Yonkers launches program to help first-time homebuyers with down payments
The First-Time Homebuyer Program will provide qualifying buyers with assistance toward the purchase of a home in Yonkers.
More Stories
The city of Yonkers is launching a new program aimed at helping first-time homebuyers overcome one of the biggest obstacles to purchasing a home: saving for a down payment.
The First-Time Homebuyer Program will provide qualifying buyers with assistance toward the purchase of a home in Yonkers. The city is partnering with Westchester Residential Opportunities to administer the program.
According to city officials, the assistance carries no interest and no monthly payments and is forgiven after five years if the buyer meets the program's requirements.
Officials say buyers could receive assistance of up to 19% of the purchase price. Eligible properties include single-family homes, condominiums and co-op apartments in Yonkers.
To qualify, applicants must live in Yonkers, have parents who live in Yonkers, or own and operate a business in the city.
Officials say the program is designed to help people who may be able to afford a monthly mortgage payment but struggle to save enough money for a down payment.
Two informational sessions are planned for November for people interested in learning more about the program.
The first is Nov. 9 at the Riverfront Library. The second will be a virtual session on Nov. 12.
