The housing market in Buffalo is booing right now. So, for first-time homebuyers, this is the ideal time to hop on the home buying train.
But as many people know, buying a home can be extremely stressful. You have to find a place, figure out what type of home you want, and most importantly, find out how much money you have to spend. As a first-time homebuyer, this can be a difficult process. However, for those living in Buffalo, there is some good news.
The West Side Neighborhood Housing Services in Buffalo has started a new program, offering homebuyers in Erie County a loan to purchase the first home of their dreams.
WKBW says eligible homebuyers will receive $10,500 toward their home. The program offers a zero-interest loan and homebuyers don’t need to pay the money back until they sell the home. The latest Federal Reserve statistics say that consumer debt in the United States reached almost $3.4 trillion in the last year, and it’s continuing to grow. With this in mind, something like the West Side loan can be very helpful since you don’t need to pay any money back until further into the future.
There are specifics, however. Whether or not you qualify for these loans depends on a number of factors, including the number of people you have in your family and the your annual household income. For example, if there’s just one person in the family and the amount you earn is at or below $47,800, you would qualify for the loan. If you make more than the amount stated, you will not qualify for the loan.
In addition to the requirements listed above, applicants need to get approved for a mortgage through one of three banks that the program partners with and find a home within a specific area.
If you do qualify for the West Side Neighborhood Housing Services loan program, your $10,500 comes in the form of a down payment. This means applicants won’t have to go through a long waiting period for their money.