Bloomberg Helps First Time Home Buyers
First time homebuyers if you don’t have enough for a down payment try tapping into one of New York’s richest for help.
Check it out the New York City Department of Housing Preservation and Development (HPD) started the HomeFirst Down Payment Assistance program. It provides qualified homebuyers with up to $25,000 toward the down payment or closing costs on a 1-4 family home, a condominium, or a cooperative in one of the five boroughs of New York City.
It’s easy to qualify for the loan, a prospective homebuyer must meet all of the following criteria:
- Be a first-time homebuyer
- Complete a homebuyer education course taught by an HPD-approved counseling agency
- Have his/her own savings to contribute to the down payment or closing costs
- Meet program income eligibility requirements ($63,450 is the maximum household income for a family of four. Maximum annual income varies depending on family size). Click here for details about family composition and income limits
- Purchase a 1-4 family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City
- The home purchased must pass Housing Quality Standards (HQS) inspection before Purchase
- Live in the home purchased for at least 10 years
You may also wish to take HPD’s informative e-learning course, First-time Property Buyers, online at http://www1.nyc.gov/site/hpd/owners/homeowner-downpayment-assistance.page.
This course is a solid first step in understanding the home buying process; however, please note that it does not qualify as a required course under the Homefirst Down Payment Assistance program.