If you are a first-time homebuyer in NY state, a new program is starting soon that could greatly benefit you. It is called the Homebuyer Dream Program and will be replacing the previous First Home Club program the state offered.
There are several local banks that work with the state to provide grant assistance to first-time homebuyers. This grant provides up to $15,000 towards the purchase of a home.
There are several requirements to determine eligibility. These are:
- Must be first-time homebuyer
- Must reside and purchase a home in NY State
- Have a household income at or below 80% of area median income
- Complete an accredited homeownership course
- Meet income and credit requirements for the program
- Have a minimum equity contribution of $1000 toward the purchase
- Remain in home for 5 years or repay a portion of the grant back
If you have been dreaming of owning your own home and didn’t think you had enough money saved, this just may be your key to home ownership. Please contact me and I can help you get set up with a bank that will check your eligibility. I would love to help make your dream come true!