Popular Home Buying Program Coming to an End in Buffalo, New York

Buffalo is in the midst of another record year on the housing front by any measure. Economic indicators continue to show that Western New York has the hottest housing markets in the entire United States. The Buffalo area housing market is reaching new highs, and while some financial analysts are saying a housing bubble is about to burst, that doesn’t appear to be the case in the 716.

In the meantime, Buffalo will likely continue to see annual increases in home prices. While these increases are good news for investors and home sellers, they are not good news for those looking to buy, especially those on the lower end of the financial ladder.

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Several homeownership assistance programs in Western New York are helping people make homeownership more affordable. However, time is running out for one of the most popular programs, as it is set to end for the year soon.

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Community Bank of Buffalo’s Special Purpose Loan Program Ends

In 2023, DeWitt, New York-based Community Bank launched a unique mortgage program for homebuyers in Western New York. The Buffalo, New York, Special Purpose Loan Program offers highly competitive options for homebuyers.

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The Special Purpose Loan Program offers several benefits to people who currently live in certain Buffalo zip codes. Some of these 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 others who have homes under construction. This program has a proven track record of helping people looking to buy a home.

Especially with real estate prices and interest rates rising over the past few years, saving a few dollars on closing costs and down payments will really help some people achieve their dream of homeownership.

If you are interested, you can find more information about this program on the Community Bank website. However, you must act quickly, as the special purpose loan program will end on Wednesday, July 31, 2024.