First-Time Homebuyer Assistance

First-Time Homebuyer Assistance is a grant for homebuyers in Buffalo, New York. The City of Buffalo's First-Time Homebuyer Assistance Program, administered by the Office of Strategic Planning, provides a grant of up to $5,000 toward down payment and closing costs for income-qualified first-time buyers purchasing a 1-2 family primary residence within the City of Buffalo. Funded with HUD CDBG and HOME funds, the grant is forgiven over a 5-year affordability period subject to continued owner-occupancy. Buyers must complete HUD-approved pre-purchase counseling and the property must pass City code/HQS inspection. Grant of up to $5,000 toward down payment and closing costs for income-qualified first-time buyers purchasing a primary residence in the City of Buffalo. Funded by HUD CDBG/HOME via the City's Office of Strategic Planning. Forgivable over a 5-year affordability period with pro-rata recapture if owner-occupancy lapses. Funding comes from HOME, CDBG, Federal, and Local Government.

First-Time Homebuyer Assistance is structured as a grant, so it is not repaid. 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 Homebuyer 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 Belmont Housing Resources for WNY; West Side Neighborhood Housing Services; NeighborWorks Community Partners of Buffalo - all HUD-approved. Residency requirement: Property must be located within the City of Buffalo 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 Buffalo and used as principal residence. Maximum purchase price $223,000 (existing) to $286,000 (new construction) per HUD HOME 95% median-value rule for Buffalo-Cheektowaga MSA. Income at or below 80% AMI for Buffalo MSA: 1-person ~$52,000 to 4-person ~$98,050 (HUD FY2025). Buyer must complete HUD-approved homebuyer education with a participating counseling agency. Property must pass City code/HQS inspection and meet lead-paint standards. 5-year affordability period with pro-rata recapture if home is sold, transferred, refinanced with cash-out, or no longer owner-occupied.

First-Time Homebuyer 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 Buffalo-Cheektowaga MSA: 1-person ~$52,000 to 4-person ~$98,050 (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 Homebuyer Assistance caps the purchase price at $286,000. Eligible property types include Single-family detached and 2-family owner-occupied. New construction is eligible. Manufactured homes are not eligible.

First-Time Homebuyer Assistance serves homebuyers purchasing in Buffalo, New York.

Applications for First-Time Homebuyer 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 City of Buffalo Office of Strategic Planning 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.