Down Payment and Closing Costs Assistanc
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, email us at info@bronxnhs.org or call (718) 881-1180 to request an application. Please include the date you attended the first time home-buyer orientation. Please note: No application will be sent if you did not attend the first time home-buyer orientation.
Mail completed intake and required documents to:
Bronx Neighborhood Housing Services CDC, Inc.
Att: Home-ownership Services
1451 East Gun Hill Road, 2nd Fl.
Bronx, NY 10469
Step 2
To prepare for your meeting with your counselor, please download and print the document checklist and be sure to bring all of the requested documents. Please provide us with copies of your original forms and keep the originals for your records.
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
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.
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.
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.”
Eligibility requirements:
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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;
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Meet the income limit. All applicants must have a household income NOT exceeding the limit indicated at the bottom table. (as per household size);
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Applicants must meet asset limits (no more than 25% of purchase price in liquid asset).
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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
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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.
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Your monthly debt payments plus mortgage payments for the property must meet Bronx NHS’ “Debt to Income Ratio” limits.
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Home must be your principal residence & must be occupied for 10 years.
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Must meet other Program Requirements of the NYS Affordable Housing Corporation Program
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You will be required to attend home-buyer education classes & 1-on-1 mortgage counseling
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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.
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There are also some restrictions on the property being purchased:
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Purchase price limit: May NOT exceed purchase price limit established by HUD. (i.e. 1 family $423,000 – 2 family $541,000)
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Type of eligible home: Pre-existing single family (1 to 2 units, condominium or coop).
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The property must be in need of moderate rehabilitation.
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The home must be inspected by an NYS licensed home inspector.
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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 $40,000 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.
Program Eligibility
A prospective home-buyer must:
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Be a first-time home-buyer
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Attend a Bronx NHS home-buyer orientation
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Complete a home-buyer education course taught by an HPD-approved counseling agency
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Have their own savings to contribute to the down payment or closing costs
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Meet program income eligibility requirements
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Purchase a 1-4 family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City
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Pass a Housing Quality Standards (HQS) inspection before purchase
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Live in the home for at least 10 years depending on household income as determined by Area Median Income (AMI):
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10 years if the household income is up to 80% AMI
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Source: U.S. Department of Housing and Urban Development
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.