If you are a first-time homebuyer in Erie County, we offer Downpayment & Closing-Cost Assistance Loans that can help cover the costs associated with purchasing your home. Scroll down for more information!
Our Downpayment & Closing-Cost Assistance Loan is for first-time homebuyers looking to purchase a home in Erie County, NeighborWorks® Community Partners Buffalo can help you with your Downpayment and/or Closing-Costs (ranging from $4,000-7,500).
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Qualifications for the Downpayment & Closing-Cost Assistance Loan Include, But Not Limited To:
- 1-4 Unit, Owner-occupied
- No Mixed-Use
- No Co-ops or Manufactured Housing
- First-Time Homebuyer, per HUD definition
- Purchase in NCP Service Area (Erie, Niagara & Monroe counties)
- Minimum 620 credit score; scores below 620 require additional budget counseling
- No late payments in the past 12 months on any secured debt
- $100 Application Fee (due upon applicant Intent to Proceed)
- 1% Origination
- 2% Processing
- 2% Underwriting
- $22.50 Document Fee (pass-through)
- Recording fees/Mortgage Tax determined by loan amount
How to Apply for a Downpayment & Closing-Cost Assistance Loan:
- Click here to download and complete the intake form
- E-mail your completed pre-screening form and supporting documents listed below to: email@example.com (you may also make an appointment to hand-deliver the documents to our offices by calling (716) 885-2344 ext. 16.
- A Customer Journey Specialist will follow-up with you to discuss the next steps of the application process
*Note: If your credit report cannot be provided to us by your lender, there is a $15 non-refundable credit report fee associated with the formal application process ($25 if there is a co-applicant).
Required Supporting Documents to Start the Process:
- Documents included in the intake packet
- Proof of identity (License or Government Issued ID) and Documentation of US Citizenship or legal alien status
- Most recent paystubs (x4 if paid weekly, x2 if bi-weekly)
- Two years’ W2/1099s plus most recent filed FEDERAL income tax return with all schedules
- Additional Income Documentation (SSD, SSI, Pension, Retirement, etc.)
- Asset statements: most recent (2) months for all asset (bank) accounts
- Purchase Contract (Date: __/__/____)
- Mortgage Application (“1003” from purchase mortgage lender)
- Loan Estimate (“LE” from purchase mortgage lender)
Important Notes About the Down-Payment & Closing-Cost Assistance Loan Process:
- This is just the initial pre-screening process. You will be asked for additional supporting documents in the next phase of the application process.
- Competitive market rates apply.
- A non-refundable credit application fee of $100 will be required upon submission of full application.
If you have any questions, feel free to e-mail us at: firstname.lastname@example.org or call (716) 885-2344 ext. 16.