First-time buyers can get $ 40,000 in cash for a down payment, depending on where they live.
Some states offer support to help cash-strapped buyers move up the property ladder.
In New York City, for example, first-time buyers can get cash if they buy a residential property with one to four families, a condo, or a co-op.
This applies if you buy it in one of New York’s five boroughs, and keep in mind that you must also live there for at least 10 years.
Your income also cannot exceed 80% of the region’s median income, which is $ 66,850 for a single household and $ 95,450 for a family of four.
Plus, you need to have your own savings to at least contribute towards the down payment or closing costs.
To get it, you need to take a homebuyers training course and get a certificate as proof.
You can then get the money by following the steps on the NYC.gov website.
New York Support is a forgivable loan, which means you don’t have to pay it back as long as you meet the conditions.
This is called the HomeFirst Down Payment Assistance Program.
The same cash offer is available for first-time buyers in Boston, but these are interest-free loans that are paid off when you refinance.
They can also be reimbursed when the sale is transferred, or when you no longer keep the accommodation as your main residence.
The Boston Home Center gives $ 30,000 for a condo or single-family home, $ 35,000 for a two-family home and $ 40,000 for a three-family home.
These funds can be used for your down payment and closing costs.
Other criteria include a maximum of $ 75,000 in household assets, excluding retirement accounts and 401,000, and income not exceeding 135% of the region’s median income.
You must also pay at least 1.5% of the purchase price on one to two unit properties of your own money, and 3% for three unit properties.
Finally, you must also take a home buying education course – check out the steps to get started on the Boston.gov website.
We’ve rounded up some inexpensive homes that first-time buyers can buy without a down payment.
In addition, we explain how future homeowners with or without a down payment can buy their own home.
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