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The high cost of housing in Suffolk County can make it difficult for many people to afford to buy a home. However, there are a number of down payment assistance programs available that can help make homeownership a reality.
Suffolk County Down Payment Assistance Program
The Suffolk County Down Payment Assistance Program (DPAP) provides up to $14,000 in zero-interest deferred loans to first-time homebuyers. The loans are forgiven after five years, as long as the homebuyer remains in the property for that period of time.
To be eligible for the DPAP, homebuyers must meet the following requirements:
The DPAP is a great option for first-time homebuyers who are looking to reduce their down payment. However, it is important to note that the program is subject to funding availability.
LIHP Down Payment Assistance Programs
The Long Island Housing Partnership (LIHP) offers a variety of down payment assistance programs, including grants and loans. The LIHP grants are available to first-time homebuyers who are purchasing a home in Nassau or Suffolk Counties. The grants can be used for the down payment or closing costs.
The LIHP loans are available to first-time and repeat homebuyers. The loans can be used for the down payment, closing costs, or both. The loans have a 0% interest rate and are forgiven after 15 years.
To be eligible for LIHP down payment assistance, homebuyers must meet the following requirements:
Other Down Payment Assistance Programs
In addition to the Suffolk County DPAP and LIHP down payment assistance programs, there are a number of other programs available. These programs may be offered by local governments, non-profit organizations, or lenders.
To find out more about down payment assistance programs in Suffolk County, you can contact the following organizations:
Rent Arrears and Utility Arrears Assistance
If you are struggling to pay your rent or utility bills, there are organizations that can help. The following organizations offer assistance with rent arrears and utility arrears in Suffolk County:
Here are two more websites for you: Down Payment Resource Program and NY State Down Payment Assistance Program
How to Buy a Home in Suffolk County
Educational Workbook
If you're new to the home-buying process, I recommend checking out the educational workbook from Cobbleridge Realty. This workbook covers everything you need to know about buying a home, from getting pre-approved for a mortgage to closing on the deal.
Home Buying Procedure Book
Another great resource is the home-buying procedure book from From House-Hunting to Happy Homeowner. This book walks you through the entire home-buying process, step-by-step.
We hope this web page has helped you learn more about homes for sale in Suffolk County, NY. If you have any further questions, please don't hesitate to contact us at 631.320.5849 or ray.pearson@cobbleridgerealty.com
View the available homes. Don't see what you like? Let’s look off-market. Contact us at 631.320.5849.