Home financing in Onondaga County.

Home financing means borrowing money to purchase, refinance, or improve a home, with the property itself used as collateral. The most common product is a mortgage: you agree to repay the loan — plus interest — over a set period, usually 15 or 30 years.

In Onondaga County, the market centers on the City of Syracuse and surrounding towns like Camillus, Cicero, Clay, DeWitt, Manlius, and Salina. Home prices in the county are generally below the national median, which makes ownership realistically attainable for working families and solo contractors. However, many homes — especially in Syracuse's South Side, Near West Side, and North Side — are older and may require renovation financing on top of a purchase loan.

Mortgages here fall into a few broad types:

- **Conventional loans** — offered by banks and credit unions, typically require a credit score of 620 or higher and a 3–20% down payment.

- **FHA loans** — backed by the federal government, allow credit scores as low as 580 and down payments of 3.5%. Popular with first-time buyers.

- **ITIN loans** — a special category offered by some local lenders and CDFIs that allows people without a Social Security number (but with an Individual Taxpayer Identification Number) to qualify.

- **Renovation loans** — combine purchase price and repair costs into one loan (e.g., FHA 203(k) or HomeStyle). Common for older Syracuse-area housing stock.

- **Investment property loans** — for buyers purchasing a 2–4 unit property as a rental. These have stricter requirements but are common given the county's rental market.

Onondaga County's economy includes healthcare (Upstate University Hospital, Crouse Hospital, St.

Joseph's Health), higher education (Syracuse University, SUNY ESF, Le Moyne College), government employment, and a growing tech and logistics sector.

Many residents work as sole proprietors, gig workers, or independent contractors — common in trades like construction, cleaning services, landscaping, and home repair.

**If you are a W-2 employee**, qualification is most straightforward. Lenders want to see two years of employment history and steady income.

**If you are self-employed or a solo contractor**, you can still qualify — but you will need two years of filed tax returns showing your net income, not gross revenue.

Lenders use your net income (after business deductions) to calculate what you can afford.

If you have been writing off a lot of expenses, your qualifying income may be lower than expected. A good local loan officer will help you work through this.

**If you have an ITIN instead of an SSN**, you are not automatically disqualified. Several local lenders and CDFIs (listed in Section 4) specifically offer ITIN mortgage programs for undocumented immigrants or mixed-status households. You will need a strong rental or payment history in lieu of a traditional credit score.

**If your credit score is low or thin**, Community Development Financial Institutions (CDFIs) and credit unions in the area often use alternative underwriting — looking at rent payment history, utility bills, and bank statements rather than a standard FICO score alone.

**Income limits** apply to many state-assisted programs. As a general benchmark, a household earning up to around $80,000–$100,000 per year may qualify for down payment assistance through New York State programs, though exact limits vary by program and household size.

Every lender has slightly different requirements, but the following documents come up in almost every home loan application in Onondaga County. Gathering these in advance saves time and reduces stress.

**For all applicants:**

- Government-issued photo ID (driver's license, passport, or consular ID / matrícula consular)

- ITIN or SSN

- Two most recent pay stubs (if employed)

- Two years of W-2s or 1099s

- Two years of federal tax returns (all pages, all schedules)

- Two to three months of bank statements (all pages, all accounts)

- Proof of any other income (rental income, child support, disability, etc.)

- Landlord contact information or 12–24 months of rent payment history if you currently rent

**For self-employed applicants and solo contractors:**

- Two years of personal AND business tax returns

- Year-to-date profit and loss statement (your accountant or bookkeeper can prepare this)

- Business bank statements (2–3 months)

- Business license or DBA registration, if applicable

**For ITIN applicants:**

- ITIN letter from the IRS

- 12–24 months of bank statements showing consistent deposits

- 12 months of on-time rent payment documentation (cancelled checks or landlord letters)

- Utility bills in your name to demonstrate residency stability

**For renovation or rehab loans:**

- Contractor bids or repair estimates (licensed contractors preferred)

- Property inspection report

Tip: Make copies of everything and keep them in a single folder — physical or digital. You will be asked for the same documents multiple times during the process.