Bill > S02883

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 area median income, debt-to-income calculations that account for student loan payments, a 97% loan-to-value ratio, no prepayment penalties, and access to the agency's down payment assistance program. The program is available only to eligible homebuyers, who are defined as those who have not owned a primary residence in the U.S. within the past three years, are lawful permanent residents admitted to the U.S. within the past ten years, and do not own a vacation or investment home. The agency is authorized to create and enforce credit underwriting standards to ensure the program's continued solvency.