Popular Homebuyer Program Ending Soon In Buffalo, New York
Buffalo is in the middle of another record year on the housing front by all measurable accounts. Economic indicators continue to point to Western New York having the hottest housing markets in the entire United States. Housing in the Buffalo area is reaching new heights, and while some financial analysts say a housing bubble is soon to bust, it doesn't seem that way in the 716.
Until that happens, Buffalo will likely continue to see yearly increases in housing prices. While those increases are good news for investors and home sellers, they're not great news for those looking to buy, especially people on the lower end of the financial scale.
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Several first-time homebuyer programs in Western New York help people make homeownership more affordable. However, time is running out for one of the most popular programs as it's set to end for the year very soon.
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Community Bank's Special Purpose Credit Program In Buffalo Is Ending
In 2023, the DeWitt, NY-based Community Bank released a unique mortgage program for homebuyers in Western New York. The Special Purpose Credit Program in Buffalo, New York, has some very competitive options for folks looking to buy a house.
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The Special Purpose Credit Program offers several benefits to people who currently live in certain zip codes in Buffalo. Some of those benefits include up to 100% financing, no closing costs, no down payment, and no private mortgage insurance.
I know several people who took advantage of this program in 2024 and a few more who have homes in the works. This program is proven to help people looking to buy a house.
Especially with home prices and interest rates rising over the last few years, saving a few bucks on closing costs and down payments will truly help some folks achieve the dream of homeownership.
If this sounds like something for you, you can find more information about this program on the Community Bank website. However, you need to act fast, as the Special Purpose Credit Program will end on Wednesday, July 31, 2024.
Buffalo's Most Expensive House For Sale
Gallery Credit: Ed Nice
Highlights from 2024-25 City of Buffalo Budget
Gallery Credit: Ed Nice