New York Town Offering Up To $50,000 For First Time Homebuyers

While most people think that Spring and Summer are the best time to buy a house, the true fact is is that the best time to buy a home is when you're ready, regardless of the date on the calendar.

With all sorts of great first-time homebuyer programs all over Western New York, buying a house becomes a little easier when you have experts on your side.

In addition to the first-time homebuyer programs, tons of grant programs can help you make a down payment or cover your closing costs if you don't have enough cash set aside. This has become especially important as the cost of almost everything has been rising lately.

For those looking to buy a home in Amherst, a Buffalo suburb, a new financial assistance program will make a difference for many folks.

Amherst Offers New First Time Homebuyers Down Payment and Closing Cost Help

If you're looking to buy your first home in Amherst, the Town is making some serious cash available under its Down Payment/Closing Cost Assistance programs.

Eligible homebuyers can receive up to $50,000 in assistance from the town.

That financial assistance comes from a long-term, deferred payment, interest-free loan. According to the Town of Amherst Planning Department website, this assistance is available so more people can own a house.

You need not make any payments towards this loan until your home is sold, transferred in title, no longer used as a primary residence or refinanced. If you live in the property for 15 years or longer, the down payment assistance is forgiven, however, the closing costs portion will not be forgiven and will be due back to the Town of Amherst.
-Amherst Planning Department

To be eligible for this assistance, you must meet the following criteria:

• Be considered a first-time homebuyer according to HUD's guidelines,
• Purchasing a single-family or two-family dwelling located in the Town of Amherst or in the Village of Williamsville,
  • Condominiums and townhouses also qualify for the program,
  • The purchase price must be less than $230,000,
• Have a total household income that is less than 80% of the area median income,
  • A family of four would need to make less than $74,250 per year,
• Receive a First-Time Homebuyer Certificate from either Belmont Housing Resources for WNY, Inc. or the Buffalo Urban League,

You can find a complete list of the rules and requirements here on the Town of Amherst website.

This program sure is going to be a big help for a lot of folks.