Attention, Long Island first-time homebuyers! We have fantastic news for you. This month is National Homeownership Month. Rugen Realty, in collaboration withThe New York State Association of REALTORS (NYSAR), is thrilled to introduce an exclusive First Time Home Buyer Grant, specifically designed to make your dreams of homeownership on Long Island a reality. Let's dive into the details of this exciting opportunity and how it can help you embark on the journey of owning your own piece of Long Island real estate.
NYSAR Housing Opportunities Foundation Grants
The New York State Association of Realtors Housing Opportunities Foundation, Inc. is an organization that was established to create and increase affordable housing opportunities for individuals to overcome the barriers of homeownership. Qualifying individuals apply for grants to assist with closing costs and/or down payments. The grants are gifts with no payback requirement and are available to low–to-moderate income families in New York State.
- Must be a first-time homebuyer (as defined by SONYMA); A person who (i) has not had any ownership interest in his/her primary residence at any time during the three years prior to the date of making an application for a mortgage loan; and, (ii) at the time of making the loan application, does not own a vacation or investment home.
- Applicant must fall within 110% of SONYMA’s defined purchase price limits (defined by county)
Click here for Income and Purchase Price Limits - Applicant must fall within 110% of SONYMA’s defined income limits (defined by county)
Click here for Income and Purchase Price Limits - Applicant DOES NOT need to obtain a SONYMA loan to apply for this grant; they can apply with any type of loan
- Applicant must provide a preapproval of loan with the initial application. Final loan commitment is required before funds can be dispersed.
- The applicant must be using a REALTOR® and the application must be signed by that REALTOR®.
- Applicant must fill out the application completely and include their most recent W2.
- Grants are limited to the purchase of owner-occupied residence only.
- All grants are in the amount of $2000 and can only be used for closing costs and/or down payment assistance.
- If an applicant is receiving grant monies from other organizations, they can still be eligible for funds, however, it is strongly recommended that the applicant contact that organization for their policies on this issue.
- Grants recipients are selected by a lottery system. Applications will be reviewed on a rolling basis with decisions rendered within 30-45 days of receipt.
- Submission of a first-time homebuyer course completion certificate will give the applicant 2 entries in the lottery.
- Application should be submitted online only. Click here for application.
For a more comprehensive look at the requirements and application procedures, click here.
Don't let this opportunity slip away! If you're a first-time homebuyer on Long Island or anywhere in New York State, seize the chance to turn your homeownership dreams into a reality with the First Time Home Buyer Grant. Contact our experienced agents at Rugen Realty today to learn more about this exciting program and get expert guidance through every step of the homebuying process. We are ready to assist you in finding your perfect home and securing this incredible grant. Take the leap into homeownership today!
Remember, with Rugen Realty by your side, navigating the Suffolk County real estate market becomes an enjoyable and stress-free experience. Let's make National Homeownership Month memorable by helping you unlock the door to your dream home. Contact our agents now and let the journey begin!
