INHS Down Payment Assistance

INHS Down Payment Assistance is a deferred second loan for homebuyers in Ithaca, New York, administered by Ithaca Neighborhood Housing Services, Inc. (INHS). INHS offers up to $20,000 in down payment and closing cost assistance to first-time, moderate-income homebuyers who live or work in Cayuga, Chemung, Cortland, Schuyler, Seneca, Tioga, or Tompkins County. The gap-financing assistance fills the difference between what a buyer can afford and the cost of housing; rates set monthly. Up to $20,000 gap financing. Soft credit pull during counseling. HUD-approved education. 7-county region by residence OR workplace. Funding comes from Grants and other funds (federal HOME/CDBG and state); subject to availability.

INHS Down Payment Assistance offers up to $20,000 in assistance. The program can be combined with First mortgage financing; INHS reviews other local assistance. Amounts are the program's published maximums, not an offer — Ithaca Neighborhood Housing Services, Inc. (INHS) determines any individual award.

INHS Down Payment Assistance is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Terms vary by funding source; gap-financing loans. 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.

INHS Down Payment Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: For first-time homebuyers of moderate income. A homebuyer education course is required, through INHS HomeOwnership education and counseling (HUD-approved; eHomeAmerica online). Residency requirement: Must live OR work in Cayuga, Chemung, Cortland, Schuyler, Seneca, Tioga, or Tompkins County. Required intake docs: four recent paystubs, two years of federal tax returns with W-2s, two months of bank statements, recent retirement statements.

INHS Down Payment Assistance sets its income limit as follows: Eligibility determined by household income limits and funder/underwriting requirements; moderate income. Limits vary by funding source. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

INHS Down Payment Assistance can be used for Single Family, 2-4 Unit, and Condo. New construction is not eligible. Manufactured homes are not eligible.

INHS Down Payment Assistance serves homebuyers purchasing in Ithaca, New York.

Applications for INHS Down Payment Assistance go through Ithaca Neighborhood Housing Services, Inc. (INHS), which publishes the current terms and the application steps on its own site. Funds are reserved through Intake packet, then meeting with an INHS lender; ~two business days. 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.