See programs you qualify for

By Tyler Thompson · Licensed Real Estate Agent · Updated April 2, 2026

Homebuyer Programs in Binghamton, NY (2026)

Population: 47,000 | Median home price: $155,000 | Est. closing costs: $3,000 - $4,500

Binghamton is a city in Broome County in New York's Southern Tier region, home to Binghamton University and a growing hub for technology and healthcare. With a median home price around $155,000, it is one of the most affordable markets in the state. The City of Binghamton offers first-time homebuyers a forgivable loan of up to $10,000 toward down payment and closing costs through its Housing Division. The Metro Interfaith HOME Purchase Assistance Program provides up to $30,000 in additional assistance, and Greater Opportunities offers grants for down payment, closing costs, and rehabilitation. At the state level, the FHLBNY Homebuyer Dream Program provides grants up to $30,000, and the SONYMA Down Payment Assistance Loan adds up to $15,000 as a zero-interest forgivable loan. The Broome County Land Bank also sells rehabilitated homes at affordable prices to qualifying buyers. By combining city, county, state, and nonprofit programs, eligible first-time buyers in Binghamton can stack significant financial assistance.

City Programs in Binghamton

Program Name	Type	Amount	First-Time Only	Details
Binghamton First-Time Homebuyer Program	Forgivable Loan	Up to $10,000	Yes	View →

Binghamton First-Time Homebuyer Program

Type:: Forgivable Loan
Amount:: Up to $10,000
First-time only:: Yes

County Programs in Broome County

Program Name	Type	Amount	First-Time Only	Details
Broome County Land Bank Affordable Homes Program	Grant	Rehabilitated homes sold at affordable prices to low-to-moderate income buyers	No	View →

Broome County Land Bank Affordable Homes Program

Type:: Grant
Amount:: Rehabilitated homes sold at affordable prices to low-to-moderate income buyers
First-time only:: No

State Programs in New York

Program Name	Type	Amount	First-Time Only	Details
FHLBNY Homebuyer Dream Program	Grant	Up to $30,000	Yes	View →
SONYMA Down Payment Assistance Loan (DPAL)	Forgivable Loan	Greater of $3,000 or 3% of the purchase price, capped at $15,000 (minimum $1,000); cannot exceed actual down payment and closing costs	Yes	View →
SONYMA DPAL PLUS	Forgivable Loan	Up to $30,000	Yes	View →

FHLBNY Homebuyer Dream Program

Type:: Grant
Amount:: Up to $30,000
First-time only:: Yes

SONYMA Down Payment Assistance Loan (DPAL)

Type:: Forgivable Loan
Amount:: Greater of $3,000 or 3% of the purchase price, capped at $15,000 (minimum $1,000); cannot exceed actual down payment and closing costs
First-time only:: Yes

SONYMA DPAL PLUS

Type:: Forgivable Loan
Amount:: Up to $30,000
First-time only:: Yes

Federal Programs

Program Name	Type	Amount	First-Time Only	Details
FHA Loans	Government-Insured Mortgage	Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)	No	View →
Good Neighbor Next Door (HUD)	Government Property Sale Program	50% discount off the list price of HUD-owned homes	Yes	View →
Home Possible Mortgage (Freddie Mac)	Government-Guaranteed Mortgage	Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment	No	View →
HomeReady Mortgage (Fannie Mae)	Government-Guaranteed Mortgage	Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment	No	View →
HUD $100 Down Program	FHA-Financed HUD REO Purchase	Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.	No	View →
USDA Rural Development Loans	Government-Guaranteed Mortgage	100% financing (no down payment required); loan amount up to appraised value	No	View →
VA Loans	Government-Guaranteed Mortgage	No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)	No	View →

FHA Loans

Type:: Government-Insured Mortgage
Amount:: Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
First-time only:: No

Good Neighbor Next Door (HUD)

Type:: Government Property Sale Program
Amount:: 50% discount off the list price of HUD-owned homes
First-time only:: Yes

Home Possible Mortgage (Freddie Mac)

Type:: Government-Guaranteed Mortgage
Amount:: Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
First-time only:: No

HomeReady Mortgage (Fannie Mae)

Type:: Government-Guaranteed Mortgage
Amount:: Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
First-time only:: No

HUD $100 Down Program

Type:: FHA-Financed HUD REO Purchase
Amount:: Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
First-time only:: No

USDA Rural Development Loans

Type:: Government-Guaranteed Mortgage
Amount:: 100% financing (no down payment required); loan amount up to appraised value
First-time only:: No

VA Loans

Type:: Government-Guaranteed Mortgage
Amount:: No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
First-time only:: No

Nonprofit Programs

Program Name	Type	Amount	First-Time Only	Details
Broome County Habitat for Humanity Homeownership Program	Zero-Interest Loan	Affordable home purchase with no-profit pricing and zero-interest mortgage	Yes	View →
Greater Opportunities First-Time Homebuyer Program	Grant	Grants available for down payment, closing costs, and rehabilitation (amounts vary by funding availability)	Yes	View →
Metro Interfaith HOME Purchase Assistance Program	Forgivable Loan	Up to $30,000	Yes	View →

Broome County Habitat for Humanity Homeownership Program

Type:: Zero-Interest Loan
Amount:: Affordable home purchase with no-profit pricing and zero-interest mortgage
First-time only:: Yes

Greater Opportunities First-Time Homebuyer Program

Type:: Grant
Amount:: Grants available for down payment, closing costs, and rehabilitation (amounts vary by funding availability)
First-time only:: Yes

Metro Interfaith HOME Purchase Assistance Program

Type:: Forgivable Loan
Amount:: Up to $30,000
First-time only:: Yes

Free eligibility check

15 programs available in Binghamton. See which ones you qualify for.

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How to Apply

Step 1: Check your eligibility. Most programs require first-time homebuyer status and household income at or below 80% of the Area Median Income for Broome County. Review the income requirements for each program you plan to use.

Step 2: Complete homebuyer education through the Binghamton Homeownership Academy. This is required for the city's forgivable loan program. The Academy partners with Metro Interfaith, Greater Opportunities, First Ward Action Council, Broome County Habitat for Humanity, and Community Potential Inc. Metro Interfaith is a HUD-approved housing counseling agency and has been providing free counseling services in the Binghamton community since 1974.

Step 3: Apply for the Binghamton First-Time Homebuyer Program. Contact the City of Binghamton Housing Division to apply for a forgivable loan of up to $10,000 toward your down payment and closing costs. The loan is forgiven after five years of owner-occupancy.

Step 4: Contact Metro Interfaith for additional assistance. Their HOME Purchase Assistance Program provides up to $30,000 for qualifying first-time homebuyers. Reach out to Metro Interfaith at metrointerfaith.org for eligibility details and application information.

Step 5: Get pre-approved for a mortgage. Contact Tioga State Bank about the FHLBNY Homebuyer Dream Program (grants up to $30,000 for buyers at or below 80% AMI). You can also connect with a SONYMA-approved lender for state down payment assistance loans of up to $15,000.

Step 6: Explore additional resources through Greater Opportunities. They serve Broome and Chenango County families with first-time homebuyer grants and housing counseling. Contact them at greaterops.org for program details.

Step 7: Find a home in Binghamton and close. Work with your lender to confirm the property meets any program requirements. Your lender and housing counselor will coordinate all assistance funds at closing. Plan for estimated closing costs of $3,000 to $4,500 based on the current median home price.

Frequently Asked Questions

How much down payment assistance can I get in Binghamton?+

Binghamton homebuyers can access multiple programs. The Metro Interfaith HOME Purchase Assistance Program provides up to $30,000, the FHLBNY Homebuyer Dream Program offers grants up to $30,000, the City of Binghamton offers a forgivable loan of up to $10,000, and the SONYMA Down Payment Assistance Loan provides up to $15,000 as a zero-interest forgivable loan. Greater Opportunities also offers grants for down payment and closing costs. Not all programs can be stacked, so work with a housing counselor at Metro Interfaith to determine the best combination.

Do I have to be a first-time homebuyer to qualify?+

Most programs available in Binghamton require first-time homebuyer status, which generally means you have not owned a home in the past three years. The city forgivable loan, FHLBNY Homebuyer Dream Program, Metro Interfaith program, and SONYMA DPAL all require first-time buyer status. Contact Metro Interfaith for free counseling to discuss your specific eligibility.

What are the income limits for Binghamton homebuyer programs?+

Income limits vary by program. The FHLBNY Homebuyer Dream Program requires household income at or below 80% of the Area Median Income for Broome County, with HDP Plus extending to 120% AMI. SONYMA programs have their own limits based on household size and county. The city program and Metro Interfaith program also have income guidelines. Contact the Binghamton Homeownership Academy or Metro Interfaith for current figures.

What homebuyer education is required?+

The City of Binghamton requires completion of the First Time Homebuyer pre-purchase education course through the Binghamton Homeownership Academy. Metro Interfaith, a HUD-approved housing counseling agency, offers free pre-purchase counseling and has served the community since 1974. Their course covers budgeting, the mortgage process, and what to look for in a home. This education satisfies requirements for the city loan, FHLBNY Homebuyer Dream Program, and SONYMA programs.

What is the Broome County Land Bank Affordable Homes Program?+

The Broome County Land Bank rehabilitates formerly vacant and abandoned properties and sells them at affordable prices, typically between $85,000 and $130,000, to qualified low-to-moderate income buyers. The program partners with local nonprofit housing developers and has a 100% success rate with no buyer defaults. Contact the Broome County Land Bank at broomelandbank.org for available properties and eligibility information.

How does the city forgivable loan work?+

The City of Binghamton provides first-time homebuyers with a deferred loan of up to $10,000 for down payment and closing costs. If you sell, transfer, or stop living in the home within 5 years, 100% of the loan becomes due. After 5 years of continuous owner-occupancy, the loan is forgiven in full. You must complete the Binghamton Homeownership Academy education course to qualify.