The Town of Babylon, Century 21 Adams Real Estate and CHI are announcing a comprehensive plan to provide middle-income families on Long Island financial and educational incentives to help them fulfill the American Dream of homeownership. The initiative, which provides down-payment assistance grants to income-eligible first-time buyers and scholarships to a bank-qualified homebuyer education course provided by CHI, is being outlined at a Homebuyer Orientation session on Wednesday, October 15 in Copiague. (Click for additional information and to register.)
“For those families who think owning a home on Long Island is financially out of reach, think again,” said Babylon Town Supervisor Rich Schaffer. “This program is designed for those who can qualify for a modest mortgage, but might not have sufficient savings for a down payment,” he said.
Under its Renters into Owners program, CHI provides grants averaging $25,000 to qualified first-time buyers for down-payment assistance and home improvements. To be eligible, individuals on Long Island may not earn more than $66,000 annually or $94,000 annually for a family of four.
“Babylon has a median annual household income of approximately $80,000,” said Alexander Roberts, executive director of CHI. “These are exactly the people who can take advantage of the grants, which have already helped 500 individuals and families to become homeowners over the past 17 years.”
Century 21 Adams Real Estate in Babylon is offering interested clients a $50 scholarship to fund part of the $99 fee for the homebuyer education course. Mary E. Adams, managing broker at the agency, encourages interested first-time buyers not to wait any longer to take advantage of these incentives. “Interest rates are still low and participating in a homebuyer education course increases significantly your chances of securing a mortgage,” she said.