As part of an ongoing commitment to help make the "American Dream" of home ownership a reality for first time homebuyers who wish to reside in Town of Babylon, Supervisor, Rich Schaffer announced that the Long Island Housing Partnership (LIHP), as agent for Town of Babylon, will be making applications available for first-time homebuyers for down payment/closing cost assistance towards the purchase of a principal residence starting August 31, 2020 at 9 A.M.
The Town of Babylon will provide eligible first time homebuyers with up to $20,000 towards down payment/closing costs towards the purchase of an eligible new or existing single-family home, provided that the applicant puts a minimum down payment of at least $3,000. The applicant must also be able to satisfy the mortgage lender’s minimum down payment requirements and be able to secure a mortgage. Homeowners are required to reside in the home for a minimum of 10 years or HUD will require a full repayment of the grant.
Please view this document for full details, including eligibility criteria and income guidelines. Applications and additional information can be found here: https://lihp.org/downpayment.html