Fulton announces “Home to Grow” program, offering up to $20K for first-time home buyers

FULTON, N.Y. — First-time homebuyers in the city of Fulton who meet income-eligibility requirements could receive up to $20,000 toward the purchase of their first home under a new city government program.

Sarah Farley, executive director of the Fulton Community Development Agency (CDA), announced the city’s new “Home to Grow” program on Oct. 3. “We’re extremely excited to announce that grant funds are available through this program to help cover down payment and closing costs for income-eligible home buyers,” Farley said in a news release. “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,” she noted.

Newly constructed homes are eligible for the program “only after all construction is complete,” according to Farley. Applicants must qualify for a conventional mortgage through a participating bank, credit union, or mortgage company and contribute their own cash to cover a minimum of 1 percent of the total purchase price as their down payment.

Once the Fulton CDA determines applicants 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 release stated. It didn’t specify the income-eligibility rules.

The program is “just one more way we are helping families get 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.”