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CAP Welcomes the First Time Homebuyer's Program

posted Jul 30, 2015, 8:49 AM by CommunityActionPartnership MadisonCounty   [ updated Jul 30, 2015, 9:16 AM ]
Madison County has recently been awarded the 1st Time Homebuyer's Program awarded through New York Community Development Block Grant.  The housing award is $590,000 for direct home ownership assistance in Madison County.  The goal of Madison County's CDBG housing program is to facilitate and expand first time home ownership to Low to Moderate Income (LMI) families.

At this time, the maximum grant awards are up to $30,000.  Awards are used toward closing costs and principal reduction on the new property.  If grant recipients stay in their home for 10 years, there is no repayment of the grant.  If the new homeowner sells before this time, the grant repayment is pro-rated.

All homes purchased must be in Madison County
Currently, the maximum purchase price for a home is $125,000.  (Based on inside/outside ratios of 28%-38% and subject to change)

Who Qualifies?
You must be a First Time Homebuyer. To be considered a First Time Homebuyer:
You must have never owned a home before
AND
It has been over 3 years since your name has been on a deed
OR
You are a displaced partner/homemaker

You must fall within the HUD income guidelines listed:
Family Size    Maximum Gross $/Yr.
1                   $38,400
2                    $43,850
3                    $49,350
4                   $54,800
5                   $59,200
6                   $63,600
7                   $68,000
8                   $72,350 

Once you are pre-qualified through our initial screening, you will be assigned a Housing Counselor and an interview time is set to discuss your personal credit/budget issues.  Six additional one-on-one classes are scheduled to complete our 12-hour Homebuyer's Education Class.  Our Loan Review Committee then reviews the application and makes the final decision on awarding the grant and assigning the maximum purchase price for each applicant.

For an application or questions about the program, please contact our Morrisville Office at 315-684-3144, Ext 34
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