estate contract includes seller concessions the Bank will allow their use up to 6%. Seller concessions can be applied toward escrow deposits and borrower’s attorney costs.
The fees below are eligible to be paid by the Bank at the time of closing. If, however, the loan is terminated for any reason, within three years of the date of origination, the closing costs paid by the bank must be repaid by the borrower.
- Processing & Underwriting Fees
- Appraisal Fee
- Credit Report Fee
- Tax Service Fee (Lereta)
- Flood Determination Fee
- Verification of Employment Fee
- Insurance Tracking Fee
- Borrowers Mortgage Tax
- Mortgage Tax (Banks Portion)
- Recording Fees - Deed/Mortgage Recording
- Bank Attorney Fee
- Bank Title Insurance Fee with endorsements
- Verification of Tax Return Fee
All applicants are subject to a credit check.
Income Eligibility:
| Persons in Household | ||||||
|---|---|---|---|---|---|---|
| County | 1 | 2 | 3 | 4 | 5 | 6 |
| Seneca | 39,400 | 45,000 | 50,650 | 56,250 | 60,750 | 65,250 |
| Cayuga | 41,800 | 47,800 | 53,750 | 59,700 | 64,500 | 69,300 |
| Ontario | 44,950 | 51,350 | 57,750 | 64,150 | 69,300 | 74,450 |
| Orleans | 44,950 | 51,350 | 57,750 | 64,150 | 69,300 | 74,450 |