Grants Available For Homebuyers In Buffalo, New York
With Buffalo and Western New York being one of the hottest housing markets in the country, the typical homebuying season rules don't seem to apply in the 716 as it does in other places in the country.
In most places, home sales slow down in winter, and the same may be true most years in Buffalo, but with all of the activity that's happening around the area, the housing market is still in full swing. If you're in the market to grab a home, there are all sorts of great houses on the market, and not-so-great houses, to be grabbed by the right individual or family ready to put their name on the deed.
Many folks want to upgrade their homes and are using the residuals from selling their current homes to help finance the new house. Even though home prices in the area have been increasing, Buffalo is still one of the most affordable places to buy a home, especially your first home.
What First-Time Homebuyer Programs Are Available In WNY?
There are all sorts of organizations in the Buffalo area that are eager and willing to help you or a loved one move toward buying your first home.
You can find a list of government organizations and non-profit companies that specialize in helping people become first-time homebuyers. They help in quite a few ways, like helping people get their credit together and educating them on the home-buying process.
All of those are essentials you need to buy your first home, but what if you need all of those and you need some additional monetary help as well? If that is the case, there are several financial assistance programs that can help with things like closing costs and your down payment.
What Grants Are Available To Help First-Time Homebuyers in Buffalo?
If you need a little extra cash to make the dream of buying your first house a reality, here is a list of a few programs that might be able to help:
The Federal Home Loan Bank of New York Homebuyers Dream Program
- The Federal Housing Finance Agency established a fund to help people in New York, New Jersey, Puerto Rico, or the U.S. Virgin Islands buy their first home. In partnership with nearly 90 different banks, homebuyers can receive up to $10,000 towards their down payment and/or closing cost in buying a home; unlike the other programs, the home can be a one-to-four-family home.
The City of Buffalo Down Payment Closing Cost Assistance Program
- First-time homebuyers who are looking to purchase a one or two-family home in the City of Buffalo may be eligible to receive up to $5,000 towards closing costs and/or the downpayment on the purchase of their home.
East Buffalo Down Payment Assistance Plus Program
- Because of a historic tragedy that happened in Buffalo's Kingsley neighborhood on May 14th, coupled with a multi-year trend of disinvestment in various Buffalo Neighborhoods, New York State Homes and Community Renewal created this program to help Buffalo residents buy their first home. Eligible homebuyers can receive up to $30,000 to help cover downpayment and closing costs.
The Town of Amherst, Cheektowaga, and Tonawanda First-Time Homebuyers Programs
- In Erie County, the Towns of Tonawanda, Cheektowaga, and Amherst have partnered to offer programs to help people buy their first home in each respective town. These programs in Tonawanda and Cheektowaga allow someone to buy a single-family or two-family home but can grant up to $10,000 towards downpayment and/or closing costs, while Amherst offers up to $50,000.
These are just a few of the programs to help with the costs of buying your first home. For more information, people can contact one of the originations that specialize in these programs in Western New York.
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