Homeownership remains a cornerstone of the American Dream for many Long Islanders, and yet many would-be homebuyers – particularly young people – struggle to save enough cash to be able to make a substantial down payment. As someone who bought a home just two years ago, I understand how difficult it is to figure out how to afford to buy a house. Becoming a homeowner was one of the most significant accomplishments of my life, which is part of the reason why promoting homeownership on Long Island is so important to me.
I am pleased to announce that the Suffolk County HOME Consortium is currently accepting applications for its 2013 Down Payment Assistance Program. Grants of $14,000 are available for those who qualify.
In order to be eligible, an applicant must meet the following criteria:
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1. Be a First-Time Homebuyer (cannot have owned a home during the 3 year period immediately prior to the purchase of a residence with HOME funding).
2. Have a Total Household Income within the HUD Guidelines (see below).
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2013 HUD INCOME GUIDELINES:
Household size, Maximum income
1, $59,300
2, $67,800
3, $76,250
4, $84,700
5, $91,500
6, $98,300
7, $105,050
8 or more, $111,850
3. Occupy the property as a principal residence.
4. Applicant cannot be in contract prior to being awarded a purchaser certificate from Suffolk County Community Development.
5. Attend one-on-one mortgage counseling at a HUD certified -not-for-profit housing agency.
6. Have at least a $3,000 in the bank at the time of application.
7. Have a documented minimum annual household income of at least $30,000 and be able to obtain a mortgage.
Funding is limited, and applications are due by October 31. Applications are available here. http://suffolkcountyny.gov/Portals/0/ecodev/Community%20Development/2013%20DPAP%20Program%20Guidelines%20and%20Application.pdf For more information, call the Community Development Office at (631) 853-5705, or my office at (631) 854-1400.
When people buy a home, they are choosing to cast down roots in a specific place. This is why more homeowners in our community mean stronger, more secure neighborhood. When I chose to buy a home in Patchogue, I did so with the understanding that that decision meant I was choosing to become a part of the fabric of the community. I am proud that Suffolk County is offering a program that gives others the chance to make that same choice.
