City of Lockport First-Time Homeownership Program

What is City of Lockport First-Time Homeownership Program?

City of Lockport First-Time Homeownership Program is a forgivable loan for homebuyers in Lockport, New York, administered by City of Lockport Department of Community Development.

• Using a NYS Homes and Community Renewal HOME Program grant, the City of Lockport assists income-eligible first-time homebuyers with down payment and closing costs. Funds are provided as a conditional 0% interest loan secured by a second mortgage with no monthly/annual payments; the principal is reduced annually and is fully forgiven if the buyer remains the principal resident through the affordability period. Award amount is determined by sales price, mortgage underwriting and loan review.
• 0% interest conditional (forgivable) HOME loan for down payment and closing costs; amount set by underwriting.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from NYS HCR HOME Program (Housing Trust Fund Corporation).

Do you have to pay it back?

City of Lockport First-Time Homeownership Program is a forgivable loan, so the balance is forgiven once the program's conditions are met.

• Repayment is triggered by Prorated repayment to HTFC if home sold, no longer principal residence, vacant, or rented during affordability period.
• The assistance is recorded in second_mortgage 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 Lockport First-Time Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

City of Lockport First-Time Homeownership Program limits household income to 80% of the area median income, which varies by county and household size.

• Niagara County 80% limits: 1=$56,600; 2=$64,650; 3=$72,750; 4=$80,800; 5=$87,300; 6=$93,750; 7=$100,200; 8=$106,200.
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

City of Lockport First-Time Homeownership Program can be used for single_family.

Where does it apply?

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

How do you apply?

Applications for City of Lockport First-Time Homeownership Program go through City of Lockport Department of 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 Housing Counselor review required (program-administered).

2. 2

   Contact City of Lockport Department of Community Development to reserve funds

   Funds are reserved through Rolling basis until funds exhausted., 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.