Long Island Logo

Back

First Time Home Buyer Programs in New York

By Mary Lamphere

New Yorkers who want to buy a home but do not have adequate money saved for a down payment or who have never purchased a home before have various options for assistance. Various first time homebuyer programs exist in New York to help prospective home buyers to qualify for a loan and purchase the home of their dreams. Living the American dream often starts with down payment assistance or other first time home buyer programs that help new buyers get their foot in the door to their new home.

HomeFirst Down Payment Assistance

The HomeFirst Down Payment Assistance Program is one method of assistance provided to New Yorkers who wish to purchase their first home. IN order to qualify, home buyers must:

  • not have purchased a home before
  • have some savings to contribute to closing costs
  • meet income eligibility requirements and not surpass certain income caps based on family size
  • purchase a home for 1-4 families or a condo
  • live in the purchased home for a period of at least 10 years

First Time Homebuyer Program Down Payment & Closing Cost Assistance

The Neighborhood Housing Services of New York City offers a number of programs to help first time homebuyers achieve the dream of homeownership. The down payment and closing cost assistance programs help home buyers by providing GAP or HAP loans which allow them to borrow some of the money needed to pay for the down payment or closing costs of their new home. Various qualification factors must be met in order to receive these funds.

HOME Grants

Eligible first time home buyers may qualify for a HOME Grant of up to $25,000. These grants are provided to first time home buyers in an effort to make homes more affordable. Eligibility requirements include various income limits and limits on the total property size. The applicant must be low-income and the property being purchased must be a single family residence, two family residence, cooperative or condominium.

Community Home Buyer Programs

For first time home buyers who have a limited income or who have limited funds available for down payment or closing costs associated with buying a home there are a number of community home buyer programs that are also available in New York. Various mortgage terms are offered ranging from 15 to 30 years and a number of different programs are available to assist home buyers including:

  • down payment assistance of up to 5%
  • Fixed-rate mortgages of 15, 20 and 30 years
  • raised debt to income ratios that make home purchasing more attainable for lower income families
Share this:

Comments

Leave a comment:

* Login in order to leave a comment. Don't have an account? Join for Free



About The Author

Become an Expert Contributor

Have some knowledge to share, and want easy and effective exposure to our audience? Get your articles or guides featured on Long Island For Sale today! Learn more about being an expert contributor.

Learn More