CommunityWorks®
When you don't have enough downpayment...
It's hard to save enough for that downpayment, plus all of the other expenses associated with buying a home. HSBC's CommunityWorks mortgage program is designed especially for borrowers using grant money to help pay for costs associated with closing your mortgage loan. It allows you to apply the grant to both the minimum 3% down payment requirement as well as all of the closing costs. Additionally, only $500 or 1% of the sales price (whichever is greater) is required to be provided by the borrowers own savings. Any extra funds needed to close can then be paid through your own savings, a gift, a grant from another source or an unsecured loan from HSBC Bank USA, National Association.
Quick facts:
- Only a 3% down payment requirement for 1- and 2-unit properties, including Co-Ops
- Homebuyer education by an HSBC-approved counseling provider is required
- Borrowers income must be at or below 80% of the median area income or the property must be located in a designated census tract
- No payment reserve requirement
- Only 1% or $500 (whichever is greater) must come from your own savings.
- You can obtain an unsecured loan from HSBC to be used toward downpayment.
- Certain income level restrictions apply depending upon property location.
- The program is only available in select states.
Our mortgage specialists are ready to help you better understand your mortgage financing options and which programs work best for your individual situation. If youre planning on purchasing a home in New York State and want to learn more about HSBC's First Home Club, CommunityWorks, or obtain a list of HSBC-approved counseling providers, please call
