The University-Area Home Ownership Program (UHOP) was developed to complement and expand upon the existing 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
Second Program: Guaranteed Mortgage Program
After you have found a home in one of the eligible neighborhoods and you and the seller have agreed on a purchase price, you have to apply for participation in the Syracuse University Guaranteed Mortgage Program.
Please download the application form [PDF form] and complete the information. You may choose to sign it electronically or physically. If you have a co-applicant, both of you must sign. Send the completed application form to the Syracuse University Real Estate Office for approval. The Real Estate Office will then forward the application to Human Resources and the Comptroller’s Office for further approval. Once fully executed, the approved form will be returned to you so you may forward it to the bank where you are applying for a mortgage. The bank will then process your mortgage under the Syracuse University Guaranteed Mortgage Program guidelines.