Le Moyne College has joined a select group of higher education institutions nationwide in offering a Guaranteed Mortgage Program (guaranteed mortgage program PDF.pdf) for its full-time employees. For full-time employees buying homes under the program, the college will guarantee the loan for employees at no risk to the lender, eliminating the need for a down payment and private mortgage insurance.
Under the program, financing for 100% of the purchase price of a home is available to qualified buyers, with Le Moyne College serving as guarantor on the mortgage. The home must be the employee's primary residence and can only be a single-family home, a two-family home or a townhouse.
Qualifying properties must fall within a specified area of the city. The boundaries for this area, roughly 781 acres, are Erie Boulevard to the north, East Genesee Street to the south, Croly Street to the west and the city line to the east. Currently, approximately 70 Le Moyne employees live within these boundaries, which includes more than 1,600 single- and two-family homes.
To be eligible for the program, the Le Moyne employee must obtain a mortgage through Summit Federal Credit Union. The individual would apply for a mortgage as normal and must meet all customary lending criteria established by the lending bank. The employee then would complete a Le Moyne application and eligibility form. If approved by the college, this form would be submitted to the lending institution, which would process the mortgage under the Guaranteed Mortgage Program.