G R E A T    N E W S!

The Town of Babylon announced that it will give middle-income families a $15,000 down payment match toward the purchase of their first home!

• Buyers must earn between 81-120% ($77,701-$116,500 for a family of four) of the area’s median income to qualify for the program.
• The home must be purchased in the Town of Babylon.
• The $15,000 will come from a revolving fund that uses money from the town’s affordable housing trust fund.
• This program is unique because while most HUD-funded programs only provide housing assistance to families earning 80% or less of the area’s median income, this program is available to those earning between 81-120% of the area’s median income.
• Buyers must:
  1. Be HUD-defined first-time home buyers.
  2. Occupy purchased home as a principal residence.
  3. Not be in contract to purchase before the start of the program (March 2).
  4. Contribute $15,000 toward the down payment.
  5. Buy a home in Babylon town for up to $396,150.
  6. Participate in the Long Island Green Homes Program, which updates homes’ energy efficiency, within six months of purchase.
  7. Attend a one-time mortgage counseling session with the Long Island Housing Partnership.

FOR MORE INFORMATION ON THIS GREAT PROGRAM CALL

 NETTER REAL ESTATE

631-661-5100

info@netterrealestate.com

You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.