Suffolk County HOME Consortium Down Payment Assistance Program for First-Time Homebuyers

What is Suffolk County HOME Consortium Down Payment Assistance Program for First-Time Homebuyers?

Suffolk County HOME Consortium Down Payment Assistance Program for First-Time Homebuyers is a forgivable loan for homebuyers in Suffolk County, New York, administered by Suffolk County Office of Community Development (Department of Economic Development and Planning).

• The Suffolk County HOME Consortium Down Payment Assistance Program provides eligible first-time homebuyers with up to $30,000 toward the down payment on an owner-occupied single-family residence (including condos, co-ops, and manufactured homes) within the Suffolk County HOME Consortium selection area. Funded with federal HUD HOME dollars, the assistance is a zero-interest deferred-payment loan secured by a subordinate Note & Mortgage that is forgiven after a 10-year affordability period, provided the home is not sold, transferred, or rented and remains the recipient's primary residence. The program does not fund closing costs.
• Up to $30,000 toward down payment.
• Zero-interest deferred loan.
• Fully forgivable after 10 years of owner-occupancy.
• First-time homebuyer requirement waived for honorably discharged veterans.
• Covers existing and new-construction homes.
• Includes condos, co-ops, and manufactured homes.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from HUD HOME Investment Partnerships Program (federal) via the Suffolk County HOME Consortium.

How much assistance does it provide?

Suffolk County HOME Consortium Down Payment Assistance Program for First-Time Homebuyers offers up to $30,000 in assistance.

• Buyer contribution: Applicant must have a minimum of $3,000 of their own funds in the bank at the time of application; applicant's liquid assets cannot exceed the purchase price of the house.
• The program can be combined with May be combined with other down payment assistance programs and homebuyer resources per the County's Additional Resources guide.
• Amounts are the program's published maximums, not an offer — Suffolk County Office of Community Development (Department of Economic Development and Planning) determines any individual award.

Do you have to pay it back?

Suffolk County HOME Consortium Down Payment Assistance Program for First-Time Homebuyers is forgiven after 10 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, transfer, rental, foreclosure, or loss of owner-occupancy as primary residence during the 10-year affordability period; full repayment if found in violation of affordability restrictions.
• 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.

Who qualifies?

Suffolk County HOME Consortium Down Payment Assistance Program for First-Time Homebuyers is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Suffolk County HOME Consortium Down Payment Assistance Program for First-Time Homebuyers limits household income to 80% of the area median income, which varies by county and household size.

• Gross annual household income may not exceed 80% of HUD area median income; 2024 limits by household size: 1-person $87,500; 2 $100,000; 3 $112,500; 4 $124,950; 5 $134,950; 6 $144,950; 7 $154,950; 8+ $164,950. Includes all income (overtime, bonuses, pensions, Social Security, 401-K distributions, tips, etc.).
• 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?

Suffolk County HOME Consortium Down Payment Assistance Program for First-Time Homebuyers caps the purchase price at $551,000.

• Eligible property types include Single Family, Condo, Co-op, and Manufactured.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

Suffolk County HOME Consortium Down Payment Assistance Program for First-Time Homebuyers names veterans among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Suffolk County HOME Consortium Down Payment Assistance Program for First-Time Homebuyers is a federal program, so it is not limited to New York.

How do you apply?

Applications for Suffolk County HOME Consortium Down Payment Assistance Program for First-Time Homebuyers go through Suffolk County Office of Community Development (Department of Economic Development and Planning), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through One-on-one/in-person mortgage counseling at a HUD-certified not-for-profit housing agency; counseling certificate must be dated within 12 months of application; each individual named on the mortgage must attend..

2. 2

   Contact Suffolk County Office of Community Development (Department of Economic Development and Planning) to reserve funds

   Funds are reserved through First-come, first-served; Purchaser Certificates issued in order applications are received; waiting list established once available Certificates are exhausted, 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.