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Closing Costs Assistance Program

(Program)

Offers closing cost assistance of up to $4,000 for first-time, income eligible home buyers purchasing a home in Cayuga, Cortland, Jefferson, Madison, Onondaga, or Oswego counties. For City of Syracuse home buyers, assistance is available as a deferred loan (no repayment provided residency requirements are met). Outside the City of Syracuse, assistance is in the form of a low-interest loan.

Eligibility: First-time home buyers with a signed purchase offer planning to live and occupy the purchased home; first mortgage must originate with a bank, mortgage company, or credit union Homes in the City of Syracuse: Purchase price of property cannot exceed $110,000, gross annual income must be less than 80% of the Area Median Income, there are no cash or cash-equivalent assets that are not being used toward the purchase of the property in excess of $7,500 For homes outside of the City of Syracuse, any of the following conditions: - the purchase price of the property exceeds $110,000 - gross annual income is determined to be higher than 80% of the Area Median Income - you have cash or cash-equivalent assets that are not being used toward the purchase of the property in excess of $7,500

Application Process: Complete the Homebuyer Education Orientation and Class, find a mortgage lender and get a pre-approval, decide on a home to purchase and submit purchase offer, secure a commitment letter and disclosures from mortgage lender, and complete application (available online)

Required Documentation: Signed purchase offer, proof of income for members residing in the household, copy of Federal Income Tax Returns from the last 2 years, copies of bank statements for the last 3 months

Fees: Must provide $500 of own funds toward the purchase of the home

Cayuga, Cortland, Jefferson, Madison, Onondaga, and Oswego counties

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