Westchester/Hudson Valley - Grants for First Time Homebuyers

Westchester County Home Ownership Initiative

Assistance of up to $25,000 is available for qualified First Time Homebuyers purchasing houses, condominiums or cooperative units within Westchester 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 forgivable loanthat 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 Westchester 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.

• All families must occupy the home as a principal residence for fifteen years.
• Section 8 applicants must hold a Section 8 Home Ownership Voucher issued by their local Housing Authority.
• Section 8 Rental Assistance Vouchers are not eligible for this program.
• All families must submit proof of income and assets with recent pay stubs, last two years of tax returns and other documentation.
• 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.