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What You Must Know About New York First Time Home Buyer Grants

By Jack Bennington

Knowing all about New York first time home buyer grants can make a difference in your application. The New York first time home buyer program is over seen by the New York State Finance Agency.

The first buyer grant in New York is like a loan which will turn into a grant as years go by. You are not required to repay this loan. The grant you receive will be good for down payment or costs of closing on the house you will buy.

The New York first time house purchaser is not only for people who buy their houses for the first time. People who already bought a house may have the chance to avail of this program too. The main criteria is you should not own a house for the past three years.

There are a number of reasons for not owning a house. It could be the recession. Relocation because of work is another cause. All you have to determine is the last time you own the house which should not be within three years.

Another qualification in the application process is the minimum income. If you are above the income limits then your application will not be approved. The purpose of these grants is to help lower income and average income earners. The grant can make payments easier for them. For people who earn more then they do not require financial aid in purchasing homes.

In coming up with the income required, the state makes use of charts. One consideration is how many people are there in the household, the monthly living allowance, if the spouses both work. Tax returns should be forwarded to the agency along with the application.

One requirement you should stick to when utilizing the grant is you must not buy luxurious homes with the money. You are not expected on an old rundown house also. They expect you to buy a single residence house. Purchasing an apartment building or a duplex will not get the nod of the approval committee. This could cause your application to be rejected.

The state has pre-qualified lenders. You must determine if the lender is approved by the state. If you work with a broker, you must inform him that you want to apply for New York first time house buyer grant program. The broker knows the lenders that are state approved.

New York first house buyer programs allow the recipient to live for fee in the home you buy after ten years have passed. If the house is sold before ten years then you have to return the government grant money. However, if you made no profit from the transaction then repayment is not required.

New York first home buyer grants are practically loans that will eventually become a grant. This loan can pay up to 5 percent of the amount of a first mortgage.

To get a ny first time home buyer grant, you should see what we have to inquire. We provide information for those looking for a first time home buyer grants to give them homes they need. Why not start life off the right way?

Article kindly provided by UberArticles.com

Topics: Mortgages | Comments Off

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Article Citation
MLA Style Citation:
Bennington, Jack "What You Must Know About New York First Time Home Buyer Grants." What You Must Know About New York First Time Home Buyer Grants. 22 Jun. 2010. uberarticles.com. 3 Feb 2016 <http://uberarticles.com/finance/mortgages/what-you-must-know-about-new-york-first-time-home-buyer-grants/>.

APA Style Citation:
Bennington, J (2010, June 22). What You Must Know About New York First Time Home Buyer Grants. Retrieved February 3, 2016, from http://uberarticles.com/finance/mortgages/what-you-must-know-about-new-york-first-time-home-buyer-grants/

Chicago Style Citation:
Bennington, Jack "What You Must Know About New York First Time Home Buyer Grants" uberarticles.com. http://uberarticles.com/finance/mortgages/what-you-must-know-about-new-york-first-time-home-buyer-grants/


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