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About the Program

To encourage home ownership and help maintain a strong, healthy residential community in and around the South Campus, the University at Buffalo Foundation has developed the Home Loan Guaranty Program, enabling eligible UB employees to finance up to 120 percent of the purchase price of a home, including renovation and closing costs.

As a vital part of the community, employees can also choose to refinance a home, and include rehabilitation costs in the refinance. Both one- and two-family homes within the community, outlined by some of the city’s most inviting streets, are eligible in the program.

Types of loans for home purchase

A loan guaranty is an agreement to reimburse the lender if the borrower fails to meet the terms of the mortgage loan. Under the UB Home Loan Guaranty Program, the University at Buffalo Foundation, Inc. (UBF) guarantees your home loan.

The program includes two types of loans for the purchase of a one- or two-family home:

• Loans of up to 105 percent of the purchase price (includes 5 percent for closing costs).
• Loans of up to 120 percent of the purchase price (includes 5 percent for closing costs and 15 percent toward home rehabilitation).

Private mortgage insurance (PMI) is not required in this program.

Refinancing for rehabilitation

Loans are also available for the refinance of employee-owned homes to cover home rehabilitation costs.

The principal amount of a refinancing cannot exceed the sum of the following:

• Outstanding principal balance of any existing financing to which the residential property is subject.
• Closing costs.
• Cost of the proposed improvements to the property provided that the amount of the loan shall not exceed 90 percent of the appraised value of the property after the improvements.

Borrowers will not be permitted to receive any cash or net proceeds from a refinancing loan.