Down Payment and Closing Cost Assistance Loan

AAFE Community Development Fund has developed this loan program to help first-time homebuyers with their down payments, and in lowering the loan-to-value ratio of their primary mortgage. It provides qualified homebuyers with up to $75,000 toward the down payment or closing costs on a 1-4 family home, a condominium, or a cooperative in one of the five boroughs of New York City.

Loan Maximum: $75,000

Income Limit: No income limit in New York City (all five boroughs). 250% of HUD medium income for other areas.

Property Eligibility: Co-op, Condo, 1-4 Family Home

Location Limits: New York City 5 Boroughs, Nassau, Suffolk Counties, Westchester.

Closing Costs: $150 (application fee), 1% of loan amount (origination fee), $18.40 per applicant (credit report), $80 (UCC-1 Filing Fee)

For more information call 212-964-2288 or 718-961-0888