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First Time Home Buyer Information

The hardest part of buying a first home is saving for the down payment. Home prices in New York are on the rise, making it especially hard to save the required amount to put down on a house. People with great jobs and good credit might find it easy to find a lender willing to work with them. People with low income or bad credit often get turned away. New York State offers programs to help low income people secure their first home.

FHA lenders are able to offer low down payments to people with decent credit and a steady income. Often, with as little as 3.5 percent down, good credit can get someone set up in their first home. For those without good credit or high income, public agencies might be the answer. The Department of Housing Preservation and Development created the HomeFirst Down Payment Assistance program. This program gives up to $25,000 toward a first time home buyers down payment or closing costs. There are a few requirements. The home buyer must be low income, take a buyer education course, have some money saved of their own, find a home in one of five specified areas of New York, and they must live in the home for ten years. The New York State Housing Finance Agency also has similar income based programs. They have a program available to help with down payments and closing costs, a fixed interest rate program, and a program that helps if the home is in a specified area.

New York State has many options available for the first time home buyer. Whether a person has good or bad credit, there are places that may be able to help. Private lenders and public agencies are both worth checking out when looking for that first dream home.

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