| Q. |
Do borrowers pay any interest or fees
in connection with a loan under this program? |
| A. |
No. |
| Q. |
Who is eligible for the Day School Teachers
Housing Loan Program? |
| A. |
Teachers who are first-time home buyers,
currently teach full time at an Eligible School
and have at least three years full-time day school
teaching experience, and reside and are purchasing
homes in New York City, Westchester or Long Island.
A “full time teacher” is one who teaches
at least 20 hours a week. |
| Q. |
What constitutes an Eligible School? |
| A. |
For purposes of this program, an Eligible
School is one that receives or is eligible to receive grant funding
from the Fund for Jewish Education (“FJE”). However, teachers who
work at start-up institutions not eligible for FJE funding solely
because they are start-ups, will be considered. (Such teachers, like
other applicants, must have three years of full-time day school teaching
experience when they apply.) |
| Q. |
Are there income limits for Housing
Loan Program borrowers? |
| A. |
Housing loans are intended to help
moderate income families who earn enough to qualify for a mortgage
on a modest home, but are unable to pay the cash portion of the purchase
price and/or closing costs. A “moderate income family” is one where
the teacher’s salary is the primary salary or one of two roughly equivalent
salaries. Families with a high-earning spouse or significant savings
or investments will not be eligible. |
| Q. |
How much can I borrow and how much
do I have to repay per month? |
| A. |
You can borrow up to $15,000. Your
loan is repayable in 90 (ninety) equal monthly installments, beginning
one month after the loan is received. The loan will immediately become
due and payable in full if you leave full time day school teaching
before the end of the ninety-month amortization period. |
| Q. |
Are both Judaic studies and secular
studies teachers eligible to apply? |
| A. |
Yes. |
| Q. |
What are the steps in the application
process? |
| A. |
- You can obtain our brochure, an application form
and a School Referral Form by downloading them at www.bjeny.org/279.htm
or by calling the Hebrew Free Loan Society at 212-687-0188.
- Give the School Referral Form to your principal
to fill out and return directly to the Society by mail.
- Once you have a contract on a home and have located
appropriate co-signers, call Leonard Petlakh at the Hebrew Free
Loan Society at (212) 687-0188 x 207 to schedule a loan interview.
- Come to your loan interview with all the documentation
specified in our loan brochure.
- After your loan interview you will receive a
letter (the “Conditional Approval Letter”) advising you whether
your loan has been conditionally approved.
- Once you have a mortgage commitment, mail us
a copy of the mortgage application and all attachments submitted
to and the mortgage commitment received from, your lender (together,
the “Mortgage Documents”).
- Within two weeks of our receipt of the Mortgage
Documents, assuming the information contained therein confirms
that submitted in your application, you will receive final approval
of your loan.
- You, your spouse and your guarantors will sign
a promissory note evidencing the Society’s loan, and the Society
will issue a two party loan check made out to you and your attorney.
|
| Q. |
Can I be assured that I will receive
the loan once I have gotten my conditional approval? |
| A. |
We will conditionally approve completed
loan applications on a first come first serve basis. Demand for this
loan program may exceed available resources. Therefore, your conditional
loan approval will lapse, and funds allocated to your loan may be
re-allocated to another applicant, if we do not receive all the Mortgage
Documents within 90 days after the date of your Conditional Approval
Letter, or if the information contained in such Documents does not
confirm the information submitted in your loan application. If we
receive complete Mortgage Documents before the expiration of the 90
day period described above which confirm the information submitted
in your loan application, you can be assured of receiving the loan. |
| Q. |
If I have a question on the Day School
Teachers Housing Program that is not answered on this website or in
your brochure, where can I get help? |
| A. |
Please re-read carefully the Frequently
Asked Questions and the Day School Teachers Housing Loan brochure.
If you still do not find an answer to your question, e-mail Leonard
Petlakh at Lpetlakh@hflsny.org |
