New York Laws
Part 1
2405-E - Purchase of Employer Assisted Forward Commitment Mortgages.

(2) To participate in an employer assisted forward commitment mortgage
program, an employer must be a corporation, partnership, or sole
proprietorship which maintains an office in the state and must satisfy
the requirements set forth in guidelines established by the agency.
(3) For any employer assisted forward commitment mortgage, the maximum
loan-to-value ratio shall be established by the agency, provided that
such loan shall not exceed one hundred percent of the appraised value of
the mortgaged premises. Reasonable closing costs for the loan may be
amortized over the life of the loan, provided that the final loan amount
does not exceed one hundred percent of the appraised value of the
mortgaged premises.
(4) The agency shall require any employer participating in the
employer assisted forward commitment mortgage program to guarantee to
pay up to twenty percent of the total outstanding mortgage indebtedness
(as determined by the agency) for each employee who obtains a mortgage
loan under the provisions of this section and who defaults on such
mortgage loan during the first seven years of such loan, regardless of
whether such borrower is an employee of such employer at the time of the
default.