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Breadcrumb Start you are here >Home/HOME Program/First Time Homebuyers

First Time Homebuyers

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Nassau County Down Payment Assistance Program – Nassau County currently provides eligible first-time homebuyers with up to $20,000.00 to purchase a new home.  A “first-time homebuyer” is defined as a household that has not owned a home during the three-year period immediately prior to the purchase of a residence.  The maximum permitted annual household income for purchasers shall not exceed 80% of the median annual household income for the area as determined by HUD.  Homeowners must maintain the home as their primary residence for a period of 10 (ten) years or the grant is subject to repayment.  This program can be coupled with most other types of assistance and mortgages available but cannot be used with any program already being funded with HOME funds through Nassau County.

Under provisions of a federally funded program, Nassau County will provide eligible first-time homebuyers with up to $20,000 towards down payment/closing costs provided that the applicant puts a minimum down payment of at least $3,000. Homes purchased must be pre-existing or a newly constructed residences located within the boundaries of Nassau County. They must be single-family dwellings (includes townhouses, condominiums, co-operative apartments and manufactured homes) occupied as a principal residence. The appraised value of a HOME assisted property to be acquired by a first-time homeowner must not exceed the limit on the value of a single-family unit, which is $396,625.

The application period ends on February 28th, 2014.
However, if 75 completed applications are received prior to
February 28th the application period will terminate at that time.

For more information contact Norman Gersman at (516) 572-2723.

INCOME GUIDELINES
Household Size

Maximum Annual

Income

Minimum Annual Income

1

2

3

4

5

6

7

8 or more

$59,300

$67,800

$76,250

$84,700

$91,500

$98,300

$105,050

$111,850

$30,000

$30,000

$30,000

$30,000

$30,000

$30,000

$30,000

$30,000