Special mortgage programs details | HSBC

Special Mortgage Programs

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CommunityWorks®

HSBC designed CommunityWorks®1 as an affordable low down payment mortgage program for, but not limited to, first-time home buyers. This program may be combined with eligible grants to help you pay for costs associated with obtaining a new mortgage or refinancing your current mortgage.

The CommunityWorks® program offers:

  • Up to $7,000 in closing cost assistance
  • Loans up to 97% of your appraised property value or purchase price, whichever is lower2
  • Competitive mortgage rates
  • Flexible lending guidelines to help more borrowers qualify
  • Loans for 1-4 unit family dwellings, condominiums, cooperatives3 and homes in planned unit developments

First Home Club Program

The First Home Club Program4 provides eligible first-time home buyers in New York and New Jersey with financial assistance towards the down payment and closing costs of a new home. This program can be combined with other special mortgage programs offered by HSBC.

For every $1 you deposit into an HSBC First Home Club savings account over a 10 to 18 month period, you'll receive an additional $4 in matching grant funds5 - up to $7,500 - toward the down payment and closing costs of your new home. You will have a maximum time frame of 24 months to be enrolled in the program6.

To be eligible, your household income must be at or below 80% of the area median income based on family size for the county where you currently reside7.

Download additional information on First Home Club program*

SONYMA

If you live in New York State and are a first-time home buyer, a SONYMA (State of New York Mortgage Agency) loan may be a great choice for you. Designed to provide affordable mortgage financing, SONYMA loans offer you the chance to buy an existing home or build a brand new one.

Quick Facts:

  • SONYMA is a competitive, fixed interest rate program
  • Borrower's income must meet SONYMA's Household Income Limit requirements
  • A down payment assistance loan, secured by your property, is available from SONYMA
  • The program is only available for New York State properties and must be owner occupied, primary residence.

VA and FHA Loans

HSBC is an approved government-sponsored lender and offers Department of Veterans Affairs (VA) and Federal Housing Administration (FHA) mortgages.

VA loans

If you're a qualified veteran, surviving, unmarried spouse of a qualified veteran or currently serve in one of the branches of the military8, a VA loan may be the perfect home-financing fit for you. Here are a few quick facts about VA loans:

  • Low down payment and low closing cost options
  • Gift funds from friends or family may be used to pay for closing costs
  • Maximum loan amount: $417,000 or the geographic VA maximum mortgage limit
  • Streamline refinance programs for borrowers interested in refinancing their existing mortgage9

FHA loans

FHA loans provide an excellent start for first-time home buyers, offering options such as a low down payment or a low closing costs. Here are a few quick facts about FHA loans:

  • Low down payment
  • Gift funds from friends or family may be used to pay for down payment or closing costs
  • You can buy an existing 1-4 family home
  • Streamline refinance programs for borrowers interested in refinancing their existing mortgage9

1 The CommunityWorks® program is only available in NY, CA, Washington, D.C., and specific counties in CT, DE, FL, MD, NJ, PA, VA, WA. Certain income level restrictions may apply depending upon property location.

2 Minimum down payment requirement varies based on property type and property location. The value disclosed above pertains to a 1 unit single family dwelling purchase transaction. If you do not have a credit score, loans are only available up to 95% of your appraised property value or purchase price, whichever is lower.

3 Mortgage financing on cooperatives is only available in NJ, NY & Washington DC.

4 Available for prospective first-time home buyers in New York and New Jersey only.

5 To receive the First Home Club grant, you must obtain a mortgage through HSBC Bank USA, N.A. and meet all program requirements.

6 Registration in the First Home Club Program does not guarantee approval of any mortgage through HSBC Bank USA, N.A. for which you may apply.

7Total gross family income cannot exceed 80% of the area median income (Mortgage Revenue Bond limits) based on family size for the county the borrower resides in at the time of enrollment in the First Home Club Program.

8 You may be eligible for this loan if you are an honorably discharged veteran; an active duty servicemember; an un-remarried surviving spouse of a military servicemember; a reservist; or a National Guardsperson.

9 FHA and VA streamline refinancing are not available in WV, AK, and HI. If you are a servicemember on active duty looking to refinance your mortgage loan, please consult your legal advisor regarding whether your existing mortgage loan is eligible for benefits under the Servicemembers Civil Relief Act and how a refinance may impact those benefits.

Mortgage and home equity products are offered in the US by HSBC Bank USA, N.A. and are only available for properties located in the US Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply. Discounts can be cancelled or are subject to change at any time and cannot be combined with any other offer or discount.

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