FULTON – The City of Fulton’s ‘Home to Grow’ program is currently open to help first time homebuyers secure up to $20,000 toward the purchase of their first home, Fulton Community Development Agency (CDA) Executive Director Sarah Farley announced. To apply, applicants must first enroll in and complete the First Time Homebuyer Education course to meet state funding requirements.
“Grant funds are available through this program to help cover down payment and closing costs for income-eligible home buyers. Any individual or couple who meets the minimum credit score for mortgage funding, has steady employment income, and has not owned a home in the last three years is eligible to apply,” Farley said.
“Funding is based on each buyer’s financial need and homes to be purchased must be existing one-family homes costing less than $171,000 within the City of Fulton. New construction homes are eligible only if purchased after all construction is complete. In addition, applicants must qualify for a mortgage through a participating bank, credit union or mortgage company and provide cash to contribute a minimum of one percent of the purchase price as their down payment.”
Once the CDA determines an applicant to be eligible, they will be able to enter a purchase contract for a suitable home and seek an affordable mortgage from a local or regional lender.
The CDA is offering the First Time Homebuyer Education Course, from 6 – 8:00 p.m. on April 4, 6, 11, and 13 at the CDA office located at 125 W. Broadway St.
“The course will teach you everything you need to know about purchasing a home,” Farley said. “Topics include how to prepare for and what to expect during the homebuying process, developing a spending plan, how to shop for a home, home maintenance, and so much more. Classes fill up fast and we urge applicants to register as soon as possible.”
Cost is $100 per person or co-signing couple. To register, mail your payment to the Fulton Community Development Agency, 125 W. Broadway, Fulton, NY 13069. Make check payable to “Fulton Community Development Agency” and mark it “First Time Home Buyer Education” with your contact information. For questions, email [email protected], or call 315-593-7166, ex. 8104.
“This is a priceless program that helps educate first time homebuyers and get them into their first home and grow our neighborhoods,” Fulton Mayor Deana Michaels said. “We are always looking for programs and services that make home ownership easier and viable in our city.”
