WASHINGTON, D.C. – November 10, 2015 – (RealEstateRama) — Nassau County Executive Edward P. Mangano announced the award of $500,000 in Federal HOME Investment Partnerships (HOME) Program funding that promises to help make the dream of home ownership a reality for some first-time homebuyers. As part of his on-going commitment to help Nassau residents become homeowners, County Executive Mangano said that the Long Island Housing Partnership (LIHP), as an agent for Nassau County Office of Housing and Community Development, will be accepting applications, until they have approximately 70 completed and accepted applications submitted, from first-time homebuyers for down payment/closing cost assistance towards the purchase of a principal residence.
More than 20 applicants were assisted in the home buying process under the same program during Fiscal Years 2013-14. To be eligible, an applicant must be a first-time homeowner having not owned a home during the three years immediately prior to purchasing a residence with HOME assistance funds and must occupy the property as a principal residence. In addition, their gross annual income must not exceed income limits as outlined in HUD guidelines below, taking overtime and assets into consideration.
Applicants must attend a mortgage counseling session, be able to secure a mortgage, and have a minimum household income of at least $30,000.
Income Guidelines:
Family Size……………………….. Maximum Income
1…………………………………….. $ 61,050
2 ……………………………………. $ 69,800
3………………………………………$ 78,500
4 ……………………………………..$ 87,200
5………………………………………$ 94,200
6 ……………………………………. $ 101,200
7…………………………………….. $108,150
8 or more……………………………$115,150
Eligible homes for purchase must be pre-existing or newly constructed residences located within the Nassau County boundaries. They must be single family dwellings, which include townhouses, condominiums, co-operative apartments and manufactured homes and be occupied as a principal residence. The maximum Appraised Value cannot exceed $354,000.
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