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Old 07-18-2013, 09:04 AM
 
86 posts, read 281,799 times
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Anybody ever use this program to purchase a home? Thoughts?
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Old 07-18-2013, 09:17 AM
 
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I did but I applied it toward the closing costs, not the DP. You have to jump through a lot of hoops to qualify and they take FOREVER to process, but it's worth it. Mine covered *everything.*
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Old 07-18-2013, 09:37 AM
 
86 posts, read 281,799 times
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Different websites say different things about the program... some say 15k, 10k, or only 3%... What was it in your experience? Thanks so much!
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Old 07-18-2013, 01:23 PM
 
339 posts, read 556,095 times
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I don't know how it works for the down payment because as I said mine went toward closing costs. What happened was that when I first sat down to apply for the mortgage my loan officer did a rough estimate of the closing costs (which was under 10K) and then I made an appointment with HPD. You have to bring in a ton of paperwork for the initial application (some of it redundant with what you've already provided for the mortgage application), plus it costs money to apply. Then you have to take an online course on homeownership, and pass a test afterward. They will tell you this course takes 5-8 hours to sit through--try 14-16! Then you receive a certificate after passing the course--this is also necessary for the grant. You have to have at least 2 counseling sessions with your counselor. Then once you're approved it takes a WHILE for the money to actually get wired to the bank. BE PATIENT. They told me 5 days to approve, 10 days to wire the money--it takes much longer than this, and all during this time they'll be asking you for more documentation, more this, more that (stuff you've already sent them). BE PATIENT. You *will* get the money. They're inefficient (sometimes really bad about responding to emails) and it's frustrating but they do a great service in the end.

You can always make an appointment with them before you start your application process. They offer a lot of services besides the HomeFirst grant--I've been giving the name of my counselor to people who could use general financial counseling, how to manage their money, etc. I'm sure they'd be perfectly happy to explain the program to you before you actually start the process. I don't know about 15K vs. 3%--as I said my loan officer gave them an estimate for the costs and that was the amount I received. I do know there are other limitations--it has to be your first home purchase (although they define this a certain way--I think if you bought a home, say, 20 years ago, as far they're concerned, you're starting from zero) and your income has to be under a certain amount.
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Old 07-18-2013, 03:39 PM
 
Location: NYC
1,029 posts, read 1,264,800 times
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We were thinking of looking into this program. I have to say NYC and NYS have alot of programs that benefit us and a lot of people either don't do their hw or just don't take advantage of them... I also did my research and I called an NHS office here in the Bronx and the lady i spoke to was very nice and answered a lot of my underlying questions since the website doesn't explain everything.. one thing that you have to comply with is you MUST live at the home u purchase for at least 10yrs or something like that then i started thinking I don't know... what if something happens and I have to relocate before 10 yrs etc etc will they work with you then? Also, does credit has to be perfect to take advantage of the program? Hubby and I def want to own a home or a townhouse in a decent / nice area of nyc.. hopefully if we decide to and qualify for it all will work out well. btw congrats to you Gee1995
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Old 08-14-2013, 07:57 AM
 
28 posts, read 27,750 times
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Hi,
The following link for your reference.
http://www.nyc.gov/html/hpd/html/buy...npayment.shtml

The downpayment assistance grant can be used at eithor down payment or closing cost while closing. Actually they put all your own savings that you plan to put in and $15000 grant you receive from HPD together when the bank calculate the amount for closing. As for the amount of grant, it depends on the purchase price. the grant is 6% of your purchase price, but there is a cap which is $15000.
Hope that it will help you.
Amy
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Old 08-14-2013, 09:29 AM
 
3,445 posts, read 4,825,308 times
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Whatever happened to the novel concept that you work and save for a house and pay for it by yourself.
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Old 08-14-2013, 09:57 AM
 
339 posts, read 556,095 times
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Don't be jealous just because your credit's not good enough to qualify
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Old 08-14-2013, 10:47 AM
 
3,445 posts, read 4,825,308 times
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Oh another taxpayer give away scheme. I pay for your closing costs because I earn a good living. I love NYC socialism.
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Old 08-14-2013, 11:08 AM
 
2,853 posts, read 6,250,461 times
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Quote:
Originally Posted by RoyalChubsta View Post
a lot of people either don't do their hw or just don't take advantage of them...
Or do their homework and realize they make "too much money" to qualify for any of these programs.
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