Suffolk County Executive Bellone Announces New Website For Families Seeking Federal Down Payment Assistance
Local News, Business & Finance, Community, Charity & Cause, Politics
By Long Island News & PR
Published: October 03 2017
Bellone: "Suffolk County has developed a new tool that offers homeowners a more convent way to determine if they qualify for federal assistance."
Suffolk County Executive Steve Bellone.
Photo by: Suffolk County
Suffolk County, NY - October 3, 2017 - Suffolk County Executive Steve Bellone today announced the launch of a new Suffolk County website to help residents better navigate the process to obtain financial assistance through the federal Down Payment Assistance Program. The website - www.scdownpayment.com - will serve as a resource and application portal for interested and qualified first-time homebuyers. The website also contains a printable application form along with eligibility guidelines.
“Bureaucracy can be time consuming, which is why Suffolk County has developed a new tool that offers homeowners a more convent way to determine if they qualify for federal assistance,” said County Executive Bellone. “Whether it is a first-time homebuyer or a veteran, we are doing our part to give them a chance in helping them obtain the dream of owning their own home.”
Since its launch in 1993, more than 1,700 Suffolk County families have achieved home ownership through DPAP. The program provides eligible, first-time homebuyers with a conditional grant of up to $10,000 to use towards their down payment. The buyer is responsible for the balance of the down payment and all the closing costs. All perspective applicants are required to attend housing counseling prior to submitting an application, and a mortgage counseling certificate is required for applying to the DPAP. The first-time buyer qualification will be waived for U.S. military veterans who have a certificate of release or discharge from active duty (DD-214) verifying honorable discharge.
An applicant must be a first-time homebuyer, which is defined by the U.S. Department of Housing and Urban Development (HUD) as a household that has not owned a home during the three-year period immediately prior to the purchase of a residence with HOME funding.
Prospective applicants must represent a low to moderate income household with an annual income not exceeding 80% of the area median income as determined by HUD, which includes an adjustment for family size; must have at least $3,000 banked at the time of application; and have a documented minimum income of at least $30,000 and be able to obtain a mortgage from a qualified lender.
The maximum appraised value of a single-family residence to be purchased within the Suffolk County Consortium HOME Selection Area cannot exceed $352,000 for existing housing or for new construction. The following kinds of housing are eligible: single family homes, condominiums, and cooperative apartments (co-ops).