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Receive Up to $30,000 in Financial Assistance
Down Payment and Closing Costs
The Federal Home Loan Bank of New York (FHLBNY) will grant up to $19,500 towards down payment and closing cost assistance to eligible first-time homebuyers purchasing a home through one of the approved community-based, member lenders, such as MCU.
Homeownership Counseling
Receive up to $500 towards the defrayment of homeownership counseling costs, which will be provided for the use of the household via the member to the non-profit counseling agency. The amount of the defrayment will be added to the grant.
Your Homeownership Goals, Within Reach.
Confirm Program Eligibility.
Check with MCU to make sure you meet the program’s requirements, including being a first-time homebuyer and earning at or below 80% of the Area Median Income (AMI).
Complete Homeownership Counseling.
Attend a HUD-approved homeownership counseling class to gain a better understanding of the homebuying process and get the certification you need to be eligible for the program.
Get Preapproved for a Mortgage.
Work with MCU to get preapproved for a mortgage, so you know how much you can afford to spend on your new home and go into the process prepared to make an offer.
Find a Home and Secure Funding!
Once you’ve made an offer and have an accepted purchase contract, submit a request to FHLBNY for funding approval. If approved, FHLBNY will contact you confirming commitment of the grant for a 120-day period.
HDP funds are distributed on a first come first served basis. There is no guarantee that funds will be available when your application is submitted. The grant is a Federal Home Loan Bank of NY program. Membership eligibility required. Loan approval is based on creditworthiness.
- Applicant must be a first-time homebuyer. This is generally defined as not having owned a home individually or with a spouse in the last three years.
- Must be able to qualify for a mortgage application under the MCU minimum guidelines.
- Minimum FICO score 620
- Minimum 2 years employment history
- Maximum LTV 95% - Conventional Loan
- DTI cannot exceed 50%
- Household total income must be at or below the 80% Area Median Income (AMI) adjusted for household size.
- Complete homeownership counseling through one of the approved counseling agencies prior to program enrollment.
- Homebuyer(s) must provide a minimum equity of $1,000 toward the purchase of the home.
- Homebuyer(s) must agree to reside at the subject property for five years or repay a prorated portion of the Grant back to the Federal Home Loan Bank of New York.
If you have questions about the program or any of the above requirements, please send an email to grants@nymcu.org .
To reach us over the phone, call 844-MCU-NYNY (844-628-6969) - Select Option# 2, followed by Option# 2 again (For Real Estate sales).
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