The U. S. Department of Housing and Urban Development (HUD) will provide $500,000 through the Federal HOME Investment Partnerships Program to assist first-time homebuyers in Nassau County, New York purchase a home, including manufactured homes. Eligible applicants can receive up to $25,000 for down payment/closing costs of a new or existing single-family home, as theislandnow tells MHProNews.

Long Island Housing Partnership (LIHP), as an agent for Nassau County Office of Housing and Community Development, will approve 70 applications. Applicants must have $5,000 as a minimum down payment plus whatever is needed to satisfy the mortgage lender’s minimum requirement, and be able to secure a mortgage.

While their gross income must meet HUD guidelines, they must have a minimum annual household income of at least $30,000, and the home occupied as the primary residence. Additionally, they have to reside in the house for at least ten years or HUD will require them to repay the grant. ##

(Photo credit: homeownernow)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.