Home Buyers! Grant Limits Have Gone Up

July 5, 2019

 

Attention, first-time home buyers! You may now be eligible for a down-payment or closing cost grant!

 

New income limits for down-payment and closing cost grants have just been posted to our website. If you were just over the limit last time you checked or your family household size has increased, you may be eligible now.

 

Remember, though, that you must first complete Home Buyer Education.

 

Housing counseling nonprofits like NHS Brooklyn use figures published by the U.S. Department of Housing and Urban Development (HUD) for the  average median income (AMI) of New York City area households to determine the eligibility of first-time home buyers for down-payment and closing cost grants. The two components of AMI are total household income and household size. HUD revises these calculations every year in June. 

  • Household income is the sum of all incomes of all individuals who will be living in the home.  

  • Household size is based on the number of household members with an income plus children and household members with no income. 

The limits for the two grants NHS Brooklyn currently offers is 80% of AMI. The goal of these grants is to help lower-income working people to purchase a first home. To determine if you are eligible, check the Down-Payment and Closing Cost page of our website.

 

There's more to buying (and keeping!) a home than getting a mortgage and a grant!

  • Financial readiness. Successful home buyers have pursued home buyer education and are also ready financially. That's why we recommend that all our clients attend one of our monthly free financial coaching and credit improvement workshops. RSVP for our next session here.    

  • Mortgage readiness: Home Buyer Education. Research shows that home buyers who have completed a Home Buyer Education course are less likely to go into foreclosure later. In addition, to receive a grant from a nonprofit, you must have a Home Buyer Education Certificate of Completion. To start the process with NHS Brooklyn, download and submit an Intake Form and all required documents, and a counselor will contact you to set an appointment. 

  • Landlord education. If you're considering purchasing a multifamily property, there's a lot to know. Go into it with your eyes open by taking our NYC-specific Landlord Training Course

  • Post-purchase education. Once you're a homeowner, learn how to take care of your property and control expenses at NHS Brooklyn events and classes, such as:  

    • Sat., October 5 Housing Resource Fair. RSVP here to be notified about seminars and government agencies offering information to home buyers, homeowners, and tenants. 

    • Home Maintenance Training Courses. Learn how to do minor home repairs yourself in these hands-on, 7-session, 20-hour courses. Choose from two levels. No prerequisites (although we do recommend you take Level 1 first). For more info and to enroll, go here.  

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East Flatbush

2806 Church Ave.

Brooklyn, NY 11226

Canarsie

9701 Avenue L

Brooklyn, NY 11236

Phone

(718) 469-4679

Neighborhood Housing Services Brooklyn

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