Mr. and Mrs. Sasso, pictured here, took advantage of our downpayment and closing cost assistance loans and were able to close on 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. In these tough economic conditions AAFE Community Development Fund understands that these families nevertheless deserve proper housing within the community.
With those concerns in mind, AAFE CDF developed this 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.
Eligibility
To qualify for the loan, a prospective homebuyer must meet all of the following criteria:
- Be a first-time homebuyer
- Complete one of our homebuyer education courses
- Have his/her own savings to contribute to the down payment or closing costs
- Meet program income eligibility requirements
- Purchase a 1-4 family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City
- The home purchased must pass Housing Quality Standards (HQS) inspection before purchase
- Live in the home purchased for at least 10 years.
Who will be assisting me throughout the loan process?
Our loan services are conducted on a one-on-one basis with one of our trained and HUD-approved Housing Counselors.
How can I apply?
If you are eligible and would like to apply please Contact Us call (212)-964-2288.
