Bill > A02549

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 consider actual student loan payments, a 97% loan-to-value ratio, no prepayment penalties, access to down payment assistance, and multilingual call center and application materials. The program is available only to eligible first-time homebuyers who will occupy the home as their permanent residence, and the agency can implement additional procedures and requirements as necessary.