Bill > A04942

This bill establishes the New American Homebuyer Assistance Program within the State of New York Mortgage Agency to assist first-time homebuyers. The program imposes flexible documentation guidelines that take into account foreign documentation of income and assets, and includes features such as higher income eligibility limits, student loan payment calculations, no prepayment penalties, and access to down payment assistance. The program is available only to eligible homebuyers who are lawful permanent residents of the United States within the past 10 years and do not own a vacation or investment home. The Agency is authorized to set credit underwriting standards and other terms to ensure the continued solvency of the program.