At BCNA, we can help you become a first-time home – or apartment – buyer through saving programs which provide financial incentives, advice on saving money for a down payment and closing costs, and seminars about the mortgage process and the benefits & responsibilities of home ownership.
Saving for a First Home
If you are a low to moderate-income New Yorker, we can help you qualify for one of these government-sponsored savings programs:
- The HomeFirst Down Payment Assistance Program, which provides a grant up to 6% of a home’s purchase price (or $40,000, whichever is greater) to be used towards down payment and closing costs.
- The First Home Club Matched Savings Program, which provides incentives for home buyers to open and fund a first home savings account. Qualified individuals can receive $4 for every $1 saved, with a maximum grant of $7,500.
- The Individual Development Account (IDA) for refugees, which matches every dollar saved (up to $2,000 per individual or $4,000 for a family) to encourage creating and contributing to a savings account for the purchase a home.
Understanding Home Ownership
BCNA’s home ownership seminars will help you understand the home purchasing process and what is involved in home ownership. The seminars are offered four times a year and fulfill the education requirement for both the HomeFirst Down Payment Assistance Program and the First Home Club Matched Savings Program, including:
- Understanding mortgages and the mortgage application process
- Special down payment assistance programs
- Benefits and responsibilities of home ownership
- The home inspection process