We are thrilled to announce that Nationwide Mortgage Bankers has been approved as a HomeFirst Participating Lender, marking a significant step towards supporting affordable homeownership in underserved communities.
On November 13th, we formalized a partnership with NHSNYC (Neighborhood Housing Services of New York City), an organization dedicated to fostering affordable homeownership for residents facing economic challenges in the city. This collaboration falls under the Home Funders Program™, a joint effort to empower low- and moderate-income individuals and families with the resources needed to achieve informed and sustainable homeownership in New York City.
At the heart of this initiative is HPD’s (New York City Department of Housing Preservation and Development) HomeFirst Down Payment Assistance Program. This program aims to facilitate the acquisition of privately owned 1-4 family homes, cooperatives, and condominiums for owner-occupancy within the five boroughs of New York City. Qualified homebuyers, earning up to 80% of the Area Median Income (AMI), can benefit from a forgivable loan of up to $100,000 for down payment or closing costs.*
Qualified homebuyers, earning up to 80% of the Area Median Income (AMI), can benefit from a forgivable loan of up to $100,000 for down payment or closing costs.*
To guide prospective homebuyers through this process, certified community-based counseling agencies play a crucial role. Approved by the U.S. Department of Housing and Urban Development (HUD) and sanctioned by HPD, enrolling eligible participants in homebuyer education classes, and determining income and property eligibility are their primary responsibilities in facilitating the utilization of such beneficial programs.
Prospective homebuyers who successfully complete the homebuyer education classes are awarded a HomeFirst Homebuyer Certificate by HPD, confirming their eligibility for a forgivable loan of up to $100,000. This certificate is valid for six months, with an option for a subsequent six-month renewal period. Armed with this certificate, individuals and families embark on their journey towards homeownership.
The final step involves the counseling agency submitting a HomeFirst Application for the down payment assistance loan directly to the HPD Loan Servicer for approval. This comprehensive process ensures that qualified individuals and families receive the necessary support to make their dream of homeownership a reality.
Nationwide Mortgage Bankers is proud to be part of this impactful program, aligning with our commitment to making homeownership accessible and sustainable for all. We look forward to working closely with NHSNYC, HPD, and the counseling agencies to create positive outcomes for our community members.
For those aspiring to become homeowners in New York City, the HomeFirst Program is not just a gateway; it’s a key to unlocking the doors of affordable and informed homeownership. Together, let’s build a future where everyone has a place to call home.
Stay ahead in the mortgage game and speak with your local NMB Loan Officer to learn more!
*Certain conditions apply, please ask your loan officer for details.
