Buying a home today has become more of a nightmare than the American dream. Home prices and mortgages are expensive. With high mortgage rates, it seems that applying for a loan of this caliber is like signing a judgment on the way to the financial cliff.. And we don’t want to think what would happen if you do it in a city as expensive as New York. For this reason, having a program offer you a $100,000 interest-free loan for mortgage costs becomes as valuable as finding the chest full of gold at the end of the rainbow.
Starting March 4, New York City began receiving applications for its programa HomeFirstwhich provides assistance with the down payment of your house or apartment for up to $100,000 dollars.
One of the greatest advantages of this initiative supported by the city government is that, Despite being handled as a loan, it has no interestThat is, you must pay the requested amount in a certain time, without fear that the amount of your loan will grow. For loans less than $40,000, a repayment period of 10 years; those with a larger quantity are up to 15 years old.
It is important that applicants also know that those who receive the loan They must live at least 10 years in the home if the loan is less than or equal to $40,000 dollars or 15 years if it is greater.
The program is exclusive for people looking to buy a house or apartment for the first time. and who meet certain requirements can access the interest-free loan. This loan applies to the purchase of a house or apartment with up to 4 bedrooms.
Among the requirements, applicants must meet an income cap based on household sizeas:
- A maximum of $79,200 for one person’s household.
- A maximum of $90,500 dollars for the two-person household.
- A maximum of $101,800 dollars for the household of three people.
- A maximum of $113,100 dollars for the home of four people.
- A maximum of $122,150 dollars for the household of five people.
- A maximum of $131,200 dollars for the household of six people.
- A maximum of $140,250 dollars for the household of seven people.
- A maximum of $149,300 dollars for the household of eight people.
Likewise, the program establishes that The house or condo must be within the five boroughs that make up New York City. The home to be acquired must also pass an inspection of quality standards imposed by the City.
Those interested must complete a homebuyer education course taught by counseling agencies certified by the Department of Housing.
HomeFirst clarifies that you will also have to have your own savings to supplement your home down payment or closing costsaccording to the case.
Interested parties must make an initial payment of a minimum of 3% of the purchase pricein addition to 1% of the contract deposit.
For more information about the program, you can enter the HomeFirst site.
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2024-03-17 19:39:12
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