Home financing in Broome County.

Home financing — commonly called a mortgage — is a loan you use to buy a property. You borrow money from a lender, purchase the home, and repay the loan in monthly installments over a set term, typically 15 or 30 years. The home itself serves as collateral, meaning the lender can reclaim it if payments stop.

There are several types of home loans you may encounter in Broome County:

• **Conventional loans** – Offered by banks and credit unions, usually requiring a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** – Backed by the Federal Housing Administration, these allow lower credit scores (580+) and down payments as low as 3.5%. They are context for what local lenders can offer you — not the starting point.

• **USDA loans** – For properties in eligible rural or semi-rural areas. Parts of Broome County's outer townships may qualify.

• **ITIN loans** – For buyers who do not have a Social Security Number but do have an Individual Taxpayer Identification Number. Several local lenders in the Southern Tier offer these.

• **First-time homebuyer programs** – New York State and Broome County offer down payment assistance and below-market rates for qualifying first-time buyers.

Understanding the type of loan that fits your situation is the first step — and local intermediaries, not big national banks, are often your best guide for finding it.

Broome County's economy is anchored by healthcare (UHS hospital system, Lourdes), education (Binghamton University, SUNY Broome), and a growing manufacturing base. Many residents work in these sectors, and lenders familiar with the local economy understand variable income patterns — including overtime, shift differentials, and contract work.

**You may qualify if you:**

- Have steady employment or self-employment income for at least two years (tax returns are key)

- Have a credit score of 580 or higher (though 620+ opens more doors)

- Can show consistent rent payment history, even if your credit file is thin

- Are a solo contractor or gig worker with documented income

- Have an ITIN instead of a Social Security Number — ITIN lending is available in this region

- Are a first-time homebuyer — New York State's programs are specifically generous here

**Income limits to keep in mind:** New York State's HomeFirst program and SONYMA (State of New York Mortgage Agency) programs have income and purchase price limits that generally fit Broome County's market well, since median home prices here remain below statewide averages (often $120,000–$180,000 for a single-family home).

**Non-citizens:** Lawful permanent residents, visa holders, and ITIN filers can all access financing through the right lenders. Being undocumented does not automatically disqualify you from ITIN-based loans — speak with a HUD-approved housing counselor first.

Gathering paperwork early saves time and reduces stress. Every lender is slightly different, but here is what most will ask for when you apply in Broome County:

**Identity & Residency**

- Government-issued photo ID (passport, consular ID, or driver's license)

- ITIN letter from the IRS (if applicable) or Social Security card

- Visa or green card (if applicable)

**Income Verification**

- Last two years of federal tax returns (all pages, all schedules)

- W-2s or 1099s for the past two years

- Recent pay stubs (last 30 days) — or profit-and-loss statement if self-employed

- Bank statements for the last 2–3 months

**Rental & Residency History**

- Landlord contact information or 12–24 months of canceled rent checks

- Utility bills showing your address

**Assets**

- Bank, savings, or credit union account statements

- Documentation of any gift funds (a signed gift letter is required by most lenders)

**Property**

- Once you have a property in mind: the purchase agreement, property address, and listing information

**Tip for solo contractors:** If you file a Schedule C, lenders will average your net income over two years — not gross revenue. Work with a HUD-approved counselor to understand how your income will be calculated before you apply.