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PROGRAM HIGHLIGHTS:The maximum loan is $50,000 to correct substandard housing code violations. Payment of the loan is deferred until the property is sold, the title is transferred or the home is refinanced for cash out. Monthly payments are not required. The loan is secured by a mortgage placed against the property.
INCOME GUIDELINES: Family Size / Maximum Income*1 / $65,3502 / $74,7003 / $84,0004 / $93,3505 / $100,8506 / $108,3007 / $115,7508 or more / $123,250*Income limits subject to change pursuant to HUD requirements.
Eligibility Criteria: To qualify for the program, an applicant MUST meet all the following criteria: I. 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 date of application for assistance.II. Purchased home must be occupied by the homeowner and be their principal residence. Family who attend a mortgage counseling session at LIHP and must be able to secure a mortgage and have an acceptable credit history. III. Family must have a minimum income of at least $30,000.Income Eligible Family - meaning a prospective buyer must have a gross annual income not exceeding the income limits for the area as listed below with overtime and assets also taken into consideration.
HUD established Income Guidelines:Eligible participants must have annual incomes at or below 80 percent of the median income for the Nassau- Suffolk area adjusted for family size as established by HUD.
Family Size / Maximum Income*1 / $58,8502 / $ 67,2503 / $ 75,6504 / $ 84,1005 / $ 90,8006 / $ 97,5507 / $104,2508 or more / $111,000
*Income limits subject to change pursuant to HUD requirements.
Type of Housing Available: Homes purchased must be eligible pre-existing or newly constructed residences located within the boundaries of Town of Babylon. They must be single-family dwellings (includes townhouses, condominiums, co-operative apartments and manufactured homes) occupied as a principal residence.
Property Value Limit: For FY 2014, Maximum Appraised Value cannot exceed $328,000 for an existing home and $388,000 for a newly constructed home.
No Foreclosures, Short Sales, Bank Owned or Real Estate Owned properties are permitted in the program.
Applicant Intake Forms: Available only by calling LIHP. Intake forms will be mailed to interested homebuyers.
Long Island Housing Partnership, Inc. (as Agent for Town of Babylon)180 Oser Avenue, Suite 800Hauppauge, NY 11788Telephone #: (631) 435-4710
Counseling is provided at the following locations: