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Local New York Down Payment Assistance
Local Down Payment Assistance Programs
New York Down Payment Assistance Local
Learn About New York Down Payment Assistance
The following mortgage down payment assistance programs were developed by local New York counties and municipalities. See more information about statewide New York down payment assistance programs.
Albany
Albany
Local Down Payment Assistance programs available in Albany:
- Home Buyer Grant Choice Program
- Maximum grant of $20,000 for necessary repairs (roof, furnace, electrical, and other mechanicals to meet the HQS standards) and $20,000 in down payment assistance
- Total Household Income cannot exceed 80% of the Area Median Income
- Maximum interest loan of $14,900
- Total Household Income cannot exceed 80% of the Area Median Income
- 5-year deferred loan
- Maximum allowable purchase price for a single family home is $228,000
- Eligible Areas- Neighborhood Strategy Areas (NSA):
- North Albany
- Arbor Hill
- West Hill
- Capitol Hill
- South End
- North Albany
- Maximum grant of $5,000
- Must be full-time faculty or staff of Albany College of Pharmacy, Albany Law School, Albany Medical Center, College of St. Rose, Sage Colleges, and University of Albany
- No income restrictions
- 5-year forgivable loan
- Buyer received complimentary 2-year bus pass from CDTA upon completion of the application process
- Maximum loan of $23,000 for purchase of a single family home in Arbor Hill
- Property must be in good condition or need up to $5,000 in minor repairs
- Includes area bounded by Central & Washington Avenues on the South; Tivoli Street to the North; Hudson River to the East; and Henry Johnson Boulevard to the West
- To qualify for the Home Buyer Grant Choice Program buyers are required to complete homebuyer and financial management education.
Home Acquisition Program (HAP)
Midtown College Employers Assisted Housing Program (EAH)
Arbor Hill Development Corporation
Homebuyer Education
Long Island
Long Island
Long Island offers the following Local Down Payment Assistance:
- Homeownership and Economic Stabilization Program (HELP)
- Minimum contribution of $3,000 (for employers with less than 50 employees) or $5,000 (for employers with more than 50 employees)
- Maximum loan of $10,000 per employee
- Matches employers contribution 3 to 1
- Total Household Income cannot exceed 130% of the Area Median Income
- Appraised value of home must not exceed the median price of a Long Island home (approximately $450,000)
- Approved for use with FMNA and FMAC first mortgages
- To qualify for down payment assistance in New York, buyers are required to must attend mortgage counseling.
Homebuyer Education
New York City
New York City
New York City offers the following Local Down Payment Assistance:
- HomeFirst Down Payment Assistance Program
- Maximum loan of $25,000 for the purchase of a home in one of the five boroughs of New York City (Bronx, Brooklyn, Manhattan, Queens, Staten Island)
- Buyer must reside in the purchased home for at least 10 years
- Buyer must have their own savings to contribute to down payment or closing costs
- Participating developers are in contract with New York City to sell a certain amount of newly developed properties for a reduced price to eligible borrowers
- Approved for use with FNMA, FHLMC, FHA, RD or VA first mortgages
- To qualify for the HomeFirst Down Payment Assistance Program buyers are required to complete a Housing Preservation and Development (HPD)-approved homebuyer’s class.
Neighborhood Home Program
Homebuyer Education
Nassau County
Nassau County
Nassau County offers the following Local Down Payment Assistance:
- Home Down Payment Assistance Program
- Maximum interest-free loan of $25,000
- Total Household Income cannot exceed 80% of the Area Median Income
- Deferred loan forgiven after 10 years if the terms of the program are met
- Buyer must contribute a minimum of 3% of the purchase price
- Maximum allowable purchase price is $410,000
- Approved for use with FNMA, FHLMC, FHA, RD or VA first mortgages
Schenectady
Schenectady
Local Down Payment Assistance programs available in Schenectady:
- Second Mortgage Program
- Maximum loan of $10,000 or 10% of the purchase price to use for down payment or closing costs in New York (whichever is less)
- Repayment of 25% of the loan is required at a 4% amortized interest rate; the remaining 75% is converted to a grant after 5 years if all terms of the program are met
- Buyers must contribute either $1,000 or 10% of assets (whichever is greater)
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About Local New York Down Payment Assistance
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Copyright © 2011 Meridian Home Mortgage Corp. NMLS #56301. All rights reserved.
Copyright © 2011 Meridian Home Mortgage Corp. NMLS #56301. All rights reserved.
Meridian Home Mortgage Corporation NMLS #56301. Licensed by the Virginia State Corporation Commission #MC-3680; Commonwealth of Pennsylvania Department of Banking #21605; State of Maryland #8196; Connecticut Banking Commission #11930; Delaware Bank Commissioner #7885, District of Columbia MLB56301; Florida Office of Regulation MLD172; Massachusetts Division of Banks Broker #MB56301; Kentucky MB 72686; Washington CL-56301; Oregon ML-4979; Georgia Department of Banking and Finance #33346.
Loans are arranged through third parties. We arrange but do not make loans.
Meridian Home Mortgage Corporation is located at 1363 N. Main St Hampstead, Maryland 21074
Meridian Home Mortgage Corporation is located at 1363 N. Main St Hampstead, Maryland 21074