Home Buying in Hempstead>Question Details

New Homebuyer, Home Buyer in Nassau County, NY

Are there any Downpayment/closing costs assistance programs in Nassau County with no income requirements or even upcoming areas where they offer this?

Asked by New Homebuyer, Nassau County, NY Wed May 23, 2012

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Anna Brocco’s answer
1 vote Thank Flag Link Wed May 23, 2012
As far as I know, all down paynent & closing cost assistance programs have income restrictions. The only form of assistance for buyers whose income exceed income restrictions, is obtaining a sellers concession. This will is pretty much a gift from the seller towards your closing costs only, not down payment. How much sellers concession you'll be able to receive depends on several things. Even though it is restricted by law to a maximum of 6%, it's also restricted by the type of loan you're applying for, the type of property, and mostly it's based on the negotiation with the sellers o the property.

If you have any further questions, feel free to contact me or speak to your Realtor or loan officer, they should be able to provide you with more info.

Javier Meneses
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
1 vote Thank Flag Link Wed May 23, 2012
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