If you are a first time homebuyer,
there are several services available that can help you out. At NHS of South
Buffalo, we have plenty of homebuyer education options that satisfy banks’ requirements for
education. We also are a sponsoring organization of First Home Club and have
our own Closing Cost Assistance Loan (available
only for South District buyers). Read on for more information about our
amazing programs!
First Home Club
First Home Club is obviously for
first time homebuyers. If you are interested in this program, you will enroll
in one of our education classes and create a savings account in a bank
affiliated with the Federal Home Loan Bank (FHLB) of New York’s First Home
Club. The three area banks that sponsor the program are Evans Bank, First
Niagara, and M&T. For every $1 deposited into the special savings account,
the bank will match it with $4 in loan funds, up to a total match of $7,500.
The combined funds in the account will the go toward down-payment and closing
costs for buying a home. FHLBNY has more information about program requirements on their website.
Closing Cost
Assistance Loan
This program is also for first-time
homebuyers, but only for those who are purchasing within the South District.
This is defined as south of the Buffalo River, situated within the municipal
boundaries. Interested parties are required to take our eight-hour Homebuyer
Education Class ($60 per person/$75 per couple). The loans will be secured as a
soft second mortgage with an interest rate of 1%. You must remain in the home
until the loan is repaid (up to 60 months). If you move out of the home before
the loan is repaid, you must then pay the loan in full. You must invest at
least 2% or $500 of your own funds (whichever is higher) for the down payment.
You are required to obtain an independent home inspection at your own expense.
You must qualify for a mortgage loan with an approved financial institution, as
NO owner-held mortgages are allowed.
For questions on either the Closing
Cost Assistance Loan, the First Home Club, or our Homebuyer Education program,
please contact our housing counselor, Pamela Tait-Kwiatkowski at 716-823-3630
ext. 109.
