Closing Costs Assistance Program
WSNHS Home  Home Improvement  Loans  Down Payment &  Closing Cost  Assistance  Home Ownership  Education Classes  Minor Home Repair  Acquisition  Rehab Program  Foreclosure  Prevention  Program  SHOP Buffalo  Interest Buy Down  Program  Income Limits	What is the Closing Cost Assistance Program? The Closing Cost Assistance Program is a low interest rate loan that can assist first time home buyers with the funding of reasonable closing costs normally associated with the purchase of a home. What are some closing costs that can be included in the loan? Some closing costs may include: down payment, insurance, title search, survey, appraisal, filling fees, city and/or county property taxes, water and sewer, points and legal fees. What are the terms of the loan? The maximum loan amount is $5,000.00 for closing costs. The interest rate ranges between 1%-5% for a period of up to 15 years, based upon mortgage qualification requirements and income guidelines. All loans are secured by a mortgage. * Funding is limited and on a first come first served basis. Guidelines for the Closing Cost Assistance Program The applicant must purchase their home in the Niagara District of the West Side of Buffalo. The Applicant must be a first time home buyer and be purchasing the home as his or her principal place of residence. The applicant must remain in the home until the down payment loan is repaid. If the applicant moves out of the home, the loan must be paid in full. The applicant is required to have at least 2% or $500.00 of their own funds invested, whichever is higher for down payment. The applicant must qualify for a mortgage loan with an approved financial institution (No owner held mortgages!) Applicants must take a Homebuying Education Course. What you need to apply for the Closing Cost Assistance Program? $50.00 money order for application fee. Name, social security number, & date of birth for all household members. Most current Payroll stubs for at least 2-months including name & address of employer. Proof of additional income (SS, SSI, Pension, alimony, child support , etc.) Proof of all income for persons living in household 18 years of age and older. Current monthly statement for all bank accounts. 2-years federal tax returns (all schedules) or have form 1722 from IRS(1-800-829-1040.) Any Legal Document(Divorce, separation papers, etc.) Good Faith Estimate of closing cost. Copy of mortgage application and pre-approval including amount of the mortgage. Copy of HUD-1 Form Copy of Purchase contract. If you have any questions, and would like to know more about this program please contact our Homeownership Counselor, Andrea James at 885-2344 ext.16, or email her at ajames@wsnhs.org
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