Both state and county are getting the word out that downpayment assistance and grant money is being made available to Westchester and surrounding county home buyers. Some highlights of state programs include the following:
- Veterans assistance
- Remodeling purchase money mortgages
- Down payment assistance loans
- Construction incentives
- SONYMA low interest and low down payment programs
These programs do have certain loan limits and income requirements.
County programs are also available both through the Westchester County Division of Housing and Community Renewal (up to $30,000) and a $7500 first time home buyer incentive.
Bronx, Dutchess and Putnam also have first time home buyer assistance programs.
I will blog about specifics as details become available.
I am NOT an authority on these programs, but I WILL point you in the direction of loan officers and mortgage firms who participate in these important programs which will bring responsible home ownership for Westchester first time home buyers, veterans, the disabled, and other groups who may be marginalized by the current economic climate.
If you are or considering being a first time home buyer in Westchester, you may not be relegated to having to save 20% down in order to buy your first home.
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Philip: I hope this generates some serious activity for your area.