Affinity Lending Program & Mortgage Information

Mortgage Information and Resources

Credit Score
Your credit history will be checked by lenders when you are pre-approved for a mortgage, when you apply for a mortgage, and right before closing. You can check your credit every year on www.myfico.com or www.annualcreditreport.com. Both pull credit from all three agencies – Trans Union, Equifax and Experian.

Credit Unions 

Since credit unions are not-for-profit, it might be worthwhile investigating the option of becoming a member and opening an account with one and therefore being eligible to apply for a home mortgage. With an IDCNY membership, there are several credit unions that offer membership as a benefit.

http://www1.nyc.gov/site/idnyc/benefits/banks-and-credit-unions.page

 

Government Programs
Following are some city, state and federal organizations that offer home buying programs and services, including programs for first-time home buyers.

NYC Department of Housing Preservation & Development (HPD)
State of NY Mortgage Agency (SONYMA)

Consumer Financial Protection Bureau

U.S. Department of Housing & Urban Development (HUD)
HUD, Good Neighbor Program
HUD, Types of loans (FHA-low down payment; senior citizens; renovation and energy efficiency loan (203K)
Fannie Mae
Freddie Mac
Veteran’s Administration (VA) 

Other Lenders

Citibank offers a competitive mortgage for first-time homebuyers through the Home Run Program.

On-line Mortgage Calculators
Zillow offers three types of calculators – a mortgage calculator, a refinance calculator and an affordability calculator.

On Malvern National Bank’s website, there are several types of mortgage calculators available -- a bi-weekly calculator, adjustable rate mortgage calculator, mortgage loan calculator, mortgage comparison: 15 years vs. 30 years, mortgage qualifier, and a refinance breakeven.  

Bank Rate offers 71 types of mortgage calculators -- from fixed rate through remodeling calculators.  

Properties in Foreclosure

There are several websites which list foreclosed properties and properties being offered at auction.

https://www.auction.com/

https://www.homepath.com/

http://mandtreo.com/

http://nyforeclosures.com/ 

http://nysauctions.com/  

http://www.propertyshark.com/mason/

http://www.realtytrac.com/ 

https://reo.wellsfargo.com/

Types of Loans

Adjustable Rate (ARMS)
Conventional Loans
FHA Loans (3.5% Down)
Fixed Rate Loans
Jumbo Loans
Renovation Loans

Terminology
Check the Office of Work/Life’s website for all real estate and mortgage terminology. 

Disclaimer:  This content is provided for informational purposes only.
Listing of the websites above does not constitute a recommendation of these websites nor is the accuracy of the information listed in these websites verified by the Office of Work/Life.
Columbia University does not assume any responsibility in connection with any of these websites, and recommends that any information listed therein be independently verified.