Down Payment and Closing Cost Assistance Program

• The Down Payment and Closing Cost Assistance Program expands home ownership opportunities by providing financial assistance with closing costs to low and moderate income first time home buyers
  • A first time home buyer is defined as: an individual and their spouse who have not owned a property during the three-year period prior to purchase of a home with assistance to be provided under the down payment closing cost program.
  • This term includes any individual who is a displaced homemaker or single parent.
    • A Displaced Homemaker: an individual who, while married, owned a home with their spouse or lived in a home owned by their spouse during the previous three year period AND
      • Is over 18, has not worked full time full year in the labor force for a number of years but has, during such years, worked primarily without remuneration to care for the home and the family and is unemployed or underemployed and is experiencing difficulty in obtaining or upgrading employment and a prior residence was awarded to the spouse or required to be sold as part of a divorce settlement
    • Single Parent: an individual who, while married, owned a home with their spouse or lived in a home owned by their spouse during the previous three years unmarried or legally separated from spouse has one or more minor children for whom the individual has custody or joint custody or is pregnant and the prior residence was awarded to the spouse or required to be sold as part of a divorce settlement
• Funds are up to $5000 and are provided as a deferred payment, zero percent interest (0%) loan/conditional grant. If the home buyer remains in their home for five years, the loan is forgiven.
• Applicant households must meet federal guidelines for low income households.
• The property must
  • Be within the City of Buffalo
  • Outside the 100-year floodplain
  • Must be generally in good condition
    • Examples: no major housing code violations and lead based paint hazards must be addressed
  • Cannot exceed the FHA 203(b) mortgage limit for an existing one-family house in the Buffalo area
    • 2018 single family home limit $143,000
• Download the flyer for more information