CDCLI Down Payment and Closing Cost Assistance Loan
Funding status: Active
How much assistance
Up to $75,000 (Repayable Loan)
Eligibility
- Income limits: No greater than 120% of Area Median Income based on family size
- First-time buyer required: Yes — Must not have owned a home in the past 3 years.
- Geographic restrictions: Property must be located in Nassau or Suffolk County, NY.
- Homebuyer education required: Yes
How to Apply for CDCLI Down Payment and Closing Cost Assistance Loan
Step 1: Contact CDCLI Funding Corporation to apply. Must complete CDCLI's NeighborWorks Home Buyer Education Program. Must have a commitment for a fixed rate first mortgage through an NYS-approved lender. Funds can be combined with borrower's own funds for up to 20% financing to avoid PMI.
Notes
CDCLI is a U.S. Treasury-certified CDFI. Low-interest rate loan with fixed rates of 3%, 3.25%, or 3.5% depending on loan size. Maximum loan term cannot exceed the term of the first mortgage. Eligible property types: co-op, condo, single-family, or legal two-family.