Hey there, you fabulous future homeowners! Are you worried
about affordability when purchasing a home in bustling Gotham? Fret not,
because we're here to spill the tea on the ultimate game-changer – The HomeFirst
Down Payment Assistance Program.
Just imagine, you're walking through the any borough of New York City and spot your dream house - a cute condominium, a compact cooperative, or a fabulous 1-4 family home. And then comes the downer - the down payment. But, here's where HomeFirst comes swooping in like a superhero.
Ready to dazzle you, the HomeFirst Down Payment Assistance Program offers up to a whopping $100,000 toward your down payment or closing costs on a home. What's more? This assistance is not just limited to a select few, but extends to a family of up to eight, provided you meet the income eligibility requirements.
Are you a first-time homebuyer, wondering how to navigate this complex landscape? Say hello to the program's eligibility criteria! Complete a homebuyer education course taught by an HPD-approved counseling agency, make a minimum down payment of 3% of the purchase price, and bingo! You're in the running to claim this golden ticket. You need to live in the home for at least 10-15 years, depending on the loan amount. The program covers all five boroughs of New York City, so your dream home can be anywhere you in the Big Manzana.
Now let's dive a little deeper into the fine print, shall we? This program has seen a recent expansion, which more than double the financial assistance available to first-time homebuyers. That's right! What was once a $40,000 support is now up to a brick (That’s $100,000 to those that ain’t up on the slang). This is truly a win for diversity and equity, paving the way for more families, especially low-income and families of color, to own homes and build wealth.
The catch? There really isn't one. Except, of course, you need to complete a homebuyer education course, contribute some savings to the purchase, and commit to live in your home sweet home for up to 15 years to receive full loan forgiveness benefits.
So, NYC buyers, this is your chance to not just buy a home, but to build a future, establish roots in the city, and create wealth for your families. It's not just about owning a house, it's about growing with the city, being part of a community, and claiming your own slice of the City that Never Sleeps. With HomeFirst, your dream of homeownership in NYC is not just attainable - it's affordable! So, get your game face on and start that application process today! If you need help…AskHollingsworth.
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