HomeFirst works directly with more than 20 local counseling agencies to help first-time homebuyers meet eligibility requirements, including certifying their income if they are eligible and ensuring they attend homebuyers. training of home buyers.
Consumers are then referred to participating lenders like Ridgewood for pre-qualified mortgages to purchase a 1-4 family home, condominium, or co-op in one of New York City’s five boroughs.
Earlier this year, Ridgewood launched its all-new affordable mortgage product, Good Move Plus, designed to remove some of the barriers to home ownership for families and individuals who have the income but need a little bit of additional support. In addition, Ridgewood offers other affordable mortgage options for the New York State Mortgage Agency (SONYMA).
A recent New York City Housing Preservation and Development press release announcing HomeFirst’s expansion noted that “New York City Neighborhood Housing Services (NHS) administer the program on behalf of the city and that it is funded by the US Department of Housing and Urban Development (HUD). “
HomeFirst’s eligibility requirements include:
- Be a first-time buyer
- Take a training course for home buyers from an HPD-approved consulting agency
- Pay a minimum deposit of 3% of the purchase price for the purchase of the house, 1% of the contract deposit must come from the buyer’s own funds
- Buy a 1- to 4-unit family home, condominium or co-op for owner occupancy in one of New York City’s five boroughs
- Pass a Home Quality Standards (HQS) inspection before purchase
- Live at home for at least:
- 10 years if the loan received is less than or equal to $ 40,000
- 15 years if the loan is greater than $ 40,000
- Have a maximum family income of up to 80% AMI: