Binghamton Homeownership Academy

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Down Payment, Closing Cost & Repair Programs

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 Grant.

Current Assistance Programs:

First Home Club:

The BHOA partners with several local banks to offer a matched savings program for homeowners 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 Down Payment and Closing Cost Assistance Program:

If you are a First Time Homebuyer Purchasing within the Town on Union Limits you could be eligible for up to $10,000 in assistance.

 

City of Binghamton Affordable Housing Program:

Currently Out of Funding

Provides first time buyers with deferred loans to assist with down payment and closing costs up to $10,000. After 5 years, the loan is forgiven in full if the buyer remains an occupant of the purchased property.

 

City of Binghamton Enhanced Homebuyer Program:

Currently Out of Funding

The program will help first-time buyers purchase a home in the City of Binghamton, providing funds for closing costs and rehabilitation for owner-occupied homes, as follows:

Up to $5,000 for closing costs assistance.

Up to $20,000 towards rehabilitation of a single-family home.

Up to $40,000 towards rehabilitation of a two-family home.

Rehabilitation work will be prioritized to address plumbing, electrical code violations, lead-based paint hazards and weatherization issues.

All funds are administered through a deferred loan program. Closing cost loans are completely forgiven after five years of residency. Rehabilitation loans will be forgiven up to 60 percent after five years of residency. With Rehabilitation loans, there will always be a 40 percent repayment due after 5 years and one day.

To qualify for participation, applicants must meet established U.S. Department of Housing and Urban Development income guidelines based on the size of their household. Applicants must also complete a home buyer training course through the Binghamton Homeownership Academy.

 

City of Binghamton Housing Enhancement Program:

Currently Out of Funding

Provides funds for rehabilitation for single family owner-occupied homes in the City, as follows:

Priority  is given to seniors (age 62 and above) and the disabled.

Up to $20,000 towards rehabilitation of a single-family home.

Repairs must be identified as life safety systems according to local code. These include roofs, furnaces, boilers and hot water heaters.

To qualify for participation, applicants must meet established U.S. Department of Housing and Urban Development income guidelines based on the size of their household.

Depending on household’s income, a participant repair contribution may be required.

For repairs over $10,000, households that are 80 percent or below the HUD area median income level may qualify for a zero-interest Community Development Block Grant (CDBG) deferred loan. The loan is 75% forgiven upon the applicant maintaining the property as their principal place of residency for a minimum of 5 years from the date of closing. The CDBG loan will not be due until death, sale or transfer.

 

Call the BHOA for eligibility requirements today! 607.723.0723

 

 

 

 


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