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. Funding comes from HUD HOME Investment Partnerships Program (federal) via the Suffolk County HOME Consortium.

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

Suffolk County HOME Consortium Down Payment Assistance Program for First-Time Homebuyers is forgiven after 10 years, so a homebuyer 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.

Suffolk County HOME Consortium Down Payment Assistance Program for First-Time Homebuyers is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer requirement (no homeownership in prior 3 years) is waived for U.S. military veterans possessing a DD-214 verifying honorable service/discharge. A homebuyer education course is required, 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. Residency requirement: Must occupy and maintain the subject property as principal residence throughout the entire 10-year affordability period. STATUS NOTE: As of June 2026 the official program site (scdownpayment.com) states the program is CLOSED for applications, with the next funding round 'expected to open in Summer 2026.' Recurring, annually re-funded county program; this record reflects the most recent published 2024 cycle terms. Does NOT fund purchases in Towns of Babylon, Islip, or Brookhaven. Underwriting ratios: front-end DTI 38%, back-end TDTI 45%, LTV 95%. Purchaser Certificate valid 180 days to submit contract; 90 days to close (300 for new construction).

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.

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.

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.

Suffolk County HOME Consortium Down Payment Assistance Program for First-Time Homebuyers serves homebuyers purchasing in Suffolk County, New York.

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