Affinity Mortgage Lending Program
There are currently three lenders in the program: Chase, Citizens Bank, and TD Bank. While Columbia does not specifically endorse these lenders, they are familiar with the programs and benefits available to faculty and staff, as well as the complexities of academic incomes.
The program was instituted in 2006, and participating lenders are selected periodically through an extensive vetting process conducted by a committee that consists of senior administrators in Arts & Sciences, Business School, Law School, Finance, General Counsel, Human Resources, and the Office of the Provost.
Always have a fully-vetted (all documents reviewed by a lender) pre-approval, and all personal financing in place, as soon in advance as possible before making any purchasing decisions.
We recommend that you thoroughly research all of your options prior to making a decision.
To ensure that you reach the individuals within the participating financial institutions who are most familiar with the specifics of mortgages for higher education professionals, please be sure to contact the loan officers listed below, where applicable.
Faculty and staff can take advantage of special benefits through the Chase Employee Benefit Program such as:
- $1,000 closing cost credit when refinancing your current mortgage or buying a new home.
- A variety of affordable mortgage options are available, including down payments as low as 3% and homebuyer assistance programs allowing you to earn $2,500 or $5,000 toward your purchase with the exclusive Chase Homebuyer Grant.
- A guarantee that when you buy a new home, you’ll close on time or Chase gives you $5,000 (excludes the purchase of an apartment in a co-op or condo).
More information is at Chase Employee Benefit Program (uni log-in required).
- $1,000 closing cost credit on all home purchase and refinance transactions. This applies for primary homes, vacation homes, or investment properties.
- Complimentary mortgage analysis for all purchase and refinance options.
- A variety of mortgage programs available ranging from low down payment programs to closing cost assistance programs. Please inquire for all available options.
- Additionally, please inquire about additional discounts that may be available at the time.
Contact: Chirag Mody
Senior Loan Officer
NJ Lender Corp-The Mark Maimon Team
- Faculty and Staff will enjoy $1,295 in credits to eliminate all underwriting and processing fees on loans funded by NJLC (excludes brokered loans).
- Full-service mortgage broker and banker established in 1991.
- Offering a wide variety of traditional and non-traditional mortgage products including low documentation loans, private financing, bridge loans and more.
- Experts in financing coops and condos that don’t meet traditional lending guidelines.
- Local to New York, but licensed in roughly 20 states across the country.
- Ask about specialty programs for lower rates in NY, NJ and CT.
Contact: Mark Maimon
NMLS ID #3550
SVP – Branch Manager
Contact: Gabi Feuer
NMLS ID #183893
Director – The Mark Maimon Team
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.
Following are some city, state and federal organizations that offer home buying programs and services, including programs for first-time home buyers.
- Consumer Financial Protection Bureau
- HomeFirst Down Payment Assistance
- HUD, Good Neighbor Program
- HUD, Types of loans (FHA-low down payment; senior citizens; renovation and energy efficiency loan (203K)
- Fannie Mae
- Freddie Mac
- NYC Department of Housing Preservation & Development (HPD)
- New York State Mortgage Assistance Program
- State of NY Mortgage Agency (SONYMA)
- U.S. Department of Housing & Urban Development (HUD)
- Veteran’s Administration (VA)
- 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.
There are several websites which list foreclosed properties and properties being offered at auction.
- Adjustable Rate (ARMS)
- Conventional Loans
- FHA Loans (3.5% Down)
- Fixed Rate Loans
- Jumbo Loans
- Renovation Loans
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.