Bill > S02812

This bill establishes the New American Homebuyer Assistance Program within the State of New York Mortgage Agency to assist first-time homebuyers by imposing flexible documentation guidelines that take into account foreign documentation of income and assets. The program features include flexible documentation requirements, household income eligibility limits up to 130% of the area median income, debt-to-income calculations that consider actual student loan payments, 97% loan-to-value ratio, no prepayment penalties, access to down payment assistance, and translation services for applicants. The program is available only to eligible homebuyers who have not owned a primary residence in the U.S. within the past three years, are lawful permanent residents admitted within the past ten years, and do not own a vacation or investment home.