CITY OF BUFFALO DOWN PAYMENT & CLOSING COST ASSISTANCE PROGRAM|

The City of Buffalo has re-released funds to help first-time homebuyers with their down payment and closing costs up to $5,000. This 0% interest, deferred & forgivable loan ("conditional grant") must only be paid back if you sell or vacate your home within five years.

To Qualify: 

  • You must purchase your home anywhere within the City of Buffalo.
  • The property must be a single-family home, owned and most recently occupied by the current owner (cannot be occupied by tenants).
  • You must be a first-time homebuyer and be purchasing the home as your primary place of residence.
  • Your income must fall between 50%-80% of HUD Area Median Income guidelines, adjusted for household size. It cannot exceed 80% and it cannot fall below 50%.
  • You must remain in the home for five (5) years. If you move out of the home or sell before that, you must pay the loan in full.
  • You must qualify for a mortgage loan with an approved financial institution (No owner-held mortgages!)
  • You must take a Homebuyer Education Course.

For more details about the City of Buffalo Down Payment & Closing Cost Assistance program, read the City's Program Guidelines (PDF).


WEST SIDE NHS DOWN PAYMENT & CLOSING COST ASSISTANCE LOAN

If you are unable to qualify for other deferred loan programs, or are still looking for a way to help finance some of your down payment and/or closing costs, first-time homebuyers can borrow up to $7,500 from West Side NHS to help with the purchase. This program is funded through our NeighborWorks America Revolving Loan Fund.

There are two options for first-time homebuyers, depending on which primary mortgage product you choose. Interest rates may vary based on your income and whether you've selected a conventional mortgage product, or one insured by FHA. 

To Qualify:

  • You must purchase your home in the City of Buffalo or in one of the 1st-ring suburbs of Tonawanda, Kenmore, Cheektowaga, Depew, or West Seneca.
  • You must be a first-time homebuyer (free and clear of property for at least 3 years) and be purchasing the home as your primary residence.
  • You must invest at least 3.5% or $500.00 of your own funds, whichever is greater, towards your purchase.
  • You must qualify for a mortgage loan with an approved financial institution (No owner-held mortgages!)
  • Your income must be at or below 110% of the HUD Area Median Income if you're utilizing FHA-insured primary financing. *There is no income limit for our assistance on Conventional purchase mortgages.
  • You must take our Homebuyer Education Course.


TO REGISTER
: Please send us a completed Homeownership Counseling Application.