Down Payment & Closing Cost Assistance
Home HeadQuarters offers loans of up to $3,000 in the City of Syracuse and the Central New York Region for down payment and closing costs to qualified first-time homebuyers who want to buy a home.
This program is designed to help residents overcome one of the biggest barriers to homeownership: the need to have a great deal of cash on hand for down payment and closing costs.
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 either 3% or 6% based upon your household income.
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 $99,900 (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 Home HeadQuarters' Nationally-Certified Homebuyer Education Course. This class provides instruction on all aspects of the homebuying 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 Within 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 payback loan.
- Homes that qualify for the defered 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 only. The interest rate is either 3% or 6% based on your household income.
- You must obtain a home inspection and submit a copy of the inspection report prior to closing.
Questions? Please call us at (315) 474-1939.
Apply here for Down Payment and Closing Cost Assistance (PDF)
Aplique aqui para Programa de Asistencia para el Pronto(Cuota Inicial) y los Gastos de Cierre (PDF)