Buyer Guide
Get Pre-Approved (and Stay Approved) Before You Shop
In Buffalo's competitive price ranges, listing agents often won't present an offer without a pre-approval letter. Getting one first also tells you your real budget, not just the loan amount.
Pre-qualification vs. pre-approval
| Pre-qualification | Pre-approval | |
|---|---|---|
| Based on | What you tell the lender | Verified pay stubs, W-2s or tax returns, bank statements and a credit pull |
| Time | Minutes | 1 to 3 days |
| Strength with sellers | Weak | Expected with every offer |
| Best use | Early ballpark | When you’re ready to tour and write offers |
A pre-approval isn’t a final loan commitment. The lender still has to approve the appraisal, title and your final file before closing.
Don’t do these until after closing
- Open new credit cards or store financing (“0% on the couch” counts)
- Finance or lease a car
- Change jobs, switch from salaried to commission, or go self-employed without calling your lender first
- Make large cash deposits you can’t document with a paper trail
- Move money between accounts without keeping the statements
- Co-sign a loan for anyone
- Miss or pay late on any bill, even a small medical or utility bill
- Close old credit accounts (it can lower your score)
- Run up balances on existing cards
- Let anyone run your credit except your chosen lender
Lenders often re-check credit and employment days before closing. A change can delay or kill the loan.
First-time and lower-income buyer help in Erie and Niagara County
- SONYMA mortgages (State of New York Mortgage Agency): below-market fixed-rate loans through participating local lenders, including Achieving the Dream for lower-income buyers. HCR
- SONYMA Down Payment Assistance Loan (DPAL): the greater of 3% of the price (up to $15,000) or $3,000. It carries 0% interest, needs no monthly payment and is forgiven after 10 years. It requires a 1% cash contribution (3% for 3 to 4 family homes) and adds 0.40% to the first-mortgage rate. Not every SONYMA lender offers it.
- SONYMA DPAL Plus: up to $30,000 for households at or below 60% of area median income. Funding is first-come, first-served until it runs out. The earlier East Buffalo DPAL+ fund ran out on January 30, 2025. HCR
- FHA (3.5% down), VA (0% down), USDA (0% down in eligible rural areas): USDA covers many outer towns in both counties. Check the address on USDA’s eligibility map.
- City of Buffalo and nonprofit programs: grants and counseling change year to year. Have Kunji or a HUD-approved housing counselor check what’s funded when you’re ready.
Run the numbers: try the mortgage calculator with taxes and insurance included.
Get connected to a local lender
Tell Kunji a little about your plans and she will connect you with lenders who know the Western New York market.