The Guaranteed Mortgage Program is part of the Hospital’s reinvestment in a vision for Syracuse’s North Side neighborhoods. St. Joseph’s is committed to the North Side and to our employees who provide top quality patient care every day. That commitment has developed into a program that makes it easier for employees to purchase a home. Under the program, St. Joseph’s will provide mortgage guarantees to St. Joseph’s employees who purchase homes in a defined area of Syracuse’s North Side. As a result, qualified participants may need little to no down payment. St. Joseph’s has working relationships with several local banks, which can offer special programs to make the home buying process easier.
So How Does It Work?
All full-time employees who have completed one year of employment with St. Joseph’s are eligible for the Guaranteed Mortgage Program. Once you have chosen a house in the program area and agreed upon a price with the seller, you then submit an application to St. Joseph’s for the Guaranteed Mortgage Program. If approved at St. Joseph’s, you take the application to one of six participating banks to apply for a mortgage.
As the homebuyer, you must meet all customary lending criteria established by the lending bank you choose. The decision to grant a mortgage loan under this program rests solely with the bank orlending institution.
If approved for a mortgage, St. Joseph’s will guarantee the loan at no risk to the lender, eliminating the need for private mortgage insurance. You will be responsible for paying closing costs. Also, you must agree to live in the home as your primary residence.
Participating banks may also offer reductions in mortgage rates or money toward down payments to qualified homebuyers. St. Joseph’s highly recommends that employees take the Homebuyer Education Course offered at Home HeadQuarters, Inc., in order to be eligible for additional assistance.
Once you purchase a home under the program, if you decide to sell, rent or vacate the property or if your employment with the Hospital is terminated, you must refinance the mortgage through conventional mortgage programs; or your bank may choose to offer the mortgage at a higher rate.
What Houses Are Eligible?
Only single-family homes, two-family homes or townhouses located in the neighborhoods surrounding St. Joseph’s Hospital Health Center’s main campus are eligible for the program.
Please see the St. Joseph’s Guaranteed Mortgage Program Map & Properties List (pdf) for more detail of the area. The area’s
- To the North: Danforth Street to First North Street
- To the South: Burnet Avenue to Lodi Street
- To the East: Oak Street to Farmer Street, following Schiller Park to Hartley Street to Butternut Street
- To the West: North State Street
How Do I Get Started?
Thank you for your interest in the Guaranteed Mortgage Program! St. Joseph's Hospital Health Center is committed to our employees and the future of our neighborhood. As you consider purchasing a home under our program, take a minute to familiarize yourself with some of the highlights of the North Side. We think you'll be excited about everything Syracuse's North Side has to offer. St. Joseph's is proud to be a part of this rich tradition and hopes you'll join us too!
Before you get started, please visit Home HeadQuarters, Inc. (474-1939) or NEHDA, the Northeast Hawley Development Association, Inc. (425-1032) for helpful hints, homebuyer education and information on additional assistance in purchasing a home. St. Joseph's strongly recommends that employees seek Home Equity Protection through Home HeadQuarters to protect your investment for years to come.
Click the links below for more information on getting started: