NYC offers first-time buyers $ 100,000 for down payment

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Photo: Muli Berger – @muliaerophoto

The Department of Housing Preservation and Development has announced that it will offer up to $ 100,000 for down payments or closing costs to qualifying low-income first-time homebuyers in New York City. Whole story

In an effort to make the New York home buying process fairer, the city is expanding its down payment assistance program by more than double, reported.

The Housing Preservation and Development Department announced Monday that it will offer up to $ 100,000 for down payments or closing costs to first-time homebuyers who earn up to 80% of the median income in the home. region (AMI), a significant increase from the $ 40,000 forgivable. loan offered by the city previously.

The HomeFirst Down Payment Assistance program, which was first launched in 2004, addresses the lack of affordable housing for low-income New Yorkers, especially in transit neighborhoods and the amenities-rich neighborhoods they have. reported.

The city administers the program through New York City Neighborhood Services and it is funded by the US Department of Housing and Urban Development. The program has helped more than 3,000 households become homeowners since 2004, according to the city.

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A potential buyer must meet several eligibility requirements to be eligible for the program, which is aimed at those purchasing a one to four-family home, condominium or co-op that meets the approved purchase price limit, 6sqft reported. com. .

To qualify for the aid, a buyer must:
-Be a first-time buyer
-Have a gross annual income equal to or less than 80 percent of the region’s median income
-Complete a training course for home buyers approved by HPD
-Contribute a minimum of 3% of the purchase price for the down payment, with 1% of the contract deposit coming from the buyer’s own funds
-Have an employment record, sufficient financial resources and credit to obtain a mortgage loan from a bank that is a regulated financial institution
-Pass a home quality standards inspection before purchasing
-Live in the house for at least 15 years to take full advantage of the loan forgiveness program.

Learn more about the HomeFirst down payment assistance program here.

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