First Time Homebuyers Houses Will Get Money From New York State

Governor Hochul is letting New Yorkers know that there is going to be financial help so that families can buy their first home.

There are a few key points that Governor Hochul announced in January that will be rolled out in 2025. On Tuesday, she will lay out her address in Albany that include these points that she wrote out:

• Disincentivizing Institutional Investors from Buying up One- and Two-Family Homes
• Provide Starter Home Innovation Funding
• Support First-Time Homebuyers Down Payment Assistance
• Create an Affordable Homebuyer Tax Incentive
• Strengthen Laws and Policies To Combat Home Appraisal Discrimination

Saving enough money to make a down payment to purchase a home is a significant barrier to homeownership, especially for low- and moderate-income buyers. Governor Hochul will provide $50 million in new state funding to support New Yorkers struggling to save for down payments and help more individuals and families achieve the dream of homeownership", according to the New York State website.

A lot of banks have or have had programs for the "First Time Homebuyers" in New York State. Typically, here is how they work:

• If you open up an account with a certain bank who does a First Time Homebuyers program, you will have to put a certain amount of money for a certain amount of months.
• After that commitment, the bank will give you a certain amount of money to use towards your house when you get a mortgage for them.
• For example, for M&T, the old program you would have to put in $180 a month into an account for 12 months. After that, the bank gave you $7,500 that would come off of your closings costs when you went to buy your first home.
• Of course, there were financial limits as to how much you could make in a year to qualify for the program.

You will want to get ahold of your bank to see