A loan for down payment assistance is available for first time home buyers whose income is no greater than 120% of the area median income based on family size. The loan may be for up to $10,000 of the purchase price and is subject to program underwriting guidelines. Eligible borrowers must have a commitment for a first mortgage through one of CDCLI’s bank partners or are presently enrolled in the CDCLI NeighborWorks home buyer education program. All borrowers are required to complete CDCLI’s NeighborWorks home buyer education program.
The interest rate is fixed at 3%. The maximum term of the loan is the term of the first mortgage financing. The home being purchased must be located in Nassau or Suffolk counties.
The home being purchased must be a co-op, condominium, single family or legal two-family home and must be owner occupied. The purchase price cannot exceed the Fannie Mae or SONYMA purchase limits for Nassau and Suffolk counties.
The loan will be secured with a mortgage. The income of all property borrowers is used to determine eligibility. There is a $120 non refundable application fee.