First time home buying grants

Anyone use a grant to buy their first home? One of DHs co-workers is using them for her DP and sent us some info. Just wondering if anyone could share their experience. If we could get a grant we would be able to buy ourselves a condo instead of renewing our lease which would be nice.
TIA

ETA: There was one that had income requirements. For two people we can't make more than like 58K. That kind of confused me.

Message edited 9/23/2009 8:57:20 AM.

Re: First time home buying grants

Whatever towns you're interested in, look them up online and see if there are any down payment assistance programs... town of islip only had it for the courthouse common condos... town of babylon had it and it was a really good deal but they ran out of funding... they are usually a 1st come 1st served basis.... suffolk county has one that exlcudes the 2 towns mentioned but the income level for 2 is pretty low.... nassau also has it and its even lower i believe

What we're benefitting from is the 8k since we expect to close mid nov and the mortgage credit certificate program (20% back every year on the interest you pay on your loan)

Those are pretty much all ive come across... If you find anything else, let me know!

Re: First time home buying grants

Town of Babylon has a program but as you see funding has ran out. We have the down payment assistance plus closing feeds for the Town of Babylon but we applied in March so we had our final okay to go into contract by late June that is the lesser income. The higher income is just dollar to dollar matching up to 15k

You can get on the list for the above or for the courthouse commons through long island housing partnership LIHP.org.

Suffolk Co program mentioned about is good too.

Re: First time home buying grants

Contact the LONG ISLAND HOUSING PARTNERSHIP they have numerous program that you can usually combine to get even more money.

They have First Home Club program where you have to take classes to learning about buying a home and you also set up a savings acct (you have to choose from 4 banks) where you have to save at least $1875 over 10-24 months (you decide how long you want to save for). At the end of you saving period they match your 1875 4 to $1 so you get $7500 from them to go towards your downpayment and/or closing costs. with your money saved in the acct that is a total of $9375. The income limit for this program is about $95k for 2 people. It might actually be a little more than that like $97k but I am not 100% sure.

I don't think they are running this program right now, but it can't hurt to call and find out.

They are also a part of the Employer Assistance Program, which my job just started to participate in. And this program can be combine with the First Home Club money. Call them and see what they can offer you.

Message edited 9/23/2009 10:07:46 AM.

Re: First time home buying grants

We make more than the income requirements. That confused me as far as qualifying for a mortgage is concerned. How can you make so little and still get approved? We don't make a lot of money but obviously not enough to get some assistance.

Back to the drawing board. I guess we will just renew our lease another 2 years. It's frustrating. We are a young, educated couple and we have good jobs but still can't afford to stay on LI.

Re: First time home buying grants

Posted by Melmel821

We make more than the income requirements. That confused me as far as qualifying for a mortgage is concerned. How can you make so little and still get approved? We don't make a lot of money but obviously not enough to get some assistance.

Message edited 9/23/2009 6:17:45 PM.

Re: First time home buying grants

Posted by Melmel821

We make more than the income requirements. That confused me as far as qualifying for a mortgage is concerned. How can you make so little and still get approved? We don't make a lot of money but obviously not enough to get some assistance.

Back to the drawing board. I guess we will just renew our lease another 2 years. It's frustrating. We are a young, educated couple and we have good jobs but still can't afford to stay on LI.