Suffolk County Down Payment Assistance Program..

Does anyone know how this works??? I was just wondering if you actually get approved, is this something you pay back? Thank you!

Here is the website..CLICKY!!!!

Re: Suffolk County Down Payment Assistance Program..

It doesn't have to be paid back, but I know that if your a household of 2 people, you CANT make more then $65,000 per year (combined) to be eligible.
If you click the link on that page that you provided, it will pull up the document you'd have to fill out and that explains everything.

Re: Suffolk County Down Payment Assistance Program..

We applied for the Town of Babylon/LIHP assistance program. This program matches your down payment dollar for dollar and gives you closing costs as long as you earn less then $62,500 combined and you do not have to pay it back unless you sell the house or rent the house within 10 years of closing. 20k is the max for assistance. First time home buyers, people who currently live and work in the Town of Babylon get special consideration.

You could own a home as long as it was over 3 years and get assistance but your not considered as much as a first time home buyer (depends on funds available)

There is a secondary program that is for people who make over 62K a year up to a certain amount but i do not know it and that is dollar to dollar matching up to 15K but that is it and yuo must live in the house for 10 years.

Now this program unsure of but I would contact to find out. But I guess it's the same thing of you needing to stay for 10 years in the residence.

Re: Suffolk County Down Payment Assistance Program..

Well We def meet the income requirement. My DH works off the books clamming when he can but is still going to school. Thanks for the info. We just really want our own place, and if we can have help it would be great!

Re: Suffolk County Down Payment Assistance Program..

oh yea deff. apply for it - free money is free money but the only thing I do warn you is make sure you have extra funds for closing. I posted a few days ago we found 10k will cover closing but not the extra's such as you have to pay the rest of the taxes for the year upfront and a year's haz insurance upfront and you need two months of mortgage payments in the bank before closing otherwise the bank won't close.

Re: Suffolk County Down Payment Assistance Program..