Your Resource For First Time Buyer Grants

Dated: 02/20/2019

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LI Buyer Resources and Grants:

Buying a Home on  Long Island can be a great pace to lay down your roots, but with home costs as high as they are it's not always an easy thing to do. 

Below I've laid out a few resources that First Time buyers don't want to miss:

Community Development Corporation of Long Island

http://www.cdcli.org/

The CDCLI is a great resource for not only finding new grant opportunities, but also for classes, and 1 on 1's with professional advisors who can prepare you on your buying journey.

Here are a few of their specific programs:

First Home Club (save $1,875 get $5,625 for FREE towards your home)

http://cdcli.org/wp-content/uploads/2016/08/First-Home-Club-Guidelines.pdf

  • The First Home Club was launched by the Federal Home Loan Bank of New York (FHLB) in 1995 to offer an incentive for households with incomes at or below 80% of area median income to save towards the purchase of a new home. The program is a non-competitive set-aside of the FHLB’s Affordable Housing Program and is administered through approved members of the FHLB. The First Home Club provides down payment and closing cost assistance by granting $4 in matching funds for each $1 saved in a dedicated account (up to $7,500 in matching funds) to an eligible first-time homebuyer purchasing a home through one of our approved member community lenders.

Down Payment Assistance Programs:

  • A loan for down payment assistance is available for first time home buyers whose income is no greater than 120% of the area median income based on family size. The loan may be for up to $10,000 of the purchase price and is subject to program underwriting guidelines. Eligible borrowers must have a commitment for a first mortgage through one of CDCLI’s bank partners or are presently enrolled in the CDCLI NeighborWorks home buyer education program. All borrowers are required to complete CDCLI’s NeighborWorks home buyer education program.

The interest rate is fixed at 3%. The maximum term of the loan is the term of the first mortgage financing. The home being purchased must be located in Nassau or Suffolk counties.

The home being purchased must be a co-op, condominium, single family or legal two-family home and must be owner occupied. The purchase price cannot exceed the Fannie Mae or SONYMA purchase limits for Nassau and Suffolk counties.

The loan will be secured with a mortgage. The income of all property borrowers is used to determine eligibility. There is a $120 non refundable application fee.

First Time Buyer Downpayment and Home Repairs Program: 

http://www.cdcli.org/payment-home-repair-loans/

  • A deferred loan for down payment and post closing home repairs is available for first time home buyers. The goal of this program is to improve the quality of decent, affordable housing for New York and home buyers.

  • Household gross income must be below 120% of the area median income based on family size.

  • The deferred loan/grant can be up to $25,000, $32,500, or $40,000 based on family size and household income and the amount of repairs needed on the subject property.

  • This is a deferred loan, at 0% interest, with no payments required and a term of 10 years, during which time any refinance or transfer of home title will result in recapture of funds or request from homeowner for subordination of the loan if qualified.

  • The home must be used as the primary residence and homeowner is required to remain in the home for 10 years, or the loan must be paid back.

  • It is required that 51% of the deferred loan amount must be used for post closing home repairs.

  • All home buyers are required to complete Community Development Corporation of Long Island (CDCLI) NeighborWorks® HomeOwnership Center HUD approved Home Buyer Education class and counseling.

  • The Home Buyer is responsible for obtaining an Engineer’s report and CDCLI rehabilitation staff will assist in identifying the repairs, contract with licensed and insured contractors to get the best pricing and provide project management and oversight.

  • The home being purchased must be located in Nassau or Suffolk County, must be a co-op,condominium, single family or legal two-family home and must be owner occupied. The purchase price cannot exceed $417,000.

  • The deferred loan will be secured with a note and mortgage. The income of all household members is used to determine eligibility. This program is in effect while funding is available. The program may end at anytime.

This site will also let you know if there are any grants specific to townships, so stay tuned to this page!


Seek Out a Mortgage Broker or Banker that is offering a Community Advantage Program:

  • If your income is less than 80% of the median household income for the area, or you are looking in specific lower income areas on Long Island you may qualify for Community Advantage Programs. Benefits include:

    • Rates .25-.75 below standard prevailing rates

    • NO PMI

    • Minumum downpayment amount of 3% or 5% 

    • $100 origination charge, and no Appraisal fee

  • To see if you qualify contact me today and I will link you with a broker that can help qualify you

NYSAR's First Time Buyer Grant:

https://www.nysar.com/top-navigation/foundations-and-divisions/nysar-housing-opportunities-foundation/grant-opportunities

  •    Everyone can qualify for this specific loan. All you need is to apply after locating a home and enter into contract. Once form is filled out have your Real Estate Buyer's agent write a letter of recommendation for why you should be given this grant. If accepted you will be given $2000 towards your closing costs of your new home.


Long Island Housing Partnership

https://www.lihp.org/developments.html

  • Looking for Specific Township grants and low price homes. Keep an eye on the LHP Available development page for access to new homes and Condominiums going up sold specifically as affordable housing.

For more information, or to contact me about your home search:

Jessica Stanco

Coach Realtors

631-678-3834

Email:  jstanco@coachrealtors.com

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