City of Binghamton First-Time Homebuyer Program

What is City of Binghamton First-Time Homebuyer Program?

City of Binghamton First-Time Homebuyer Program is a deferred second loan for homebuyers in Binghamton, New York, administered by City of Binghamton Department of Planning, Housing and Community Development.

• The City of Binghamton provides first-time homebuyers with deferred loans to assist with down payment and closing costs. Loans are made in amounts up to $10,000. If title is sold/transferred within 5 years or the home is no longer the owner's principal residence, 100% of the loan becomes due; after 5 years the loan is forgiven in full. All participants must complete the First-Time Homebuyer pre-purchase education course through the Binghamton Homeownership Academy.
• Up to $10,000 deferred loan for down payment/closing costs, forgiven in full after 5 years.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from Federal HUD (HOME/CDBG) via City of Binghamton.

How much assistance does it provide?

City of Binghamton First-Time Homebuyer Program offers up to $10,000 in assistance.

• Amounts are the program's published maximums, not an offer — City of Binghamton Department of Planning, Housing and Community Development determines any individual award.

Do you have to pay it back?

City of Binghamton First-Time Homebuyer Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by 100% due if title sold/transferred within 5 years or home is no longer principal residence; forgiven in full after 5 years.
• The assistance is recorded in subordinate position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

City of Binghamton First-Time Homebuyer Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

Where does it apply?

City of Binghamton First-Time Homebuyer Program is a federal program, so it is not limited to New York.

How do you apply?

Applications for City of Binghamton First-Time Homebuyer Program go through City of Binghamton Department of Planning, Housing and Community Development, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Binghamton Homeownership Academy.

2. 2

   Contact City of Binghamton Department of Planning, Housing and Community Development to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.