NYC 100k for downpayment

[Mf1]

k thanks for that
wonder if interest will go down with higer score even with these lenders

[AsherO]

k thanks for that
wonder if interest will go down with higer score even with these lenders

It should, but you still have to be eligible for the program, and you're likely to get much less than the full $100k. It's also a loan that only gets forgiven after you live in the home for 15 years...

[Galitzyaner]

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.

Their income guidelines for eligibility are not that low (see the updated term sheet on their website). Plenty income to be approved for a mortgage (depending of course on the price of the home).

[Galitzyaner]

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

Even if you don't wind up living there the full 15 years, at minimum it winds up being an interest-free loan.

[Galitzyaner]

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

Incorrect

[whacked1]

Incorrect

Did you do this?

[Galitzyaner]

Keep in mind that brokers are not allowed and you have to go through their approved banks.

Correct, but a nice portion of the large banks are on the list.

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.

With all due respect, that's nonsense.

[Galitzyaner]

k thanks for that
wonder if interest will go down with higer score even with these lenders

Of course it does.

It should, but you still have to be eligible for the program, and you're likely to get much less than the full $100k.

Its either all or nothing, no in between.

[Galitzyaner]

Did you do this?

I was bothered that people may have read the misinformation in this thread and were potentially turned off to even look into this further.

This program is real. The terms have changed a few months ago, raising both the income limit and the maximum purchase price of the home.
Though those prices may still be significantly lower than the average purchase in frum neighborhoods, there are those who buy smaller, a condo, or get a great price, etc. For those who happen to be purchasing in this price range, and the rest of the pieces in the puzzle happen to align as well, then go for it!

The process can be tough, but it is $100k after all...

[Yehuda57]

I was bothered that people may have read the misinformation in this thread and were potentially turned off to even look into this further.

This program is real. The terms have changed a few months ago, raising both the income limit and the maximum purchase price of the home.
Though those prices may still be significantly lower than the average purchase in frum neighborhoods, there are those who buy smaller, a condo, or get a great price, etc. For those who happen to be purchasing in this price range, and the rest of the pieces in the puzzle happen to align as well, then go for it!

The process can be tough, but it is $100k after all...

Now how to convince them that the driveway, staircase, and porch make it a 4 unit home

[gozalim]

Now how to convince them that the driveway, staircase, and porch make it a 4 unit home

If you ask @ExGingi he'd probably say that if they'd see the occupancy during tishrei (and kinus, and all the other shabbatons/pegishas every 2nd week) they'd agree

[incendia]

NYS has a few programs that looks like might have broader appeal to this crowd

https://hcr.ny.gov/sonyma-programs

IDK if they can be combined with the NYC/HUD program that the OP posted