Among the cases I reviewed, there were instances where a few points difference in credit scores led to significant variations in interest rates, resulting in large differences in monthly payments. For those looking for homes in Buffalo, this difference also directly affects the size of the down payment.

To outline the key items to check, there are three main factors: credit score, down payment size, and property taxes. As of July 2026, the average rate for a 30-year fixed mortgage is 6.6 percent, with rates of 6.59 percent for scores above 780, 6.66 percent for the 760 range, 6.75 percent for the 740 range, and 6.91 percent for the 700 range.

Next is the down payment. According to Redfin data, the median sale price in Buffalo is around $210,000, which is relatively accessible compared to other cities in New York State. Based on this price, a 3.5 percent FHA down payment is $7,350, 5 percent is $10,500, 10 percent is $21,000, and 20 percent is $42,000. The total down payment amount is lower compared to other major cities, making the entry barrier relatively easier.

When comparing Buffalo and New York City, the difference in total down payment amounts is clear. For a 20 percent down payment, Buffalo requires $42,000, while many neighborhoods in New York City exceed $100,000. Even with the same 20 percent principle, the entry barriers vary by region. Additionally, closing costs typically add another 2 to 5 percent of the home price. In areas like Buffalo, where home prices are lower, the absolute amount of these costs is also lower, making the initial financial burden relatively lighter.

The third factor is property taxes. The average effective tax rate for New York State is about 1.60 percent, which includes the entire state average, so the actual rate in Erie County, where Buffalo is located, may vary based on school district and local government budgets. Be sure to check the tax notices for each property separately before closing. For families moving from other states, it's safer to budget based on the actual notice amounts rather than estimating based on the tax rates from their previous residences.

If you start with less than a 20 percent down payment, PMI will apply. However, in areas like Buffalo where home prices are lower, the absolute amount needed to reach 20 percent is also lower, making it relatively less burdensome even when considering reserves. Still, just because home prices are low doesn't mean approvals are automatically easier, so it's essential to keep track of your debt-to-income ratio and credit score.

It's also worth checking the DPAL assistance from the New York State Mortgage Agency, SONYMA. They provide support starting from $1,000, covering 3 percent of the home price, up to a maximum of $15,000 or $3,000, whichever is greater. In areas like Buffalo with lower home prices, this assistance can cover a significant portion of the down payment.

To increase approval rates, the following items should be checked: first, review your credit score in advance and manage it if necessary, starting a few months before applying. Second, aim for a DTI of 43 percent or lower for back-end and 28 percent or lower for front-end, according to the Consumer Financial Protection Bureau. Third, organize your income documents for the past two years. Fourth, avoid new loans or job changes until after closing. Fifth, since each bank has slightly different assessment criteria, comparing two or three during the pre-approval stage can be helpful.

The last item is reserves. Keeping 3 to 6 months' worth of living expenses aside, in addition to closing costs, provides stability during the approval process and afterward. Buffalo appears to be a favorable market for prepared buyers due to its low entry barriers. However, low home prices do not automatically mean lower approval thresholds, so it's wise to keep track of the three key items: credit score, DTI, and reserves, just as you would in any other region. Having your documents ready in advance allows you to fully benefit from the advantages of lower home prices. Since tax and loan conditions can vary by county, this article serves as general information, and consulting a professional before finalizing any contracts is recommended.