BNY Down Payment Assistance

What is BNY Down Payment Assistance?

BNY Down Payment Assistance is a grant for homebuyers in Statewide, California.

• Bank-funded LMI/SPCP grant; closing cost or down payment help. Lender credit at closing.
• Up to $15,000 down payment / closing cost grant from Bank of New York Mellon (BNY) lending program for LMI borrowers and properties in eligible LMI/SPCP census tracts.
• Funding comes from Bank of New York Mellon.

Do you have to pay it back?

BNY Down Payment Assistance is structured as a grant, so it is not repaid.

• Repayment is triggered by none (grant).
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

BNY Down Payment Assistance is open to buyers who will live in the home as their primary residence.

What are the income limits?

BNY Down Payment Assistance sets its income limit as follows: Low-to-moderate income or LMI/SPCP census tract.

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

BNY Down Payment Assistance can be used for Single-family, Condo, Townhouse.

Where does it apply?

BNY Down Payment Assistance serves buyers purchasing in Statewide, California.

How do you apply?

Applications for BNY Down Payment Assistance go through the administering agency.

1. 1

   Take a homebuyer education course

   Required by the program, through Required - HUD-approved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.