Many homeowners and homebuyers worry about the possibility that home prices could fall where they live, causing them to lose money on the resale of their home. Home Value Protection (HVP) allows you to buy or stay in your home with the confidence that you will be protected if home prices decrease in the area where you live.

HVP provides financial protection to you in the event that home prices decline in your ZIP code between the time you purchase the protection and the time you sell your home, in exchange for a one-time fee. When you purchase Home Value Protection, you tell the program how much your home is worth. (That becomes the Protected Value of your home, on which your protection is based). When you resell your home, HVP pays down your mortgage (or pays you directly) if home prices have dropped in your ZIP code.

For instance, if you buy Home Value Protection for a $60,000 home and prices in your ZIP code have dropped 10% by the time you resell it, HVP will pay 10% of $60,000 – that’s $6,000. In addition, HVP is a valuable community revitalization tool providing increased incentives for homebuyers to purchase property in the City and remain homeowners for years to come.

HVP is available to current owner-occupants of one and two-family homes and to new home buyers of one and two-family homes located in the City of Syracuse.

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