CDLI Down Payment and Closing Cost Assistance Loan

CDLI Down Payment and Closing Cost Assistance Loan is a repayable second loan for homebuyers in Nassau; Suffolk County, New York, administered by Community Development Long Island (CDLI) / CDLI Funding Corporation. A fixed low-interest-rate second loan for down payment and closing cost assistance, available to first-time homebuyers in Nassau and Suffolk Counties whose income is no greater than 120% AMI, primarily to help borrowers reach 20% down and avoid PMI. Loan amount up to $75,000; rate (4.0%/4.25%/4.5%) set by loan size. Combined LTV may not exceed 105%. Administered by CDLI Funding Corporation, a nonprofit CDFI. Up to $75,000 low-interest second loan. Helps avoid PMI. Combine with own funds for up to 20% down. Funding comes from CDLI Funding Corporation (nonprofit CDFI / exempt mortgage banker).

CDLI Down Payment and Closing Cost Assistance Loan offers up to $75,000 in assistance. Award tiers: Interest rate set by loan size: 4.0%, 4.25%, or 4.5% fixed. Homebuyer contribution: Funds combined with borrower's own funds toward up to 20% to avoid PMI. The program can be combined with Borrower's own funds and other grant funds (documentation required). Amounts are the program's published maximums, not an offer — Community Development Long Island (CDLI) / CDLI Funding Corporation determines any individual award.

CDLI Down Payment and Closing Cost Assistance Loan is a repayable second loan and is repaid under the terms set by Community Development Long Island (CDLI) / CDLI Funding Corporation. Repayment is triggered by Amortizing/repayable second loan; term cannot exceed term of first mortgage. The assistance is recorded in second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

CDLI Down Payment and Closing Cost Assistance Loan is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through CDLI NeighborWorks HomeOwnership Center Home Buyer Education Program. Requires fixed-rate first mortgage commitment from a NYS-approved lender; $120 nonrefundable application fee; CDLI NeighborWorks Home Buyer Education required; income of ALL household members counted; total combined LTV must not exceed 105%; loan term cannot exceed first-mortgage term. Min credit score, DTI, forgiveness terms not published online (subject to underwriting).

CDLI Down Payment and Closing Cost Assistance Loan limits household income to 120% of the area median income, which varies by county and household size. Household income no greater than 120% of HUD area median income based on family size; income of all household members counted. 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.

CDLI Down Payment and Closing Cost Assistance Loan caps the purchase price at $500,000. Eligible property types include Single Family, 2-4 Unit, Condo, and Co-op.

CDLI Down Payment and Closing Cost Assistance Loan serves homebuyers purchasing in Nassau; Suffolk County, New York.

Applications for CDLI Down Payment and Closing Cost Assistance Loan go through Community Development Long Island (CDLI) / CDLI Funding Corporation, which publishes the current terms and the application steps on its own site. Funds are reserved through Application via Cognito Forms; subject to underwriting and funding availability. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.