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BUYING YOUR HOME

FIRST MORTGAGE LOANS | CLOSING COST ASSISTANCE

 

Still looking for the perfect home to buy? Check out our listings through CNY Affordable Realty


FIRST MORTGAGE & DOWN
PAYMENT/CLOSING COST ASSISTANCE

Home HeadQuarters offers first mortgages and Down Payment & Closing Cost Assistance to qualified first-time buyers looking to purchase a home in Central New York. The first mortgage offers a low 2% minimum down payment, a competitive, fixed interest rate and no PMI!

PROGRAM DETAILS

  • The mortgage currently has a 5.25% interest rate and is payable over 25 years.
  • Borrower must enroll in Auto-Pay (where payments are automatically deducted from your bank account).

ELIGIBILITY REQUIREMENTS

  • If you are a first-time homebuyer, you must complete Homebuyer Education Course through the HomeOwnership Center at Home HeadQuarters.
  • You must plan to occupy and live in the home as your primary residence.
 
 

CLOSING COST ASSISTANCE

For Customers not using Home HeadQuarters' First Mortgage Financing

Home HeadQuarters offers loans up to $4,000 to help qualified, first-time buyers cover closing costs for a home in the City of Syracuse and Central New York. The program offers both payback and deferred loans (no payback required) depending on buyer eligibility.

PROGRAM DETAILS

  • Deferred Loans: Eligible buyers may receive up to $4,000 as a deferred loan (no payback) by committing to live in the purchased home for at least five (5) years.
  • Payback Loans: Eligible buyers may borrow up to $4,000 with 3% interest, payable over five (5) years.

ELIGIBILITY REQUIREMENTS

Deferred & Payback Loans

  • Your new home must be located in: Syracuse, or the counties of Onondaga, Oswego, Cayuga, Cortland, Madison, or Jefferson.
  • You must qualify as a first-time homebuyer
  • You must complete the Homebuyer Education Course through the HomeOwnership Center at Home HeadQuarters.
  • You must plan to occupy and live in the home as your primary residence.
  • You must have a signed purchase offer.
  • You must provide at least $500 of your own funds toward the purchase of the home.
  • Your first mortgage must originate with Home HeadQuarters, a bank, mortgage company or credit union.

ADDITIONAL REQUIREMENTS

Deferred Loans (No Payback)

  • You must purchase a home within the City of Syracuse .
  • You must fall below 80% of HUD median income guidelines (based on family size).
  • Your cash or cash-equivalent assets not used towards the purchase of the home cannot exceed $7,500.
  • The purchase price of the single or two-family home cannot exceed $120,000.
 

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Shannon and Carlos, both life-long residents of Syracuse, signed up for Home HeadQuarters’ Homebuyer Education Course after they got married. “We figured, if we can pay for a wedding, we can afford a home!”

Shannon and Carlos, took the class and met with Rey and Mary Jo at CNY Affordable Realty at Home HeadQuarters to start the home buying process. After a year of saving money and paying down debt, Shannon and Carlos found the perfect home—a full Home HeadQuarters’ rehab of a property purchased through the Greater Syracuse Landbank.

The family took advantage of a Down Payment and Closing Cost Assistance grant and first mortgage through Home HeadQuarters. Now, Shannon and Carlos say they recommend Home HeadQuarters to everyone they can, “Every day to everyone!”

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