First-Time Homebuyer Down Payment Assistance Program

First-Time Homebuyer Down Payment Assistance Program es un préstamo condonable para compradores de vivienda en New Rochelle, New York. The City of New Rochelle First-Time Homebuyer Down Payment Assistance Program provides eligible income-qualified first-time buyers with up to 19% of the purchase price of an eligible single-family home as a zero-interest forgivable second-mortgage loan, used for down payment and closing costs. Funded through a combination of HUD HOME federal funds and the City's Affordable Housing Fund, the program is administered for the City by Westchester Residential Opportunities (WRO). Buyers must be current New Rochelle residents, complete HUD-approved homebuyer education, contribute at least 1% of their own funds, and remain in the home as their primary residence for five (5) years, after which the loan is forgiven. Up to 19% of the purchase price of an eligible single-family home as a zero-interest forgivable second-mortgage loan toward down payment and closing costs. The loan is forgiven after the buyer occupies the property as a principal residence for five (5) years. Maximum eligible purchase price ranges from approximately $594,000-$601,000 based on the City's published HUD HOME 95%-of-median-sales-price limits for Westchester County. Los fondos provienen de HOME, Local Government y Federal.

First-Time Homebuyer Down Payment Assistance Program ofrece una ayuda equivalente al 19% del precio de compra, según lo fija el programa. Aporte del comprador de vivienda: Minimum 1% of purchase price from buyer's own funds. El programa se puede combinar con otras ayudas, sujeto a las reglas de cada una. Los montos son los máximos publicados por el programa, no una oferta: la agencia que administra el programa determina cualquier ayuda individual.

First-Time Homebuyer Down Payment Assistance Program se perdona después de 5 años, así que un comprador de vivienda que se quede ese tiempo no lo devuelve. El reembolso se activa por Forgivable second mortgage y loan is forgiven in full after 5 years of owner-occupancy as primary residence. Sale, transfer, refinance with cash-out, or loss of owner-occupancy during the 5-year period triggers repayment of the unforgiven balance to the City of New Rochelle. La ayuda se registra con un gravamen en posición 2. Los términos de condonación y reembolso los fija el programa y pueden cambiar; confírmalos en la página oficial del programa antes de presentar la solicitud.

First-Time Homebuyer Down Payment Assistance Program está abierto a compradores de vivienda por primera vez y compradores de vivienda que vivirán en la vivienda como su residencia principal. “Primera vez” tiene excepciones aquí: Must not have owned any residential real estate in the previous 3 years (true first-time buyer or 3-year displaced homeowner per HUD HOME definition). Sobre el crédito, el programa indica: No published minimum FICO; underwriting follows the buyer's first-mortgage product. Se requiere un curso de educación para compradores de vivienda, a través de Westchester Residential Opportunities (WRO) - HUD-approved housing counseling agency; HUD-approved homebuyer education class required prior to closing. Requisito de residencia: Must be a current City of New Rochelle resident purchasing a property located within the City of New Rochelle that will serve as primary residence for the 5-year affordability period. Ciudadanía o situación migratoria: U.S. citizen or eligible non-citizen permitted by underlying first-mortgage product and HUD HOME rules. Property must be a single-family home located within the City of New Rochelle. Buyer must be a first-time homebuyer (no ownership of residential real estate in the previous 3 years). Buyer must be a current New Rochelle resident purchasing within the city. Minimum household income $40,000; household income capped at 80% HUD AMI for Westchester County (1-person $76,300 up to 8-person $136,250 - varies by family size). Maximum eligible home value $594,000-$601,000 (HOME 95% rule for Westchester). Buyer must contribute at least 1% of purchase price from own funds, complete HUD-approved homebuyer education, and qualify for a mortgage through a participating lender. Buyer must occupy the home as primary residence for 5 years; loan is fully forgiven at the end of year 5. Sale, transfer, refinance with cash-out, or loss of owner-occupancy during the 5-year period triggers repayment of the unforgiven balance.

First-Time Homebuyer Down Payment Assistance Program limita el ingreso del hogar al 80% del ingreso mediano del área, que varía según el condado y el tamaño del hogar. Household income must be between $40,000 and 80% of HUD Area Median Income for Westchester County, adjusted by household size. 2025 80% AMI limits range approximately: 1-person $76,300; 2-person $87,200; 3-person $98,100; 4-person $108,950; 5-person $117,700; 6-person $126,400; 7-person $135,100; 8-person $136,250. El límite se aplica al ingreso total del hogar, no solo al del prestatario. El programa indica un tamaño máximo de hogar de 8. Las cifras del ingreso mediano del área las publica HUD y se actualizan cada año, así que consulta la tabla vigente del condado antes de basarte en una cifra.

First-Time Homebuyer Down Payment Assistance Program limita el precio de compra a $601,000. Los tipos de propiedad elegibles incluyen Single-family detached, Condominium y Townhouse. La construcción nueva es elegible. Las viviendas prefabricadas no son elegibles.

First-Time Homebuyer Down Payment Assistance Program atiende a compradores de vivienda que compran en New Rochelle, New York.

Las solicitudes de First-Time Homebuyer Down Payment Assistance Program se tramitan a través de la agencia que administra el programa, que publica los términos vigentes y los pasos de la solicitud en su propio sitio. Los fondos se reservan a través de First-come, first-served via Westchester Residential Opportunities (WRO) once the buyer is under contract; applicant must complete intake, homebuyer education, and submit full application package. Hey Prescott no es un prestamista y no acepta solicitudes; esta página describe el programa para que un comprador de vivienda pueda llevarlo a un prestamista o a un asesor de vivienda.