What is the New York Achieving the Dream Program?
The New York Achieving the Dream Program provides low-interest, fixed-rate mortgages and down payment assistance to help eligible first-time homebuyers achieve homeownership.
Who qualifies for the Achieving the Dream Program?
Eligibility is limited to first-time homebuyers who meet income, credit, and property requirements. Applicants must also plan to use the home as their primary residence.
Does the program offer down payment assistance?
Yes, the program provides down payment and closing cost assistance to eligible buyers, making it easier to afford upfront homebuying expenses.
Is the down payment assistance a loan or a grant?
The assistance is offered as a forgivable loan, which may not need to be repaid if buyers meet program conditions, such as living in the home for a specified period.
What is the minimum credit score required for the program?
A minimum credit score of 640 is generally required, though higher scores may improve eligibility and loan terms.
Are there income limits for the Achieving the Dream Program?
Yes, income limits apply and vary based on household size and the location of the property. These limits are updated annually to reflect market conditions.
What types of properties are eligible for the program?
Eligible properties include single-family homes, condominiums, townhouses, and cooperative units. Manufactured homes may also qualify if they meet program requirements and are permanently affixed to a foundation.
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Get Started NowCan the program be used for newly constructed homes?
Yes, newly constructed homes are eligible as long as they meet program guidelines and are intended to be the buyer’s primary residence.
Is homebuyer education required for the Achieving the Dream Program?
Yes, completing a homebuyer education course is mandatory to prepare buyers for the responsibilities of homeownership and to maximize the program's benefits.
What is the maximum purchase price allowed under the program?
The maximum purchase price varies by region but is typically capped at $500,000 in non-targeted areas and higher in targeted areas.
Can the Achieving the Dream Program be combined with other assistance programs?
Yes, the program can often be combined with other state or local assistance programs to maximize financial benefits for eligible buyers.
Are there debt-to-income (DTI) ratio limits for the program?
Yes, the program generally allows a maximum DTI ratio of 45%, though exceptions may apply based on other financial qualifications.
What fees are associated with the Achieving the Dream Program?
Standard loan-related fees, such as origination, appraisal, and processing fees, may apply. Borrowers should confirm these costs with their lender.
What happens if I sell or refinance my home before meeting program requirements?
If you sell or refinance before fulfilling the program’s conditions, you may be required to repay some or all of the down payment assistance provided.
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Get Started NowCan the program be used to refinance an existing home?
No, the program is specifically designed to assist with purchasing a primary residence and does not apply to refinancing.
Are there reserve requirements for the program?
No specific reserve requirements are imposed, but having financial reserves may strengthen an applicant’s overall loan profile.
Are there location restrictions for the program?
Yes, the property must be located in New York State, and additional guidelines may apply depending on whether the home is in a targeted or non-targeted area.
What are the benefits of the Achieving the Dream Program?
The program offers affordable mortgage rates, down payment assistance, and access to homebuyer education, making homeownership more attainable for eligible first-time buyers.
How do I apply for the Achieving the Dream Program?
Applicants must meet eligibility requirements and work with a program-approved lender who will guide them through the application process.
What is the loan term for the Achieving the Dream Program?
The program provides a 30-year fixed-rate mortgage, ensuring long-term affordability and predictable monthly payments for homebuyers.