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Long Island - Grants for First Time Homebuyers

Grant Opportunities in Suffolk County

Assistance of up to $25,000 is available for qualified First Time Homebuyers purchasing houses, condominiums or cooperative units within Suffolk County. Gross household income must be at or below 80% of Area Median Income Maximum Gross Household Income Requirements. At least $1,000.00 must be used for repairs to improve the housing quality standards of the purchased property.  “Repairs” are defined as those which will prolong the useful life of a home or shall correct structural defects or the repair of basic building systems which threaten the health and safety of the dwelling’s residents if not corrected or repaired.  21B NYCRR 2163.2 (h)(3)(iii).  The assistance is in the form of a deferred loan that has recapture provisions.  The owner must occupy the property for 15 years to avoid having to pay back any or all of the assistance. If the recipient were to move out of the property or sell, or in anyway violate the terms their mortgage, then all or a portion of the assistance will have to be repaid. The purchase price limits for this grant fall within the current FHA Mortgage Limits.  Currently a single family home in Suffolk as of January 2006 is $362,790.

ELIGIBILITY REQUIREMENTS & RESTRICTIONS

Your household income must meet the following income requirements.
Click here to review the Income Requirements.

  • You must agree to occupy the home as a principal residence.
  • You will be required to submit proof of income with recent pay stubs and last two years tax returns and W-2 Forms.
  • You will be required to attend a FREE homebuyer seminar and homebuyer counseling.
  • Your application will be processed on a first-come, first-served basis. If you meet eligibility requirements, we will assist you in qualifying for a mortgage with participating lenders.

TO APPLY FOR HOME OWNERSHIP ASSISTANCE

Please visit the FREQUENTLY ASKED QUESTIONS ABOUT BUYING A NEW HOME for a list of procedures and to download a free application for home buying assistance.