@username09 wrote:
Basically I'm a 27 year old first time home buyer. I've been in my civil service career for 5 years now, will be buying by myself but soon after my girlfriend would be moving in and helping out. I have about $20k saved up and am completely debt-free. I've grown up in and am looking to purchase a home in Suffolk County Long Island, NY in the $250k range. I'm guessing an FHA loan would be the best route. I'm basically looking for any and all info on FHA, available grants and downpayment assistance programs that are available. Any direction and insight you guys can provide is greatly appreciated!
For down payment assistance you need to check out your local city/county offices or your local hud housing coordinator as they would know of any grants available for you. Keep in mind that those grants are income eligible so assuming you have no children your salary can't be more than huds median income limit (80%). Also these funds run out quickly. Go to hud.gov and your be able to find that info as well as contact numbers for your local people.
You also might want to look into SONYMA. It's a mortgage program for people who live in NYS and it's similar to fha but usually the rates are lower. Also I think the downpayment requirement is still only 3% compared to 3.5 for fha
