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Whether you are purchasing or refinancing, our team of experienced mortgage professionals will help determine your best options. With local decision making, you'll get prompt approvals and our team is here for you throughout the process.

We have a number of Traditional Lending options and Special Programs designed to help a wide range of homebuyers purchase or refinance a home.

Ready to take the next step toward home ownership?  Contact us via email or call 585.427.9200.

Special Loan Programs

GRB participates in a number of special promotions and lending programs designed to make the dream of owning a home more accessible.

First Home Club

Logo for the First Home Club loan programGRB and the Federal Home Loan Bank of New York (FHLBNY) work together to provide down payment assistance to qualified first-time homebuyers. The First Home Club provides $4 in matching funds at closing for every $1 saved in a dedicated First Home Club Savings Account at GRB, up to a total grant amount of $7,500. Before purchasing a home, participants make monthly deposits into this account over a 10 - 18 month period.

 

 

Eligibility requirements:

  • Must be first-time homebuyers (have not owned a home individually or with a spouse in the last three years)
  • Reside and purchase a home in New York
  • Have a household income at or below 80% of area median income
  • Complete an accredited homeownership course
  • Remain in the home for five years or repay a portion of the grant funds back to FHLBNY

Important information:

  • Participants are not eligible to receive the matching funds if they do not complete the savings program
  • Maintaining the First Home Club Savings Account does not guarantee a mortgage approval or approval of the FHLBNY grant
  • All funds are applied towards down payment and closing costs

 

University of Rochester - University Home Ownership Incentive Program

Logo for the University of Rochester GRB is a proud participant in the University Home Ownership Incentive Program for University of Rochester employees.  The program provides funds to University of Rochester employees purchasing homes near the university's River Campus and Medical Center.  This unique program could provide up to $9,000 toward the purchase of a home. 

Read more about the University Home Ownership Incentive program on the GRBblog

Use the map to the right to help determine whether or not a specific property qualifies for the program. Specific street addresses can be located by clicking on the upper lefthand corner of the map (highlighted in yellow below) and then selecting the appropriate neighborhood:

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Before putting in a purchase offer for any property, buyers must verify property eligibility and program eligibility through the university's Benefits Office at 585-275-0476 and complete a grant application through the City of Rochester. 

 

Traditional Loan Programs

Conventional Mortgages

The standard of mortgage lending, conventional mortgages are best suited for buyers with high credit scores and, typically, higher amounts available for a down payment. Fixed rate mortgages are best if you are planning to stay in your home for the long term. For the lowest possible initial rate, or if you are planning to move or refinance in a few years, an adjustable rate mortgage (ARM) is a better option.

  • For primary homes or investment properties (1-4 units)
  • Cash out refinance available
  • Various loan terms available
  • Down payments can be as low as 5%
  • Seller's concessions are dependent on down payment

Conventional Plus

With low down payment requirements, help with closing costs, and flexibility with credit scores, a Conventional Plus mortgage is a good option for first-time homebuyers.

  • Down payments as low as 3% for a single family home
  • Down payments as low as 5% for a 2-4 family home
  • 3% seller's concessions allowed to help pay your closing costs
  • Down Payment Assistance Loan of up to 3% of the home's purchase price or $3,000, whichever is less

Jumbo Mortgage

If you are planning to purchase a larger, more expensive home, you'll want to consider this special mortgage. Buyers must have strong credit scores and be able to afford larger down payments.

  • Financing for loans of $417,000 or more
  • Fixed and adjustable rate options
  • 20% down payment required

FHA Mortgages

Federal Housing Administration (FHA) loans are federally insured and their low down payment requirements allow greater flexibility for buyers who may not meet conventional loan guidelines.

  • Fixed and adjustable rate options
  • Minimum down payment of 3.5%
  • Up to 6% seller's concessions to help pay your closing costs
  • Allows gift funds to cover down payment and closing costs
  • Primary residence only, but multi-family homes are eligible
  • Streamlined refinance available

Cash Saver

Cash saver smallerThis program provides down payment assistance in conjunction with FHA financing. This second mortgage up to $5,000 allows borrowers to secure down payment/prepaids/closing cost assistance. It may be used to replace seller concessions and fills the gap when households are over income limits for grants and are short money for closing.  Please contact a GRB Mortgage professional to see if you qualify.  Program details include:

  • Do NOT need to be a first-time homebuyer
  • Homebuyer education class is required
  • Purchaser contributes 3.5% of their own funds
  • Five-year repayment term at the same interest rate as the first mortgage

VA Mortgages

Available to active duty and retired servicemen and women, U. S. Dept. of Veterans Affairs (VA) loans are federally insured, giving borrowers access to favorable terms.

  • No down payment financing available for eligible veterans
  • Low or no down payment
  • Primary residence only
  • Fixed or adjustable rate options
  • Sellers can pay up to 100% of veteran's closing costs
  • No required Mortgage Insurance premiums

USDA Mortgages

If your house is in a designated rural area and your income falls within certain limits, a U. S. Department of Agriculture (USDA) loan can help your family purchase a home.

  • No down payment financing for qualified applicants
  • Up to 6% seller's concessions to help pay your closing costs
  • Lower Mortgage Insurance requirements than Conventional or FHA loans
  • Primary residence only

Construction Loans

If you are building a home and need financing throughout the construction process, we can help.

  • Long term rate lock available
  • End loan can be FHA, VA, Conventional, or Jumbo