BUYING YOUR HOME

CLOSING COST ASSISTANCE | FIRST MORTGAGE LOANS

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

 

CLOSING COST ASSISTANCE

Home HeadQuarters offers loans up to $3,000 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 (grants) depending on buyer eligibility.

Program Details

  • Deferred Loans (grants): Eligible buyers may receive up to a $3,000 grant by committing to live in the purchased home for at least 5 years.
  • Payback Loans: Eligible buyers may borrow up to $3,000 with 3% interest, payable over 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.
  • The purchase price of the single or two-family home cannot exceed $110,000.
  • 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 a bank, mortgage company, or credit union.
  • Your cash or cash-equivalent assets not used towards the purchase of the home cannot exceed $7,500

Additional Requirements: Deferred Loans (Grants)

  • You must purchase a home within the City of Syracuse.
  • You must fall below 80% of HUD median income guidelines (based on family size).
  • Home must pass a Home HeadQuarters Housing Quality Inspection.

FIRST MORTGAGE LOANS

Home HeadQuarters offers first mortgages to qualified first-time buyers looking to purchase a home in Syracuse or Onondaga County.

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

  • Your new home must be located within: City of Syracuse, or Onondaga County.
  • If you are 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 provide a down payment toward the purchase of the home from your own funds (you may use the Down Payment and Closing Cost Assistance Program to cover part of this).

 
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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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