First-Time Home Buyers


first time home buyers


Down Payment Assistance Program
Nassau County currently provides eligible first-time home buyers with up to $25,000 to purchase a new home. This program can be coupled with most other types of assistance and mortgages available but cannot be used with any program already being funded with HOME funds through Nassau County.

Income Guidelines
Household
Size
Minimum Annual
Income
Maximum Annual
Income
1
$30,000 $58,900
2
$30,000
$67,300
3
$30,000
$75,700
4
$30,000
$84,100
5
$30,000
$90,850
6
$30,000
$97,600
7
$30,000
$104,300
8 or more
$30,000
$111,050


Eligibility
A “first-time home buyer” is defined as a household that has not owned a home during the three-year period immediately prior to the purchase of a residence.  The maximum permitted annual household income for purchasers shall not exceed 80% of the median annual household income for the area as determined by the U.S. Department of Housing and Urban Development (HUD). Homeowners must maintain the home as their primary residence for a period of 10 years or the grant is subject to repayment.

Responsibilities / Requirements of Home Buyer
Under provisions of a federally funded program, Nassau County will provide eligible first-time home buyers with up to $25,000 towards down payment / closing costs, provided that the applicant puts a minimum down payment of at least $5,000 of purchase price.

Homes purchased must be pre-existing or a newly constructed residence located within the boundaries of Nassau County. They must be single-family dwellings (i.e., townhouses, condominiums, co-operative apartments, and manufactured homes) occupied as a principal residence. The appraised value of a HOME-assisted property to be acquired by a first-time homeowner must not exceed the limit on the value of a single-family unit, which is $354,000.

More Information
For more information, contact Norman Gersman at 516-572-2723.