New York first time home buyers having something to cheer about if they’re lucky enough to be in Madison County, which received a New York State Community Development Block Grant Housing Award of $590,000 for direct home ownership assistance in the County.
The requirements include a property purchase price of $125,000 or less. 20 percent of the grant can go towards the home purchase price and $4,500 to $5,500 can be applied to settlement costs. The maximum grant amount is $30,000. The grant acts as a deferred-payment loan on the property for 10 years, at the end of which the loan is forgiven and becomes an outright grant.
Madison County Courier reports:
Affordable homeownership remains a priority to Madison County’s community development. The goal of Madison County’s CDBG housing program is to facilitate and expand first time home ownership for Low to Moderate Income (LMI) families.
The program will enable LMI families in Madison and surrounding counties to purchase an existing, single family home within Madison County. Several of the eligibility requirements for the First Time Homebuyer Program include meeting the definition of a First Time Home Buyer, income qualification based on HUD’s Income Limits, the capability to obtain a mortgage, and having or able to attain a reasonable credit score and a minimal savings.
>> read the full article at madisoncountycourier.com