Closing Cost Assistance

Closing Cost Assistance is a deferred second loan for homebuyers in Syracuse, New York. Home HeadQuarters' Closing Cost Assistance Program provides up to $3,000 in closing cost help for income-qualified first-time buyers purchasing a 1-2 family primary residence in the City of Syracuse and surrounding Onondaga County areas served by Home HeadQuarters. Funded by HUD HOME, CDBG, and NYS HCR, the assistance is structured as a 0% interest deferred forgivable second-lien loan with pro-rata forgiveness over a 5-year affordability period. Buyers must complete Home HeadQuarters' HUD-approved homebuyer education and one-on-one counseling. Up to $3,000 in closing cost assistance for income-qualified first-time buyers purchasing a 1-2 family primary residence in the City of Syracuse and surrounding Onondaga County areas served by Home HeadQuarters. Funded with HUD HOME, CDBG, and NYS HCR funds. provided as a 0% interest deferred forgivable second-lien loan over a 5-year affordability period. Funding comes from HOME, CDBG, NYS HCR, Federal, and State.

Closing Cost Assistance is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Pro-rata recapture of unforgiven balance if borrower sells, transfers, refinances with cash-out, rents, or vacates within 5 years. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Closing Cost Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time buyer required; standard HUD exceptions for displaced homemakers and single parents apply. On credit, the program states: No fixed minimum published; per first-mortgage product (typically 620+ conventional, 580+ FHA). A homebuyer education course is required, through Home HeadQuarters, Inc. (HUD-approved counseling agency); pre-purchase education and one-on-one counseling required. Residency requirement: Property must be located within Home HeadQuarters' service area (City of Syracuse and surrounding Onondaga County) and used as borrower's principal residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen per HUD HOME and first-mortgage rules. First-time buyer required (no homeownership in past 3 years). Property must be a 1-2 family home located within Home HeadQuarters' service area (City of Syracuse and surrounding Onondaga County) and used as principal residence. Maximum purchase price $170,000 per program guidelines. Income at or below 80% AMI for Syracuse MSA: 1-person ~$53,100 to 4-person ~$100,150 (HUD FY2025). Buyer must complete Home HeadQuarters' HUD-approved homebuyer education and one-on-one counseling. Property must pass HQS inspection and meet HUD HOME/lead-paint standards. 0% interest deferred forgivable second-lien loan with pro-rata forgiveness over 5 years.

Closing Cost Assistance limits household income to 80% of the area median income, which varies by county and household size. Household income at or below 80% HUD AMI for Syracuse MSA: 1-person ~$53,100 to 4-person ~$100,150 (HUD FY2025). 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.

Closing Cost Assistance caps the purchase price at $170,000. Eligible property types include Single-family detached and 2-family owner-occupied. New construction is eligible. Manufactured homes are not eligible.

Closing Cost Assistance serves homebuyers purchasing in Syracuse, New York.

Applications for Closing Cost Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply via Home HeadQuarters after pre-purchase counseling completed and purchase contract executed; first-come, first-served subject to fund availability. 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.