by George Herrera, Realtor & Co-Owner of the Queens Home Team at Keller Williams Realty.
We come across aspiring home buyers all the time in this business. Whether it’s young couples browsing around at open houses, people who call us with questions about the process, or even some of our own personal friends who have their own hopes of owning a home, coop, or condo. What we’ve learned from our experience of selling homes here in Queens is that where there’s a will, there’s a way. The reason we know this is true is because we’ve sold homes to buyers with very moderate income but they are determined to buy, and they explore & utilize every resource available to them in order to accomplish their goal. This includes saving money, credit repair, as well as the several first time home buyer programs available in NYC, and in the USA.
Remember, where there’s a will there’s a way. The first step to home ownership is deciding that you ARE going buy a home. Once you’ve made that decision, take the steps necessary to reach your goal. It may take a few years, but if you have a steady job, with decent credit and a little savings, there’s no reason why you can’t make the dream a reality. What I’ve noticed more than anything is that some people are just determined to buy something, and eventually, they do end up buying because there are just so many options out there.
With that said, below is a list of some first time home buyer programs that we’ve seen people use to purchase homes here in Queens. Take a look and then put yourself on the path to home ownership. If you need any help or advice, feel free to Contact Us and we can connect you with one of our Queens first time home buyer specialists…
1. HomeFirst Down Payment Assistance Program
The HomeFirst Down Payment Assistance Program provides qualified homebuyers with up to $40,000 toward the down payment or closing costs on a 1-4 family home, a condominium, or a cooperative in one of the five boroughs of New York City.
Program Eligibility
A prospective homebuyer must:
- Be a first-time homebuyer
- Complete a homebuyer education course taught by an HPD-approved counseling agency
- Have their own savings to contribute to the down payment or closing costs
- Meet program income eligibility requirements
- Purchase a 1-4 family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City
- Pass a Housing Quality Standards (HQS) inspection before purchase
- Live in the home for at least 10 years
- Have a household income up to 80% AMI
Learn More
2. State of New York Mortgage Agency (SONYMA) Programs
https://hcr.ny.gov/homebuyers
Click Here for a List of Participating Lenders
3. Neighborhood Assistance Corporation of America (NACA)
The Neighborhood Assistance Corporation of America (“NACA”) is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. NACA has made the dream of homeownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home or modify their predatory loan with far better terms than those provided even in the prime market.
The NACA program begins with attending a four hour workshop which covers the details of the program, and the additional 9 steps needed to qualify for the NACA mortgage. You can search for and sign up for a workshop at: https://www.nacalynx.com/naca/workshop/workshopIntro.aspx
https://www.homepath.com/ready_buyer.html
Well, we hope that this information is helpful, and more importantly, we hope that you can see how realistic the dream of home ownership is if you make a concious decision, and commit yourself to the process…
If you have any questions or need any advice, feel free to Contact Us.