What is the Closing Cost Assistance Program?
The Closing Cost Assistance Program is a low interest rate loan that can assist first time home buyers with the funding of reasonable closing costs normally associated with the purchase of a home.

What are some closing costs that can be included in the loan?
Some closing costs may include: down payment, insurance, title search, survey, appraisal, filling fees, city and/or county property taxes, water and sewer, points and legal fees.

What are the terms of the loan?
The maximum loan amount is $5,000.00 for closing costs. The interest rate ranges between 1%-5% for a period of up to 15 years, based upon mortgage qualification requirements. All loans are secured by a mortgage.

* Funding is limited and on a first come first served basis.

Guidelines for the Closing Cost Assistance Program

• The applicant must purchase their home in a neighborhood West of Main Street in the City of Buffalo.
• The Applicant must be a first time home buyer and be purchasing the home as his or her principal place of residence.
• The applicant must remain in the home until the down payment loan is repaid. If the applicant moves out of the home, the loan must be paid in full.
• The applicant is required to have at least 2% or $500.00 of their own funds invested, whichever is higher for down payment.
• The applicant must qualify for a mortgage loan with an approved financial institution
  (No owner held mortgages!)
• Applicants must take a Homebuying Education Course.

What you need to apply for the Closing Cost Assistance Program?

• $100.00 money order for application fee.
• Driver's license or other government-issued photo ID.
• Name, social security cards, & birth certificates for all members of household.
• Most current Payroll stubs for at least 2-months including name & address of employer.
• Proof of additional income (SS, SSI, Pension, alimony, child support , etc.)
• Proof of all income for persons living in household 18 years of age and older.
• Current monthly statement for all bank accounts.
• 2-years federal tax returns (all schedules) or have form 1722 from IRS(1-800-829-1040.)
• Any Legal Document (Divorce, separation papers, etc.)
• Good Faith Estimate of closing cost.
• Copy of mortgage application and pre-approval including amount of the mortgage.
• Copy of HUD-1 Form
• Copy of Purchase contract.

If you have any questions, and would like to know more about this program please contact our Homeownership Counselors, Andrea James at 885-2344 ext.16, or Luz Garcia, at ext. 17. You can also eMail them at ajames@wsnhs.org or lgarcia@wsnhs.org