Long Island Housing Partnership?

I was checking out their website and came across a program that can give you 10k toward your down payment if you are eligible. Has anyone done this (if you don't mind me asking)? Who is eligible? I would LOVE to get ten thousand dollars toward my down payment!

Re: Long Island Housing Partnership?

edited...

I went through LIHP for home buying planning but didn't talk about that program. I believe there are going to be salary requirements - like that you both can't make over 100k or something like that.

You can also take 10k out of your own IRA to put towards your downpayment (without penalty, but with taxes taken out).

A few of us have gone through LIHP for mortgages. If you do a search on the Home board for them, you'll find lots of info!

Message edited 5/3/2007 8:35:34 AM.

Re: Long Island Housing Partnership?

We went through LIHP- best decision ever.
the specific loan that we got had a program attached, where a grant is awarded to houses in certain areas. The registered mean income for that property must be at least 80% less than the county average.
We lucked out, and got an $8000 grant, to be used ofr closing costs, DP, anything we want- it's just a check we get at closing.
I'm not sure if that's the same deal, but it's definitely worth it to make an appointment with Lynn Law!
If you have a couple of houses in mind, she could check on that grant for you!
(Our hous eis in Patchogue, I'm sure that has a lot to do with it)

Re: Long Island Housing Partnership?

its probably the sonyma loan....check out theri website

for other programs lihp has you have to make a really looooowww income i think under 42k for both together...so it is hard to actually get something but the sonyma my brother did & he didnt pay any closing costs....with my fiancess creidt i didnt try for it b.c you have to have good credit not great but good.....& i didnt want to do all the paperwork jsut to hget turned dow.......good luck...
its such a headahce...we are in the process of hereing back from commerce for a mortgage..its 1st homebuyers, really loan interest & no pmi so we are keeping our fingers crossed...

Re: Long Island Housing Partnership?

salary is definitely not combined 100K and under. it s very low like one poster said, around 40's and low 40's for family of 4. I tried and even though I don't work and have 2 kids you have to make under low 40's for family of four which let's face it, you probably can't even afford a house in li if you make that. (unless you have a huge dp)

Re: Long Island Housing Partnership?

Like Greenfreak & Naunie, I also went through LIHP...Our loans are through Bank of America - yes, the bank. To qualify - you need to be a first time homebuyer, looking to live on LI. There is NO PMI and NO two mtgs if you put below 20% down...oh and the interest rate is GREAT! We put down 3% and our interest rate in Feb was 6.125%. To qualify for this loan you do not need to make $40k and under...actually, it's more like $140k and under.

Naunie was lucky enough to be in an area that allowed the $10k grant on top of the awesome mortgage we got.

For the money towards closing cost like you mentioned...yes that's a different situation.

If you qualify for the loan that we have through BOA....DO it...you'll be saving yourself more than $10k over the next 30 years.

Re: Long Island Housing Partnership?

Re: Long Island Housing Partnership?

Posted by lorich

Like Greenfreak & Naunie, I also went through LIHP...Our loans are through Bank of America - yes, the bank. To qualify - you need to be a first time homebuyer, looking to live on LI. There is NO PMI and NO two mtgs if you put below 20% down...oh and the interest rate is GREAT! We put down 3% and our interest rate in Feb was 6.125%. To qualify for this loan you do not need to make $40k and under...actually, it's more like $140k and under.

Naunie was lucky enough to be in an area that allowed the $10k grant on top of the awesome mortgage we got.

For the money towards closing cost like you mentioned...yes that's a different situation.

If you qualify for the loan that we have through BOA....DO it...you'll be saving yourself more than $10k over the next 30 years.

Re: Long Island Housing Partnership?

Agreed!! Like Naunie, Greenfreak, and Lorich we went through LIHP (thanks to Lorich!). Same BOA loan and my husband's credit is ehhh...due to be linked to a family member

Absolutely check it out......so amazing!!!

Re: Long Island Housing Partnership?

Thanks everyone! I will let you know how it works out!

Re: Long Island Housing Partnership?

I would like to contact them too.. Please help.. does anyone have a contact name and number I can call?

Re: Long Island Housing Partnership?

we went through Lynn Law. What a wonderful person, Even though we did not quallify for a loan or assistance, She helped us so much. She explained everything to us. She even went to all the banks and found the best mortgage for us. No PMI. I would definetly go and talk to them