Nowadays, There are many people in New York who are looking for a way to purchase their first home; However, it is well known that the “Big Apple” real estate market is one of the most expensive and, therefore, the majority does not have access to it.
Generally, in order to acquire a property, it is necessary to make a first payment, which is sometimes high and very few can afford it.
For those in that position, there is good news, as the New York government has a Down Payment Assistance Program called HomeFirst, which offers significant financial assistance. With the possibility of receiving up to $100,000 toward your down payment or closing costs, This help is smoothing the path to homeownership for many New Yorkers.
Since its inception, HomeFirst has been a valuable resource for those looking to settle in New York City, but who may face financial challenges in doing so. The funds provided can help cover a significant portion of the down payment required to purchase a home in one of the city’s 5 boroughs.
How you can access the $100,000 help to buy your first home in New York
For those interested in taking advantage of this benefit, it is important to understand the requirements and steps necessary to be eligible. According to the rules established by NYC.govthese are the fundamental criteria that must be met:
1) Be a first time home buyer: This requirement applies to all applicants, with the exception of United States military veterans, who have a DD-214 verifying honorable service.
2) Complete a homebuyer education course: Applicants must participate in a homebuyer education course, taught by a counseling agency approved by the New York City Department of Housing Preservation and Development.
3) Have savings to contribute to the down payment or closing costs: Applicants must have personal savings that can contribute to the down payment or closing costs of the home.
4) Make a minimum down payment: A minimum down payment of 3% of the purchase price for the home is required. Additionally, at least 1% of the contract deposit must come from the applicant’s own funds.
5) Kind of property: The property to be purchased must be a 1-4 unit single family home, condominium, or cooperative intended for owner-occupancy in one of the five boroughs of New York City.
6) Housing quality inspection: Prior to purchase, the home must pass an inspection that meets the Housing Quality Standards.
7) Permanence in the property: Program beneficiaries must commit to living in the property for a minimum period of time. This varies depending on the amount of the loan received, with a minimum of 10 years if the loan is equal to or less than $40,000, and 15 years if the loan exceeds that amount.
8) Maximum family income: Maximum family income must not exceed 80% of the area median income.
Once these requirements have been met, applicants can begin the process to access the HomeFirst Program. This includes completing the homebuyer education course, obtaining a certificate of eligibility, seeking pre-approval for a mortgage loan, finding a suitable home with the help of a real estate agent, and finally, negotiating a sales contract with the seller.
Keep reading:
* What are the most affordable housing markets in the US in March?
* Mortgage rates fall, but remain an obstacle for home buyers
* How much money do you need to earn in the US to comfortably buy a house?
2024-03-14 20:51:41
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