Forgivable loan for down payment of closing costs

You will need to meet these income requirements to qualify for a HomeFirst loan:

• If your household size is 1, your yearly income must be at or below $136,080.
• If your household size is 2, your yearly income must be at or below $155,520.
• If your household size is 3, your yearly income must be at or below $174,960.
• If your household size is 4, your yearly income must be at or below $194,400.
• If your household size is 5, your yearly income must be at or below $210,000.
• If your household size is 6, your yearly income must be at or below $225,600.
• If your household size is 7, your yearly income must be at or below $241,080.
• If your household size is 8, your yearly income must be at or below $256,680.

You will also need to meet all these criteria:

• Be a first-time homebuyer.
  • This means you cannot have owned a home three years before buying a home with a HomeFirst loan.
• Provide documents to verify household income eligibility.
  • This includes tax returns, pay stubs, profit and loss statements, or other documents.
• Complete a homebuyer education course taught by an HPD-approved counseling agency.
• Pay some of the down payment or closing costs.
• Get a mortgage from a bank whose loans are regulated by a federal or state agency.To get a mortgage, you will need:
  • an employment record, and
  • enough financial resources and credit
• Buy a 1-4 family home, cooperative, or condominium.
  • This must be in the five boroughs of New York City
  • The purchase price must be within approved limits.
  • The home must pass a housing inspection that certifies that it is safe to live in.
• Live in the home as your primary residence. Depending on the loan amount, you will need to live in the home for at least:
  • 10 years for loans less than or equal to $40,000
  • 15 years for loans greater than $40,000.

You will need to show:

• Proof of income (tax returns, pay stubs, profit and loss statements or other documents that verify your income).
• Employment records
• Proof of sufficient financial resources and credit