Home HeadQuarters Closing Cost Assistance

What is Home HeadQuarters Closing Cost Assistance?

Home HeadQuarters Closing Cost Assistance is a deferred second loan for homebuyers in Syracuse, New York, administered by Home HeadQuarters, Inc.

• Home HeadQuarters, a Syracuse-based nonprofit CDFI and NeighborWorks member, offers Closing Cost Assistance to first-time buyers. City of Syracuse buyers below 80% AMI (or in an NRSA) may receive up to $4,000 as a deferred, non-payback loan forgiven after 5 years. Buyers elsewhere in NY (excluding NYC) may borrow up to $5,000 as a 5-year repayable loan at 3% (below 80% AMI) or up to 6%.
• Reduces out-of-pocket closing costs.
• Non-payback option for income-qualified City of Syracuse buyers.
• Stackable with HHQ no-PMI first mortgage.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from Federal (CDBG/HOME) and Home HeadQuarters program funds.

How much assistance does it provide?

Home HeadQuarters Closing Cost Assistance offers between $500 and $5,000 in assistance.

• Award tiers: Tier 1: up to $4,000 deferred non-payback loan for City of Syracuse buyers below 80% AMI or in an NRSA (price <= $150,000). Tier 2: up to $5,000 repayable loan (3% if below 80% AMI, otherwise up to 6%) over 5 years, statewide excluding NYC.
• Buyer contribution: Borrower must provide at least $500 of own funds.
• The program can be combined with HHQ first mortgage (2% down, no PMI) or other bank/credit union financing.
• Amounts are the program's published maximums, not an offer — Home HeadQuarters, Inc. determines any individual award.

Do you have to pay it back?

Home HeadQuarters Closing Cost Assistance is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Deferred (non-payback) loan forgiven after 5 years owner-occupancy in City of Syracuse; repayable loans amortize over 5 years.
• The assistance is recorded in Subordinate position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Home HeadQuarters 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?

Home HeadQuarters Closing Cost Assistance limits household income to 80% of the area median income, which varies by county and household size.

• Deferred loan: gross household income below 80% AMI for the Syracuse MSA (also Onondaga, Oswego, Madison), OR property in a City of Syracuse NRSA. Repayable loan available regardless of income (3% rate below 80% AMI). 80% AMI 2026-2027: 1 $59,850; 4 $85,450; 8 $112,800.
• The limit applies to total household income, not only the borrower&rsquo;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?

Home HeadQuarters Closing Cost Assistance caps the purchase price at $150,000.

• Eligible property types include Single Family and 2-4 Unit.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Home HeadQuarters Closing Cost Assistance is a federal program, so it is not limited to New York.

• The program targets specific areas: City of Syracuse Neighborhood Revitalization Stabilization Areas (NRSA).

How do you apply?

Applications for Home HeadQuarters Closing Cost Assistance go through Home HeadQuarters, Inc., 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 HomeOwnership Center (certified; in person or online via eHomeAmerica); one-on-one counseling required.

2. 2

   Contact Home HeadQuarters, Inc. to reserve funds

   Funds are reserved through First come, first served; while supplies last, 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.