You’ve finally decided that you’re ready to take the plunge and become a homeowner. Congratulations! Owning your own home is a huge accomplishment. However, as you probably know, purchasing a home is a very big investment.
The good news is that there are first-time homebuyer programs in Nassau County, NY, available that can help ease the financial burden of buying your first home. What exactly are these programs, and who can use them? Keep reading to find out.
What Are First-Time Homebuyer Programs?
First-time homebuyer programs are government-sponsored initiatives designed to help make homeownership more affordable for those who have never owned a home before.
These programs typically offer financial assistance in the form of low-interest loans or grants. Some first-time homebuyer programs in Nassau County, NY, also offer Down Payment Assistance (DPA). DPA is exactly what it sounds like—financial assistance that can help you with the down payment on your new home.
To be eligible for most first-time homebuyer programs, you must meet certain income restrictions. If you have questions about the specifics of the income allowed, you can contact a company such as Lynx Mortgage Bank LLC to find out.
The specific income limits vary depending on the program and the area in which you plan to purchase your home, but the income limit for most first-time homebuyer programs is eighty percent of the Area Median Income (AMI).
Who Can Use First-Time Homebuyer Programs?
As mentioned above, most first-time homebuyer programs have income restrictions. That is not the only requirement. To be eligible for most first-time buyer initiatives, you must also:
- Be a U.S citizen or legal resident
- Have steady employment
- Have good credit
- Not have owned a home within the past three years
