City, Town & Village Governments
New York State Government
U.S. Government

left
Home
About Us
News
Events
Reports Forms & Notices
Training
FAQs
Contact us
right
Breadcrumb Start you are here >Home/ Neighborhood Stabilization Program/ Eligibility & Program Information

Eligibility & Program Information

 

The Nassau County Homeownership Center can answer questions regarding these materials during normal business hours at (516) 572-1903. For more information including other services provided, thier location and application you may visit their webpage by clicking here.

BELOW ARE SOME BASIC POINTS

READ THE PROGRAM GUIDELINES FOR COMPLETE DETAILS

Applicants to the program:

  • Must complete all three of the documents above to apply.
  • Must fill out the NOI form in Excel, it will calculate how much grant you may recieve, and how much of a mortgage you can afford. Fill in every yellow field.
  • Check the 'Homes for Sale' Tab periodically for new homes as they are completed.
  • Cannot exceed the maximum gross annual income for your family’s size - as shown below.  This includes all sources (i.e. overtime, bonuses, tips, etc.). Check the income limit listed for each house separately, they vary.
Household Size for FY 2012 Moderate & Middle Gross Annual Income Limits
1-Person 2-Persons 3-Persons 4-Persons 5-Persons 6-Persons 7-Persons 8-Persons
80% $ 60,200 $ 68,800 $ 77,400 $ 86,000 $ 92,900 $ 99,800 $ 106,650 $ 113,550
120% $ 90,300 $ 103,200 $ 116,100 $ 129,000 $ 139,350 $ 149,700 $ 159,975 $ 170,325
  • Must occupy the home as their primary residence for 15 years.
  • Must have the resources to qualify for a mortgage.
    • Housing ratio no higher 33% ( Front-end DTI )
  • Must have no foreclosures in the last 5 years.
  • Must have no bankruptcies in the last 3 years.
  • Must take a fixed rate mortgage loan.
  • May receive direct subsidies to the purchase price of up to $115,000.
    • You may combine grants from other programs.
  • You do not have to be a resident of Nassau County to parcitpate.

 

ADDITIONAL RESOURCES:

HUD Homebuyers Kit

HUD Common Questions from First-Time Homebuyers

 

How to apply for a Fannie Mae Loan

NYTimes - How to get a mortgage rate beginning with a 3

Nassau County does not endorse any of these website vendors, or any advertisements found in them. The articles are for informational purposes only, and do not necessarily represent the opinion or position of Nassau County.