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Get Matched Free →Homebuyer Programs in Binghamton, NY (2026)
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.
Top Homebuyer Programs in Binghamton
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Binghamton First-Time Homebuyer Program | Forgivable Loan | Up to $10,000 | Yes | View → |
| Broome County Land Bank Affordable Homes Program | Grant | Rehabilitated homes sold at affordable prices to low-to-moderate income buyers | No | View → |
| 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 → |
| FHLBA Community Partners Product | Forgivable Loan | Up to $20,000 in home purchase assistance for down payment and closing costs | No | View → |
| FHLBA First Time Homebuyer Product | Forgivable Loan | Up to $17,500 in home purchase assistance for down payment and closing costs | Yes | View → |
| FHLBA Workforce Housing Plus+ | Forgivable Loan | Up to $15,000 in home purchase assistance for down payment and closing costs | 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 → |
| 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 → |
| FHLBNY Homebuyer Dream Program | Grant | Up to $30,000 | Yes | View → |
| SONYMA Down Payment Assistance Loan (DPAL) | Forgivable Loan | Up to $15,000 or 3% of purchase price, whichever is greater (minimum $1,000) | Yes | View → |
| SONYMA DPAL PLUS | Forgivable Loan | Up to $30,000 | Yes | View → |
- Type:
- Forgivable Loan
- Amount:
- Up to $10,000
- First-time only:
- Yes
- Type:
- Grant
- Amount:
- Rehabilitated homes sold at affordable prices to low-to-moderate income buyers
- First-time only:
- No
- 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
- Type:
- Forgivable Loan
- Amount:
- Up to $20,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $17,500 in home purchase assistance for down payment and closing costs
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- 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
- 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
- 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
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- 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
- Type:
- Zero-Interest Loan
- Amount:
- Affordable home purchase with no-profit pricing and zero-interest mortgage
- First-time only:
- Yes
- Type:
- Grant
- Amount:
- Grants available for down payment, closing costs, and rehabilitation (amounts vary by funding availability)
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $30,000
- First-time only:
- Yes
- Type:
- Grant
- Amount:
- Up to $30,000
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 or 3% of purchase price, whichever is greater (minimum $1,000)
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $30,000
- First-time only:
- Yes
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.