American Dream Downpayment Initiative
The City of Yonkers, Bureau of Community Development offers a low interest loan to qualified first-time homebuyers (based on funding availability) for down payment and closing cost assistance. The loans are up to $10,000.00 at 3.00% interest for thirty (30) years for each qualified applicant.
FIRST TIME HOMEBUYER Definition: Under ADDI, a first-time homebuyer is defined as an individual and his or her spouse who have not owned a home during the three-year period prior to the purchase of a home with assistance under ADDI. The term first-time homebuyer includes displaced homemakers and single parents. The official definition used for ADDI is located in Title I of the Cranston-Gonzalez National Affordable Housing Act (Public Law 101-625, approved November 28, 1990) (NAHA).
1. Yonkers resident for a minimum of two (2) years.
2. Employed for a minimum of two (2) years with a total household income of not more than 80% of the Westchester County median income.
3. Established good credit.
4. Savings/Checking/Money Market or other account.
5. Provide a minimum of $1,000.00 of your own funds toward purchase of property.
6. A Commitment Letter for purchase from a bank or mortgage companies.
PLEASE NOTE THAT FUNDING IS LIMITED; THE CITY RESERVES THE RIGHT TO CANCEL THIS PROGRAM WITHOUT NOTICE.
For additional information please contact The Bureau of Community Development at 914-377-6650