NYC 100k for downpayment

[Mf1]

https://www.6sqft.com/nyc-is-offering-low-income-first-time-homebuyers-100k-toward-down-payments/

[Joel]

Missed the best part!
Live in the home for at least 15 years to receive the full benefits of the loan forgiveness program.

[aygart]

The big issue with many of these programs is that you need to have both low enough income to qualify for the program and high enough to qualify for the mortgage. For most of them having a co-signer does not help since they would then count towards the income levels of the program as well and would also need to be a first time homeowner.

[Mf1]

mod please move to deals board
my mistake

[Mf1]

I dont know how this works but 95000 for a family of 4 isn't enough for a mortgage?

[GershonNY]

How do you apply for it ?

[Mf1]

How do you apply for it ?

Upon the successful completion of the Homebuyer Education class, prospective home buyesr will receive a certificate that verifies their eligibility for the forgivable loan of up to $100,000 towards the down payment or closing costs on a new home. The certificate is valid for six months, with a subsequent six-month renewal period. After receiving the certificate, prospective homebuyers begin the path to homeownership.

Step 1: Present the certificate of eligibility to a participating lender for pre-approval on a mortgage loan.

Step 2: After receiving pre-approval from a participating lender, consult a reputable real estate professional to identify an affordable home.

Step 4: Hire a real estate lawyer.

Step 5: Negotiate a contract of sale with the seller.

The homebuyer education counselors will be available to assist program participants throughout the home buying process. Program participants are encouraged to take advantage of this resource.
https://www1.nyc.gov/site/hpd/services-and-information/homefirst-down-payment-assistance-program.page

[dovy2]

Any way to benefit if one already closed on a house?

[yesitsme]

https://www.6sqft.com/nyc-is-offering-low-income-first-time-homebuyers-100k-toward-down-payments/

This is only for low cost areas, nothing for any heimishe neighborhood

[talmid chuchem]

Home price must be at a maximum price thats well below market price in our areas

[yesitsme]

https://www1.nyc.gov/site/hpd/news/053-21/hpd-major-expansion-homefirst-down-payment-assistance-program-first-time#/0

https://www1.nyc.gov/assets/hpd/downloads/pdfs/services/homefirst-term-sheet.pdf

[Mf1]

https://www1.nyc.gov/site/hpd/news/053-21/hpd-major-expansion-homefirst-down-payment-assistance-program-first-time#/0

https://www1.nyc.gov/assets/hpd/downloads/pdfs/services/homefirst-term-sheet.pdf

There are two lists Here https://www1.nyc.gov/assets/hpd/downloads/pdfs/services/homefirst-term-sheet.pdf   
of maximum prices
One at the bottom of page 2 and one at top of page three
Anyone know what each are referring to?
Because following the bottom of page 2, there may be usefulness to it even in some heimishe neiborhoods

[shapsam]

How do you apply for it ?

Anyone know where to start?

[Mf1]

Anyone know where to start?

its seems that step one is to contact one of the counseling agencies listed here https://www1.nyc.gov/site/hpd/services-and-information/homefirst-down-payment-assistance-program.page

[GershonNY]

its seems that step one is to contact one of the counseling agencies listed here https://www1.nyc.gov/site/hpd/services-and-information/homefirst-down-payment-assistance-program.page

Has anyone started the process? contacted a counseling agency?

[buchir]

Yes, https://www.nhsbrooklyn.org/upcoming-events

[GershonNY]

Yes, https://www.nhsbrooklyn.org/upcoming-events

Thanks are you after the course or just registered?

[buchir]

Thanks are you after the course or just registered?

I left at the beginning of the course. The above link is not the HUD approved course. It’s a preview of it then you do a one on one with them, and then if they decide you’re a good candidate for it you’ll register for the 10 hour HUD approved course needed in order to qualify. Keep in mind that brokers are not allowed and you have to go through their approved banks. Since these loans are targeted for people with low income and a low credit score you can expect to pay a premium on the interest.

[Mf1]

where do u see its for low credit score
in the t &c it gives a minimum credit score of like 640

[AsherO]

where do u see its for low credit score
in the t &c it gives a minimum credit score of like 640

That’s low. Below that you’re not getting any near a conventional mortgage.