First Time Home buyer Program – Down Payment and Closing Costs Assistance
In order to assist in eliminating obstacles to home ownership, The Bronx NHS offers a variety of down payment and closing costs assistance loans/grants. Bronx NHS offers three type of Down payment and Closing Costs:
To apply, please follow the steps below:
Step 1: To get started, complete the intake/application form below, attach all required documents and mail of bring to the office the completed and signed intake/application form to us.
Mail completed intake and required documents to:
Att: Home-ownership Services
1451 East Gun Hill Road, 2nd Fl.
Bronx, NY 10469
Bronx NHS Home-ownership Grant Opportunity Program
Financial Assistance for Home-buyers in the Bronx. Eligible Home-buyers receive up to $40,000 Down Payment Assistance and Home Repairs Grant or $32,500 depending on your household income.
Bronx, NY. The Bronx Neighborhood Housing Services CDC, Inc. (Bronx NHS) in partnership with the NYS Affordable Housing Corporation announce the availability of grants 6% of purchase price up to $40,000 to help boost home-ownership and strengthen neighborhoods in the Bronx. The grant comes in the form of a forgivable loan, which is designed to assist with the purchase and repair of a home. The amount of assistance granted is determined on a case-by-case basis.
“This is program was designed to make home-ownership more affordable to enable more families and individuals to achieve home-ownership and help make the Bronx even stronger,” said Susan Mendoza, Bronx NHS’ Board President. She also added, “This innovative NYS AHC, Bronx NHS-private collaboration will help strengthen families and neighborhoods through sustainable home-ownership. Owning a home helps individuals and families build equity, become more financially self-sufficient, and get involved in their communities.”
*Must reside in home purchased: based on the amount of AHC funds invested in the unit as follows: less than $10,000.00 = 5 years, and over $10,000.00 = 10 year.
NOTE: Income limits are subject to change, as new HUD income guidelines become available.
NYS AHC Program funds may be used to assist a home-buyer with household’s incomes at or below 112 percent of area median income (household income above 112% may be consider in a case-by-case basis). AHC funds are to provide down payment/closing cost assistance and home repairs to purchase a single family (1-2) unit, coop or condominium. *Residency requirement. If home has rental unit (s) it must primarily serve households with incomes at or below 60 percent of area median income. Assisted rental units must remain affordable for a period of between 5 and 10 years, depending on the initial amount of subsidy provided.
Note: Grant Availability may vary due to amount of funding
Bronx NHS HOME Down payment and Closing Costs Grant
The Bronx NHS in partnership with the NYS Housing and Community Renewal (DHCR) is offering financial assistance for home-buyers to help boost home-ownership and strengthen neighborhoods in the Bronx. Eligible home-buyers may receive up to $32,800 in down payment and/or closing costs Assistance. The program offers Bronx residents the opportunity to qualify for the Bronx NHS Home-ownership Opportunity Program. The grant comes in the form of a forgivable loan. The amount of assistance granted is determined on a case-by-case basis.
NYS HOME DOWN PAYMENT ASSISTANCE PROGRAM
*Must reside in home purchased: based on the amount of HOME funds invested in the unit as follows: less than $15,000.00 = 5 year, between $15,000.00 and $40,000.00 = 10 year.
HOME Program funds may be used to assist a home-buyer with household’s incomes at or below 80 percent of area median income. HOME funds are to provide down payment and/or closing cost assistance to purchase a single family (1-4) unit, coop or condominium. *Residency requirement. If home has rental unit (s) it must primarily serve households with incomes at or below 60 percent of area median income. Assisted rental units must remain affordable for a period of between 5 and 20 years, depending on the initial amount of subsidy provided.
“These program were designed to make home-ownership more affordable to enable more families and individuals to achieve home-ownership and help make the Bronx even stronger,” said Susan Mendoza, Bronx NHS’ Board President. She also added, “This innovative NYS, NYC, Bronx NHS-private collaboration program will help strengthen families and neighborhoods through sustainable home-ownership. Owning a home helps individuals and families build equity, become more financially self-sufficient, and get involved in their communities.”
- Be a First-Time Home-buyer;
As defined by the U.S. Department of Housing and Urban Development (HUD):Anyone who hasn’t owned a home for last 3 years; A person who has owned a home in the past 3 years but…(Is legally separated from his/her spouse who he/she owned a home with and no longer resides in the home; Owned a mobile home; Owned a home not in compliance with building codes, that would be as expensive to improve as to buy a new home – HQS);
- Attend a Bronx NHS Home-buyer Orientation;
- Meet the income limit. All applicants must have a household income NOT exceeding the limit indicated at the bottom table. (as per household size);
- Applicants must meet asset limits (no more than 25% of purchase price in liquid asset).
- You MUST also have sufficient savings to cover at least 3% of the anticipated purchase price….For example: $6,000 for a $200,000 Property
- The applicants must be “mortgage ready.” They must pay for a credit report, or begin a credit repair program if necessary. In addition, they must work with a counselor to obtain a mortgage with a fixed and fair interest rate from a participating lender.
- Your monthly debt payments plus mortgage payments for the property must meet Bronx NHS’ “Debt to Income Ratio” limits.
- Home must be your principal residence & must be occupied for 10 years.
- Must meet other Program Requirements of the NYS Affordable Housing Corporation Program
- You will be required to attend home-buyer education classes & 1-on-1 mortgage counseling
- NOT have entered into a Contract of Sale to purchase a property prior to being approved for this program and issued a Purchaser Eligibility Certificate from Bronx NHS.
- There are also some restrictions on the property being purchased:
- Purchase price limit: May NOT exceed purchase price limit established by HUD. (i.e. 1 family $423,000 – 2 family $541,000)
- Type of eligible home: Pre-existing single family (1 to 2 units, condominium or coop).
- The property must be in need of moderate rehabilitation.
- The home must be inspected by an NYS licensed home inspector.
- Meet appraisal criteria of the mortgage lender.
NYC Home-First Down Payment Assistance
Up to $25,000 toward down payment or closing costs
Many New Yorkers want to purchase a home but have difficulty saving enough money to make the down payment. HPD’s Home-First Down Payment Assistance Program provides qualified home-buyers with up to $25,000 toward the down payment or closing costs on a 1-4 family home, a condominium, or a cooperative in one of the five boroughs of New York City.
A prospective home-buyer must:
- Be a first-time home-buyer
- Attend a Bronx NHS home-buyer orientation
- Complete a home-buyer education course taught by an HPD-approved counseling agency
- Have their own savings to contribute to the down payment or closing costs
- Meet program income eligibility requirements
- Purchase a 1-4 family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City
- Pass a Housing Quality Standards (HQS) inspection before purchase
- Live in the home for at least 10 or 15 years depending on household income as determined by Area Median Income (AMI):
- 10 years if the household income is up to 80% AMI
- 15 years if the household income is from 81% AMI to 120% AMI.
Family size and household income based on area median income (AMI) calculations established by the U.S. Department of Housing and Urban Development (HUD) for 2017. Income limits will be adjusted for family size.
Your Bronx NHS Counselor will determine the particular product for which you are eligible.
Please visit our website and register to participate in one of our monthly free home-buyer orientations and find out if you are eligible to receive up to $40,000 in down payment and closing costs assistance to buy your first home, including coops and condos.
First Time Homebuyer Program
Congratulations for taking the first step towards successful homeownership by visiting our website! Our First Time Homebuyer Program will prepare you for the responsibilities of homeownership, empower you to make smart decisions throughout the home buying process, and connect you to the most affordable mortgage products, including any down payment and/or closing cost assistance programs for which you may qualify. The First-Time Homebuyer Program includes classroom or online education and one-on-one counseling. NHS is certified by HUD and NeighborWorks America.
To get started now, please download and complete the intake form below and submit it to an NHS near you along with the required documents listed. If you are not sure if you are ready to begin the home buying process or want to learn more about our programs, attend one of our free First Time Homebuyer orientations.
You may also want to begin the process of browsing properties of interest to you by visiting PropertyShark.com.
First Time Homebuyer Program – Free Homebuyer Orientation
Our free Home Buyers’ Orientations are designed to inform you about NHS’ services, the steps to homeownership, and the resources available to you. This informational session will help you answer the question, “Is Homeownership right for me?” At the end of the session you may complete the application for one-on-one counseling.
First Time Homebuyer Program – Financial Fitness Program
If you need to work on repairing your credit or building your savings, your counselor will recommend the Financial Fitness course. This is a five-week educational course that will change how you manage your money and credit. The course covers such topics as:
- Assessing Your Financial Health
- Setting and Achieving Financial Goals
- Making Wise Consumer Decisions
- Managing Your Taxes
- Protecting Yourself and Your Family with Insurance
First Time Homebuyer Program – Fast Track Homebuyer Program
This is a one-day accelerated program for first-time homebuyers who already have a purchase contract and a loan commitment from a bank. This program includes an accelerated version of the Homebuyer Education course as well as a review of your loan documents. The purpose of the Loan Document Review is to ensure that you understand the terms of your mortgage and to check for any red flags that could indicate a potential abuse of consumer protection laws and mortgage regulations. Classes are held by appointment only. For more information, contact us.
First Time Homebuyer Program – HomeFirst Downpayment Assistance Program
Many New Yorkers want to buy a home but don’t have enough money saved for their down payment and closing costs. As part of Mayor Bloomberg’s “New Housing Marketplace Plan,” the New York City Department of Housing Preservation and Development (HPD) created the HomeFirst Down Payment Assistance program. It provides qualified homebuyers with up to 6% of a home’s purchase price toward the down payment or closing costs on a 1-4 family home, a condominium, or a cooperative in one of the five boroughs of New York City.
To qualify for the loan, a prospective homebuyer must meet all of the following criteria:
- Be a first-time homebuyer
- Complete a homebuyer counseling and education program with NHS or another HPD-approved counseling agency
- Have his/her own savings to contribute to the down payment or closing costs
- Meet program income eligibility requirements (click here for income requirements)
- Purchase a 1-4 family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City
Other criteria apply. HomeFirst applications are submitted by the homeownership counselors after the one-on-one counseling session is completed.
First Time Homebuyer Program – Homebuyer Grants
HOME Grants of up to $25,000 are available to eligible first-time homebuyers to assist with making home buying affordable. These monies are provided at the time of closing to purchasers of cooperatives, condominiums, single-or two-family homes. You must meet the eligibility criteria of being a low-income and a first time homebuyer who will occupy the property. Other eligibility criteria and restrictions may apply. Please call us for further information.
First Time Home-buyer Program – Home-buyer Education Course
The Home-buyer Education course is now available online!This will provide you with the convenience of taking the course at your own pace, whenever it is convenient to you. This course takes approximately 8-10 hours and once you enroll, you may stop and start at any time. This online course is also a great way to become familiar with the home buying process even if you are not yet ready to get started. At the end of the course you will have to take a test, you will need to pass the test in order to graduate. In addition, you will have to contact Bronx NHS’ Counselor, who will issue your certificate.
This course provides you with the information that all first-time home-buyers should know in order to make well informed decisions and become an empowered and educated consumer. The course consists five two-hour sessions (or two five-hour sessions), covering the following topics:
- Are You Ready to Buy a Home?
- Budget and Credit
- Getting a Mortgage Loan
- Shopping for a Home
- Keeping your Home & Managing your Finances
The on-site course is taught by NeighborWorks® certified educators.
First Time Homebuyer Program – One-on-One Counseling
One of our NeighborWorks® certified homeownership counselors will serve as your homeownership coach throughout your home purchase process and will provide you with:
- A personalized Credit and Budget Analysis – The counselor assesses your financial profile – including your employment history, credit history and assets – to determine which steps you need to take to be ready to begin the home buying process.
- A personalized Affordability Analysis – Considering your stable income, your assets and your financial obligations, your counselor will determine how much home you can afford so you can begin shopping for your home; and
- A personalized Action Plan – This will serve as your step by step guide to successful homeownership. Your NHS counselor will work with you every step of the way.
When you are ready to shop for a mortgage, your counselor will help you access the most competitive quotes, compare the mortgage offers and apply for downpayment and closing costs assistance for which you may be eligible.
Once you have completed your action plan and graduated from the Homebuyer Education course, your counselor will certify you as a “mortgage ready” borrower. This certificate will qualify you for downpayment and closing costs assistance (for which you are eligible) through NHS, as well as the best mortgage deals from our partner banks.
First Time Homebuyer Program – Landlord Training
NHS’s Landlord Training class is a two-hour seminar (online) covering the basics of life as a landlord in New York City. Many people these days purchase a multi-unit house thinking that the rental income will help pay the mortgage. All too often, however, these buyers fail to consider the complications of being a landlord, such as: choosing the right tenants; and planning for your legal, financial and maintenance obligations. The NHS Landlord Training class covers all that and more.