Bill > A02630

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 household income limits, debt-to-income calculations that consider student loan payments, and a 97% loan-to-value ratio. The program is available to eligible homebuyers who have not owned a primary residence in the U.S. within the last three years, are recent lawful permanent residents, and do not own a vacation or investment home. The agency is authorized to implement procedures and requirements for the program, including outreach, education, and counseling.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2021/A2630