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. Funding comes from NYS HCR HOME Program (Housing Trust Fund Corporation).

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.

City of Lockport First-Time Homeownership Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through Housing Counselor review required (program-administered). Residency requirement: Home must be in the City of Lockport. Affordability period scales with award: under $15,000 = 5 yrs; $15,000-$40,000 = 10 yrs; over $40,000 = 15 yrs. Fixed-rate mortgage required, rate not to exceed 1% above the FHA rate on contract date; no prepayment penalty/balloon/high-cost/yield-spread; taxes and insurance escrowed. Front-end DTI max 35% (40% if no other debt); back-end DTI max 45%.

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.

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

City of Lockport First-Time Homeownership Program serves homebuyers purchasing in Lockport, New York.

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. Funds are reserved through Rolling basis until funds exhausted. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.