Established in 2022, the University-Area Home Ownership Program (UHOP) was developed to complement and expand upon existing the employee-benefit mortgage program, the Guaranteed Mortgage Program. Through the UHOP, employees may enjoy the benefit of great mortgage interest rates, flexible down payment options, and access to a forgivable home improvement loan through our partner, Solvay Bank.
Program Highlights
- All regular full-time and part-time faculty and staff may participate
- In cooperation with Solvay Bank, up to 100% of the purchase price can be financed, eliminating the need for a down payment
- Syracuse University guarantees the mortgage, eliminating the need for private mortgage insurance
- Participants may elect to obtain a 10-year forgivable loan, equal to 10% of the home’s purchase price (up to $15,000), for qualified home improvements through Solvay Bank
- Participants pay only interest on the forgivable loan throughout the program; the University begins paying down 20% of the loan annually on behalf of the participant starting in year 6 of the 10-year loan
Mortgage Eligibility Criteria
- Only single and two-family homes, townhouses, and condominiums are eligible for financing under this program
- Open to all regular full-time and part-time faculty and staff member at Syracuse University
- The home must be the participant’s primary residence
- The participant must satisfy the lender regarding the ability to repay the loan based on the lender’s criteria
- Program is limited to permanent mortgage financing only
- Participants must finance their mortgage through Solvay Bank
- The home must be within the program boundaries (please see program boundary map above)
- Participants must remain (1) in the home and (2) an eligible employee to stay in the program
- If the participant no longer resides in the home or leaves University employment before retirement or before the guaranty is extinguished (when the mortgage is paid down to 75% loan-to-value ratio), participants must pay the entirety of the mortgage, sell, or refinance
Forgivable Loan Eligibility Criteria
- The participant must satisfy the lender regarding ability to repay the loan based on the lender’s criteria
- Participants may borrow up to 10% of the home’s purchase price ($15,000 maximum)
- Though subject to change, qualified home improvements include and are limited to the following:
- Remodeling bathrooms or a kitchen
- Replacing a roof, gutters, and downspouts
- Adding a family room, bedrooms, or bathrooms
- Replacing flooring, tiling, or carpeting
- Completing a basement or attic conversion or adding a second story
- Expanding or building a garage or carport
- Renovating a deteriorating property, such as repairing a chimney, termite damage, or structural problems
- Upgrading plumbing, heating, air conditioning, or electrical wiring
- Eliminating health and safety hazards, such as removing lead-based paint
- Making the home accessible to people with disabilities
- Installing a well or a septic system
- Adding a porch, deck, or patio
- Adding or repairing siding or repainting
- Installing energy efficient windows or doors
- Repairing an existing swimming pool
- Participants must submit bills and proof of work from contractors to Solvay Bank within 12 months of closing to receive funds
- Participant is responsible for all interest payments for the forgivable loan
- The University will pay 20% of the loan principle annually starting 6 years after closing to pay off the loan completely by year 10
- Participants must remain (1) in the home and (2) an eligible employee to receive loan forgiveness
- If the participant no longer resides in the home or leaves University employment before the loan is fully forgiven, the participant must pay the remainder of the loan