NeighborWorks Community Partners Down Payment & Closing Cost Assistance

What is NeighborWorks Community Partners Down Payment & Closing Cost Assistance?

NeighborWorks Community Partners Down Payment & Closing Cost Assistance is a deferred second loan for homebuyers in Rochester, New York, administered by NeighborWorks Community Partners (NCP).

• NeighborWorks Community Partners (NCP), a HUD-certified CDFI nonprofit serving Western New York (Buffalo, Rochester, Niagara Falls), provides Down Payment and Closing Cost Assistance of up to $20,000 (sometimes more/less based on need). Depending on location and household income, assistance is structured as no- or low-interest, no-payment deferred conditional loans, and in some cases grants. Pairs with NCP's Comprehensive Homeownership Program.
• Up to $20,000 flexible help.
• Deferred no-payment loans (sometimes grants).
• Pairs with One Stop Financing (no MI, up to 105% CLTV).
• 24/7 call center.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from Federal (HOME/CDBG), NeighborWorks America, and other program funds.

How much assistance does it provide?

NeighborWorks Community Partners Down Payment & Closing Cost Assistance offers up to $20,000 in assistance.

• The program can be combined with NCP Comprehensive Homeownership Program (fixed-rate first mortgages up to 105% CLTV, no MI, closing guarantee).
• Amounts are the program's published maximums, not an offer — NeighborWorks Community Partners (NCP) determines any individual award.

Do you have to pay it back?

NeighborWorks Community Partners Down Payment & Closing Cost 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 Deferred, no-payment conditional loan; conditions/forgiveness vary by funding source (some grants).
• 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?

NeighborWorks Community Partners Down Payment & 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?

NeighborWorks Community Partners Down Payment & Closing Cost Assistance sets its income limit as follows: Eligibility for no-interest deferred conditional loans (or grants) depends on location and household income; limits vary by funding source and locality (Buffalo, Rochester, Niagara Falls, WNY).

• 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.

What kind of home can it be used for?

NeighborWorks Community Partners Down Payment & Closing Cost Assistance can be used for Single Family and 2-4 Unit.

Where does it apply?

NeighborWorks Community Partners Down Payment & Closing Cost Assistance is a federal program, so it is not limited to New York.

How do you apply?

Applications for NeighborWorks Community Partners Down Payment & Closing Cost Assistance go through NeighborWorks Community Partners (NCP), 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 NeighborWorks Community Partners - free Intro to Homebuying Orientation and 8-hour Home Buyer Education; HUD-certified counselors.

2. 2

   Contact NeighborWorks Community Partners (NCP) to reserve funds

   Funds are reserved through Call center intake; begins with Intro to Homebuying Orientation; subject to 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.