Depending on current funding, there may be a variety of grants available to assist with down payment and closing cost assistance for first-time homebuyers. Applicants must complete the Pre-Purchase Homebuyer Education Course to qualify for a First Time Homebuyer Loans.
Current Assistance Programs:
First Home Club:
The BHOA partners with several local banks to offer a matched savings program for homebuyers in need of down payment and/or closing cost assistance. The First Home Club* (FHC) matches $4 for every $1 you deposit – up to a maximum of $7,500 MATCH! There are various savings plans ranging from 10 to 24 months long.
Town of Union First Time Homebuyer Program:
If you are a first time homebuyer purchasing within the Town of Union you could be eligible for a deferred forgiven loan up to $5,000 for closing costs or down payment assistance. If the home is sold or transferred within 10 years of purchase or the home is no longer the owners primary residence then a portion of the loan becomes due and payable.
City of Binghamton First Time Homebuyer Program:
Provides first time homebuyers with deferred loans to assist with down payment and closing costs . The deferred loans are made in amounts up to $5,000.00 to assist with closing costs/down payment. If title to the property is sold or transferred within 5 years, or the home is no longer the owner’s principle place of residency, 100% of the loan becomes due and payable. After 5 years the loan is forgiven in full.
Metro Interfaith First Time Homebuyer Program:
Interested in buying a home in Broome County with the exception of the Town of Union, then you may want to apply for this program. This deferred forgiven loan program will provide up to $15,000.00 in down payment and closing cost assistance to eligible candidates. Only single family homes will be considered and the home being considered must meet a local Code assessment. A portions of this loan is forgiven over either a 5 or 10 year period.
Call the BHOA for eligibility requirements today! 607.723.0723