Town of babylon down payment assistance

Has anyone utilized this program? if so, i am curious as to how long it takes to get funded.

We are selling to a nice couple using this program and they have clear to close wtih mortgage, now waiting for twon of babylon $$..

how much longer do you think i will be waiting? days? weeks? months?

THANKS!

Re: Town of babylon down payment assistance

i am doing this program. Depends on the stage. They should have applied, received approval then they have to take a mortgage class then have to wait for a buyers certificate.

We got our application and sent it out early March had to wait until the mid May to take the class then we are waiting for a certificate which was promised to us THREE WEEKS AGO but now we will not get until next week. We know it at Town Hall being signed but it takes time to get the signature and to get back to the office processed/etc.

We are looking for singing contracts the end of next week and we are lucky that the owners are away until next Wens otherwise we might of been screwed. We are not allowed to sign any contract of sale until we have our certificate.

Now as far as funds those do not get handed to the owner at all. The Town of Babylon/LIHP lawyer comes with the check at closing.

Re: Town of babylon down payment assistance

BTW all this info is on their contract (application) which they should of kept a copy of. Its basically a step by step guide. We are supposed to get another informational package with our certificate that guides us through the next step but either way this is stuff their lawyer should all know as well. That is why they recommend us using their recommended lawyers since they are aware of the step by step details (and there are plenty plus tons of paper work)

Re: Town of babylon down payment assistance

they must have done all of the preliminary paper work b/c we already had the lead paint guy in, and they took the commitment letter over to the town right after they got the commitment. we were told tehy wanted to close next week. then i look online and it says allow up to FOUR WEEKS!!

we just moved out all our furniture yesterday!!!


we have no table to even eat at anymore. this is why i ask...

DH will kill me if we have to live like this for up to four weeks!!

Re: Town of babylon down payment assistance

Oh yes - no less then 4 weeks. It takes time for them to do this paper work.