down payment assistance program in New York

Guest 0.10 Dollars($)

I did like to have some information on how the home first down payment assistance program works in NY

colin · Posted: Wed May 23, 2007 5:39 pm Post subject:

Hi Cassidy,

Welcome to Mortgagefit forum.

The HomeFirst Down Payment Assistance program from New York City Department of Housing Preservation and Development (HPD) has been created to help people with assistance for making the down payment and closing costs.

Those who can qualify can get up to 6 percent of purchase value of the home for meeting down payment & closing cost expenses. The home can be a condominium, cooperative or a 1-4 family house and should be in one of the 5 boroughs of NY City.

Colin

Guest 0.10 Dollars($)

thanks for the quick reply, pl also tell how can a person qualify for the assistance

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

If you meet all the following requirements then you will be able to qualify for the assistance, these are:

You are a first time home buyer and complete homebuyer education course which will be given by New York City Department of Housing Preservation and Development approved counseling agency.

You have your own savings so that you can contribute towards down payment &/or closing costs and meet the income limit requirements for the program.

Purchase is made for owner occupancy & agree to live in the purchased house for at least next 10 yrs.

Miller

ezmortgageloanz · Posted: Thu May 24, 2007 3:01 pm Post subject:

Aside from the state subsidy program, you could try other non-profit organizations that provide DPA (down payment assistance) grants...

Here are a few of some of the more popular DPA grant providers in NY:

Purchase Pros
Newsong Buyer's Assistance
Nehemiah Corporation of America

Please note that these programs are subsidized by way of seller concession---in other words, the seller must agree to concede a certain percentage of his/her capital gains/profits to you to fund these type of down payment assistance programs.

Hope this helps...

Regards,

Scott Miller

Guest 0.10 Dollars($)

Hi Scott, how can I get more details about these programs and what is the difference they have to the state program

ezmortgageloanz · Posted: Thu May 24, 2007 10:38 pm Post subject:

Check out these links...

"http://www.nehemiahcorp.org/"
"http://www.buyers-assistance.com/"

If you are a borrower, you will need to have completed a loan application/been preapproved for a mortgage before you will considered by these companies.

Regards,

Scott Miller

P.S. There is new legislation being lobbied by FHA to eliminate the use of DPA grants with FHA loans.

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