Bill > S05824

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, with features such as higher income limits, debt-to-income calculations that consider student loan payments, 97% loan-to-value ratios, and access to down payment assistance. The program is only available to eligible homebuyers who have not owned a primary residence in the U.S. in the past three years, are lawful permanent residents admitted within the past ten years, and do not own a vacation or investment home. The agency is authorized to set credit underwriting standards and enforce various mortgage terms to ensure the program's continued solvency.

Government Affairs

https://www.nysenate.gov/legislation/bills/2021/S5824