Pre-approval of a mortgage for first-time buyers
Are you looking to buy a home for the first time? Here’s how to get pre-approved for a mortgage.
Are you a first-time home buyer? The city’s Home Purchase Assistance Program Grant (HPAP) helps buyers with costs.
The city provides grants of up to $6,000 to help income-eligible buyers with the down payment and closing costs of purchasing a home.
The City of Rochester’s Home Purchase Assistance Program (HPAP) Grant provides down payment and closing cost assistance to first-time homebuyers who meet program requirements. Grants of up to $6,000 are available for income-eligible first-time homebuyers to assist with closing costs.
To be eligible for program funds, buyers must submit an application to Homebuyer Services and meet with a Homebuyer Services counselor to receive eligibility paperwork. The U.S. Department of Housing and Urban Development specifies that buyers must have a median family income below 120%.
This grant program is compatible with most other programs, including Homebuyer Dream and SONYMA’s Neighborhood Stabilization Program.
More: Task force to find ways to increase home ownership in Rochester
What are the program requirements?
Homes must be located in Rochester and contain fewer than five individual dwelling units. Buyers must put down $1,500 of their own funds and qualify for a conventional, FHA, VA or SONYMA mortgage loan of at least $25,000.
Pre- and post-purchase training is required for homebuyers, and training in rental property operations is mandatory for those purchasing a multi-family property.
Once a buyer submits an accepted offer to purchase, it takes 55 to 70 days for the purchase to close after the city receives a copy of the offer. Buyers must live in the property for five years before closing.
To apply or for more information, email [email protected] or call (585) 428-6888.
Genae Shields is the business and development impact reporter. As a member of the local community, Genae loves learning about emerging businesses and changes impacting Rochester’s BIPOC and LGBTQ neighborhoods. She also enjoys supporting local artists and nonprofits. Contact Genae at [email protected].
