Down Payment Assistance Loan

Mr. and Mrs. Sasso, pictured here, took advantage of our downpayment and closing cost assistance loans and were able to purchase a beautiful 3-family brownstone apartment in Brooklyn, NY.

Many New Yorkers want to buy a home but don’t have enough money saved for their down payment and closing costs. AAFE Community Development Fund is dedicated to helping make the dream of home ownership come true.

AAFE CDF developed this Downpayment Assistance Loan product to help first-time homebuyers with their down payments, and 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 Purpose: To help homebuyers get approved for a first mortgage more easily.

Loan Maximum: $75,000

Interest Rate:
5% for households at or below 100% of HUD median income
6% for households below 165% of HUD median income
6.5% for households over 165% of HUD median income

Income Limit: No income limit for 5 boroughs of NYC; 250% of HUD medium income for other areas

Property Eligibility: Coop, Condo, 1-4 Family home

Location Limits: 5 boroughs of NYC, Nassau, Suffolk, and Westchester 

How can I apply?
If you are eligible and would like to apply please Contact Us or
call (212)-964-2288.