Closing Cost Assistance

What is 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.

Do you have to pay it back?

Closing Cost Assistance is forgiven after 5 years, so a buyer 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.

Who qualifies?

Closing Cost Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

Applications for Closing Cost Assistance go through the administering agency, 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 Home HeadQuarters, Inc. (HUD-approved counseling agency); pre-purchase education and one-on-one counseling required..

2. 2

   Contact the administering agency to reserve funds

   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., 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.