Downpayment and Closing Costs Assistance
This program is open to Monroe County residents. Eligible participants must save for a minimum of 10 or a maximum of 24 months. A customer must commit to saving $1,875, which will be matched at a 4:1 ratio. The Federal Home Loan Bank will match their savings with $7,500; the total the customer will have for down-payment and closing cost will be $9,375.
The below income chart is based on the area median income. Income can not exceed the stated amount per household.
Income Guidelines 2009
- Households of 1 and 2 - Maximum Allowable Income $54,320
- Households of 3 or more - Maximum Allowable Income $62,468
Education Requirements
Participants of the First Home Club are required to receive 12 hours of Financial Literacy classes or Home Purchase Made Easy to fulfill grant requirements.
Financial Literacy
In this six-part series of classes that meet once a month, a NeighborWorks® Rochester Homeownership Coordinator will discuss topics such as understanding credit report, budgeting, lending terms and practices, managing debt, savings and investment. These classes are ideal for anyone seeking to improve their financial management skills, credit repair or anyone saving for a home.
Home Purchase Made Easy
Are you ready to buy your first home? A NeighborWorks® Rochester Homeownership Coordinator will answer all your questions about the home buying process in this eight-hour class. Classes meet once during the week for three hours and once on a Saturday for five hours. This class satisfies pre-purchase education requirements for many lenders. Some of the speakers include real estate agents, lenders, and a representative from the Housing Council and attorneys from Legal Aid. Each professional talks about what a home owner should expect as it relates to the process of buying a home; customers are never pressured into obtaining services from any of our speakers.
* *The two different requirements on the educational classes are based on low to high credit scores. If there are credit issues, Financial Literacy will have to be taken. During this time potential customers are saving and working on rebuilding their credit score and developing a stronger credit history. They can also obtain one-on-one counseling. If your credit history is anywhere from 680 and up, then you may only need to take Home Purchase Made Easy.
The banks that participate in this program include HSBC, M&T, Canandaigua National Bank, Summit and Bank of Castile. The customer will have to choose one of the four banks to start their savings plan in order to get the matching grants.
To sign up or speak to a counselor please call (585) 325-4170.
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