Wednesday, July 18, 2012

Suffolk County's First Time Homeownership Down Payment Assistance Funds

Applications must be submitted by September 30, 2012

To read the program guidelines, click here.

The program provides a zero-interest deferred loan of $10,000 to assist with the down payment toward the purchase of an owner occupied, single family residence.

To qualify, the applicant, must not have owned a home during the 3-year period immediately prior to this purchase; have annual income <= 80% of the area median income; have annual household income of >= $30,000; attend mortgage counseling; occupy the property as a principal residence; among others.

Maximum FMV of residence bought under this program must be <= $362,790.

A great program that is worth taking a look at.