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About MyGenMortgage

For many people with low to moderate income, the biggest obstacle to buying a home is the down payment and closing costs that come with getting a mortgage loan. That's why we created a community-focused mortgage product specifically designed to help local people and families who may not have the funds to obtain a traditional mortgage. 

Contact a Mortgage Lender

Key features of MyGenMortgage

A low to moderate income mortgage


95% financing

no closing fees

No closing costs

no pmi

No private mortgage insurance (PMI)


Competitive rates


Up to 6% in seller concessions

fast service

Fast and local servicing

Frequently Asked Questions

MyGenMortgage is targeted towards low to moderate income people living in Seneca, Cayuga, Ontario and Orleans Counties. See the below chart for income limits by county.

   Persons in Household
County 1 2 3 4 5 6
Seneca 46,500 53,150 59,800 66,400 71,750 77,050
Cayuga 49,250 56,250 63,300 70,300 75,950 81,550
Ontario 53,200 60,800 68,400 75,950 82,050 88,150
Orleans 53,200 60,800 68,400 75,950 82,050 88,150

95% financing means a customer can borrow 95% of the value of their home, which means they only need a 5% down payment. 

Some lenders require their customers to buy Private Mortgage Insurance (PMI) if their down payment is less than 20% of their homes value. MyGenMortgage does not require PMI, helping you save on an extra cost sometimes associated with buying a home. 

If your real estate contract includes seller concessions the Bank will allow their use up to 6%. Seller concessions can be applied toward escrow deposits and borrower’s attorney costs.

The fees below are eligible to be paid by the Bank at the time of closing. If, however, the loan is terminated for any reason, within three years of the date of origination, the closing costs paid by the bank must be repaid by the borrower. 

  • Processing & Underwriting Fees
  • Appraisal Fee
  • Credit Report Fee
  • Tax Service Fee (Lereta) 
  • Flood Determination Fee
  • Verification of Employment Fee
  • Insurance Tracking Fee
  • Borrowers Mortgage Tax
  • Mortgage Tax (Banks Portion)
  • Recording Fees - Deed/Mortgage Recording
  • Bank Attorney Fee
  • Bank Title Insurance Fee with endorsements
  • Verification of Tax Return Fee

Contact a mortgage expert to learn more!

Contact Information



All applicants are subject to a credit check.

Income Eligibility:

  Persons in Household
County 1 2 3 4 5 6
Seneca 39,400 45,000 50,650 56,250 60,750 65,250
Cayuga 41,800 47,800 53,750 59,700 64,500 69,300
Ontario 44,950 51,350 57,750 64,150 69,300 74,450
Orleans 44,950 51,350 57,750 64,150 69,300 74,450