Down Payment & Closing Costs Assistance

One of the biggest challenges to buying a home is saving enough money for the down payment and closing costs. Home HeadQuarters’ Down Payment & Closing Costs Assistance Program is designed to help potential homebuyers overcome this hurdle.

We offer loans of up to $3,000 to help cover down payment and closing costs to qualified first-time buyers purchasing a home in the City of Syracuse and Central New York.

Down Payment & Closing Cost Assistance can be deferred (no payback) if you are purchasing a home in the City of Syracuse and your household income meets federal HUD income limits and you plan to own and occupy the property for a minimum of five years. Household income must fall at or below 80% to be eligible for a Down Payment & Closing Cost Assistance deferred loan. See Income Guidelines for eligibility.

Down Payment and Closing Cost Assistance outside the city of Syracuse is available as a low-interest loan only.  The interest rate is 3% and the repayment term is 5 years (60 months).

Basic Eligibility Requirements

The home must be located within the City of Syracuse, Onondaga, Oswego, Cayuga, Cortland, Madison or Jefferson Counties.

  • You must plan to occupy and live in the purchased home.
  • The purchase price of the single or two-family home cannot exceed $110,000. (Please Note: If you are purchasing a two-family home, up to $1,500 is available towards purchase. If assistance is in the form of a loan, maximum home purchase price limit may not apply.)
  • You must qualify as a first-time homebuyer.
  • You must complete the Homebuyer Education Course through the Home Ownership Center at Home HeadQuarters. This class provides instruction on all aspects of the home buying process and is offered during the day, evenings and Saturdays (must be pre-approved by lender to attend Saturday class).
  • You must have a signed purchase offer.
  • You must provide $500 of your own funds toward the purchase of the home.
  • Your first mortgage must originate with a bank, mortgage company, or credit union. Home HeadQuarters will not participate with predatory lenders.
  • Your cash and/or cash-equivalent assets not used towards the purchase of the home cannot exceed $7,500.

Additional Eligibility Requirements in the City of Syracuse

You must fall below 80% of HUD median income guidelines (based on family size) for a deferred loan (grant assistance) otherwise assistance is offered as a loan which must be paid back.

Homes that qualify for the deferred loan program must pass a Home HeadQuarters' Housing Quality Inspection.

Outside of the City of Syracuse

Down Payment and Closing Cost Assistance outside of the City of Syracuse is available as a low-interest loan with an interest rate of 3%.

You must obtain a home inspection and submit a copy of the inspection report prior to closing.