Closing Costs Assistance Program

(Program)

Offers closing cost assistance of up to $4,000 for first-time, income eligible home buyers purchasing a home in Cayuga, Cortland, Jefferson, Madison, Onondaga, or Oswego counties. For City of Syracuse home buyers, assistance is available as a deferred loan (no repayment provided residency requirements are met). Outside the City of Syracuse, assistance is in the form of a low-interest loan.

Eligibility: First-time home buyers with a signed purchase offer planning to live and occupy the purchased home; first mortgage must originate with a bank, mortgage company, or credit union Homes in the City of Syracuse: Purchase price of property cannot exceed $110,000, gross annual income must be less than 80% of the Area Median Income, there are no cash or cash-equivalent assets that are not being used toward the purchase of the property in excess of $7,500 For homes outside of the City of Syracuse, any of the following conditions: - the purchase price of the property exceeds $110,000 - gross annual income is determined to be higher than 80% of the Area Median Income - you have cash or cash-equivalent assets that are not being used toward the purchase of the property in excess of $7,500

Application Process: Complete the Homebuyer Education Orientation and Class, find a mortgage lender and get a pre-approval, decide on a home to purchase and submit purchase offer, secure a commitment letter and disclosures from mortgage lender, and complete application (available online)

Required Documentation: Signed purchase offer, proof of income for members residing in the household, copy of Federal Income Tax Returns from the last 2 years, copies of bank statements for the last 3 months

Fees: Must provide $500 of own funds toward the purchase of the home

Cayuga, Cortland, Jefferson, Madison, Onondaga, and Oswego counties

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Home HeadQuarters
(Agency)

Provides a range of products and services to assist current and prospective homeowners including certified home buyer education, emergency home improvement assistance, financial counseling, foreclosure prevention, first mortgage and closing cost assistance, property development and management, and home and energy improvement loans and grants. Provides free financial counseling as part of Syracuse's Financial Empowerment Center for Syracuse residents.

538 Erie Boulevard West
Syracuse NY 13204

Website: www.homehq.org

Hours: Monday - Friday, 8:30 AM - 5 PM

Disabled: Fully Accessible