Ridgewood Savings Bank Joins The HomeFirst Down Payment Assistance Program

HomeFirst works directly with more than 20 local counseling agencies in assisting first-time homebuyers with the eligibility requirements including certifying their income if they qualify and ensuring they complete Homebuyer Education classes.

Consumers are then referred to participating lenders like Ridgewood for pre-qualified mortgages to purchase a 1-4 family home, condominium, or a cooperative in one of New York City’s five boroughs.

Earlier this year, Ridgewood introduced its newest affordable mortgage product, Good Move Plus, which is designed to remove some of the hurdles to homeownership for families and individuals who have the income but need a little extra support. In addition, Ridgewood offers other affordable State of New York Mortgage Agency (SONYMA) mortgage options.

A recent New York City Housing Preservation and Development press release announcing HomeFirst’s expansion reported that “The Neighborhood Housing Services of New York City (NHS) administers the program on the City’s behalf, and it is funded by the U.S. Department of Housing and Urban Development (HUD).”

HomeFirst Eligibility Requirements Include:

• Be a first-time homebuyer
• Complete a homebuyer education course taught by an HPD-approved counseling agency
• Make a minimum down payment of 3% of the purchase price towards the home purchase, 1% of the contract deposit must be sourced from the buyer's own funds
• Purchase a 1-4 unit family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City
• Pass a Housing Quality Standards (HQS) inspection before purchase
• Live in the home for at least:
  • 10 years if the loan received is less than or equal to $40,000
  • 15 years if the loan is greater than $40,000
• Have a maximum household income up to 80% AMI: