LIEB BLOG

How current events impact your business and real estate holdings

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.

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