A first time homeowner, as defined by HUD, is a household that has not owned a home during the three-year period immediately prior to the purchase of a residence with HOME assistance funding. While many young couples starting a life together can afford monthly payments on a home, it is often difficult for them to meet the initial down payment costs.
Eligibility is based on family size and income.
A down payment is defined as the difference between the purchase price and the base mortgage. The dwelling must serve as a principal residence, and the appraised value must not exceed the HUD mortgage limits for this area for the type of housing being purchased. Senior Citizens also benefit as a result of this program, since bringing more young people into the housing market makes it easier for a senior to sell his larger home and obtain a more manageable residence. Although these increases are an indicator of Nassau's strong economy and the desire of so many to live here, the HOME Down Payment Assistance Program makes it possible for first time home-buyers to find affordable housing. We should benefit from this educational investment in our children and from their talents.