any first time home buyer grants available in Long Island ?

Asked by krodgers, New York, NY Thu Jan 2, 2014

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orseli pena, Agent, NEW YORK, NY
Wed Jan 8, 2014

1 vote
Dawn Noak, Agent, Hauppauge, NY
Thu Jan 2, 2014
SONYMA offers homebuyers down payment assistance but only when using financing through SONYMA. This program is known as a Down Payment Assistance Loan (DPAL).

The down payment is a second mortgage which has no interest rate and no monthly payments and will be forgiven after 10 years as long as the borrower keeps the SONYMA financing in place. The owner must continue to owner occupy the home through out this time. The maximum of this forgivable loan is $3,000 or 3% of the home purchase price, up to a maximum of $15,000. The Down Payment Assistance Loan cannot exceed the actual down payment and/or closing costs with the actual mortgage to purchase the house.

Although they are assisting you the borrower must make a minimum cash contribution of 1% of the value of the property but 3% for cooperatives. So if you are purchasing a home for $300,000 you will need at least $3,000 to put down. If you do not have 6 months worth of mortgage payments in the bank a coop would most likely not approve you.

I hope this information helped. Please give me a call or email me to discuss. I would love to help you.
I would also like to set you up on ListingBook, the pro version which is a great tool putting you in the driver's seat when searching for a home. Let me know if you would like to use this free service.

Thank you-

Dawn Noak, LSA, RSSP
Gladstone Group
1 vote
Continental Home Loans is Long Island's # SONYMA lender. Contact us to see if you are eligible for the SONYMA mortgage program.
Flag Thu Apr 10, 2014
orseli pena, Agent, NEW YORK, NY
Thu Jan 2, 2014
Long Island Home Ownership Program:The Long Island Home Ownership Program offers grants to first time homebuyers for down payment assistance and rehabilitation costs. Grants typically average $25,000 per unit. To qualify for this grant program, the purchaser’s household income cannot exceed 112% of the HUD Low Income Limit*, adjusted for family size.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Jan 2, 2014
0 votes
I`m a suffolk county agent.. Thank you for this.
Flag Mon Mar 10, 2014
Janet Nation,…, Agent, Baldwin, NY
Thu Jan 2, 2014
Not that many. The best one is the Long island Housing Partnership, the grant for eligible buyers is available once a year usually around the spring on a first come, first serve basis; you will need to have some of your own funds.
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Thu Jan 2, 2014
There are very few out there. Some of them have been limited with the funds they have available. Depending on your situation, there are a couple options and different things you can do.

Feel free to email or call me, and I'll send you a couple links and give you some information on what's out there right now. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes
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