New York Graduate to Homeownership Program Checklist
A step-by-step checklist for recent graduates applying for the New York Graduate to Homeownership Program in 2025.
Verify Your Eligibility
- Confirm that you have graduated within the past four years from an accredited college or university.
- Ensure your household income falls within the program’s limits, which vary based on location and household size.
- Verify that your credit score meets the program’s minimum requirement, typically 640 or higher. Your assigned Loan Officer can provide additional details.
- Check that the home you plan to purchase is within the program’s price limits and will serve as your primary residence.
- Confirm that the property is located in an eligible community participating in the program.
Prepare Required Documentation
- Obtain proof of graduation, such as a diploma or official transcript from an accredited institution.
- Gather proof of income, including recent pay stubs, W-2 forms, or other supporting documents for any additional sources of income.
- Provide copies of your tax returns from the past two years, including all necessary schedules.
- Collect bank statements from the last two to three months for all financial accounts.
- Compile details about the home, including the address, purchase agreement, and sale price.
- Prepare any additional documents requested by your Loan Officer, such as verification of assets, debts, or financial obligations.
Coordinate with Your Assigned Loan Officer
- A Loan Officer has been assigned to guide you through the New York Graduate to Homeownership Program application process.
- Schedule an initial consultation with your Loan Officer to review eligibility requirements and understand the necessary steps to complete your application.
- Ask any questions regarding the program, required documentation, or application process to ensure clarity.
- Follow your Loan Officer’s guidance to collect and submit all required documentation in a timely manner.
Complete Your Application
- Work closely with your Loan Officer to finalize your application for the Graduate to Homeownership Program.
- Submit all required documentation to verify eligibility for down payment and closing cost assistance.
- Review your application with your Loan Officer to ensure accuracy and completeness before submission.
- Complete a homebuyer education course if required by the program.
Finalize Your Enrollment
- Sign all necessary documents provided by your Loan Officer to complete your participation in the program.
- Prepare for any additional costs that may not be covered by the assistance, such as closing fees or prepaid expenses.
- Receive confirmation of your enrollment and details on how the assistance will be applied to your home purchase.
Maintain Program Compliance
- Ensure that your purchased home remains your primary residence for the duration required by the program.
- Notify your Loan Officer if you plan to sell, refinance, or make changes to your mortgage, as these actions may impact your program benefits.
- Stay informed about any updates or changes to program requirements to maintain compliance and retain your assistance benefits.