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First Time Home Buyer Program
First Time Homebuyer Program:
MHANY has a comprehensive First Time Homebuyer Program which includes homebuyer workshops, one on one counseling, special mortgage products and unique collaborations to promote affordable first time home ownership opportunities.
First Time Homebuyer Workshop/Seminar
This workshop is given once per week per location and lasts for approximately two hours. It is mandatory that every prospective homebuyer attends a First Time Homebuyer workshop/seminar. The workshop/seminar includes discussion of:
- The steps to buying a new home
- Key questions prospective homebuyers should ask themselves to determine if they are ready for homeownership
- Mortgage payment versus rent - similarities/differences; pros/cons
- Bank criteria for loan applicants
- Down payment assistance (for eligible purchasers)
- Walk through of how MHANY's staff determine home buyer's affordability
- Pros and cons of purchasing different types of homes
- Condominiums/Cooperatives; the differences, formation, governance, common charges etc.
- Things to look for when reviewing the third party engineer inspection report - every homebuyer should spend this money on independent engineer's report
- Terminology the homebuyer will hear during the home buying process
- Post Closing-after you own, what to be careful with once you own the home including rental collection, being a landlord, maintenance
Click here to view our events calendar for scheduled workshops. You may register by contacting MHANY at 718-246-8080 ext. 239.
See attachments below:
Marie Pierre's Testimony.
Marie Pierre rented an affordable MHANY apartment and now is a proud
homeowner. She atributes her ability to purchase her first home to her
partnership with MHANY!
Mr. Bandera's Testimony. Mr. Bandera worked with MHANY for 5 years before purchasing an affordable home in 2011.
First Time Homebuyer Program Application.
MHANY Fliers: English & Spanish.