First-Time Home Ownership Program

First-Time Home Ownership Program is a deferred second loan for homebuyers in Lockport, New York. The City of Lockport's First-Time Home Ownership Program, administered by the Department of Community Development, provides up to $15,000 in down payment, closing cost, and minor rehabilitation assistance to income-qualified first-time buyers purchasing a 1-2 family primary residence within the City of Lockport. Funded by HUD HOME and CDBG, the assistance is structured as a 0% interest deferred forgivable second mortgage with pro-rata forgiveness over a 5-year affordability period. Up to $15,000 in down payment, closing cost, and minor rehabilitation assistance for income-qualified first-time buyers purchasing a primary residence within the City of Lockport. Funded with HUD HOME / CDBG. provided as a 0% interest deferred forgivable second mortgage over a 5-year affordability period. Funding comes from HOME, CDBG, Federal, and Local Government.

First-Time Home Ownership Program 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.

First-Time Home Ownership Program 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 NeighborWorks Buffalo / NeighborWorks WNY; Belmont Housing Resources for WNY (HUD-approved). Residency requirement: Property must be located within the City of Lockport 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 the City of Lockport and used as principal residence. Maximum purchase price $221,000 (existing) to $314,000 (new construction) per HUD HOME 95% median-value rule. Income at or below 80% AMI for Buffalo-Niagara MSA: 1-person ~$54,250 to 4-person ~$102,300 (HUD FY2025). Buyer must complete HUD-approved homebuyer education. Property must pass HQS inspection and meet HUD HOME/lead-paint standards. 0% interest deferred second mortgage forgivable pro-rata over 5 years; due in full if borrower sells, transfers, refinances with cash-out, rents, or vacates within 5 years.

First-Time Home Ownership Program 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 Buffalo-Cheektowaga-Niagara MSA: 1-person ~$54,250 to 4-person ~$102,300 (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.

First-Time Home Ownership Program caps the purchase price at $314,000. Eligible property types include Single-family detached and 2-family owner-occupied. New construction is eligible. Manufactured homes are not eligible.

First-Time Home Ownership Program serves homebuyers purchasing in Lockport, New York.

Applications for First-Time Home Ownership Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply via City of Lockport Department of Community Development after executing purchase contract; 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.