Grants & Loans
"HOME CHOICE V"
Livingston/Wyoming Home Choice V is
a grant program that helps first-time homebuyers
buy an existing home
in Livingston and Wyoming Counties.
Eligible buyers may receive a "forgivable
loan" for down-payment assistance and closing costs. Grant maximum is $14,999. The staff at GVRPC,
Inc. will help coordinate permanent mortgage financing for qualified
buyers with participating area lenders.
TYPE OF ASSISTANCE
AMOUNT OF GRANTS
- Grant amount vary according to the purchase price of home.
- Maximum grant with conventional financing is $14,999.
- Grants are used for closing costs and principle reduction.
- Homes must be located in Livingston or Wyoming Counties.
COUNSELING AND TECHNICAL ASSISTANCE
Home buyers will receive assistance with:
- Securing financing
- Selection of a home
- Selection of approved home inspector
- Inspections during the purchase process
- Mandatory 12 hours of classroom pre-homeowner education
NYS Division of Housing & Community Renewal
Source of Grants for "Home Choice V"
USDA Rural Development
Livingston County Office:
3037 County Road 10
Canandaigua, NY 14424
Wyoming County Office:
29 Liberty St., Suite 2
Batavia, NY 14020
USDA Rural Development provides mortgages for qualified buyers whose
incomes are lower than those normally accepted by conventional lenders.
The Bank of Castile
Betsy Koch, Mortgage Loan Officer
Steuben Trust Company
Craig W. Nobbs, Vice President
Five Star Bank
HSBC Mortgage Corp
FIRST-TIME HOME BUYER DEFINITION
The homebuyer cannot own a home.
An individual, or an individual and his or her partner, who have not
owned a house during the 3-year period before the purchase of a home with
"Home Choice" assistance.
A displaced homemaker (an adult who has not worked full-time, full-year
in the labor force for a number of years, but has, during such years, worked
primarily without remuneration to care for the home and family; and is
unemployed or underemployed and is experiencing difficulty in obtaining or
upgrading employment) who, while a homemaker, owned a home with his or her
spouse or resided in a home owned by the spouse.
A single parent who while married owned a home with his or her spouse or
resided in a home owned by a spouse.
An individual who owned or owns, as a principal residence during the
3-year period before the purchase, a substandard home with a structure:
Not permanently affixed to a permanent foundation in accordance with local or other applicable regulations
Not in compliance with State, local or model building codes, or other applicable codes, and that cannot be brought into compliance with such codes for less than the cost of constructing a permanent structure.
SOFT SECOND MORTGAGE
An interest free Note and Mortgage, held by GVRPC, must be signed by the buyers to
secure the amount of the grant for five years.
There are no payments on the Note and Mortgage if the buyer lives in the
home for five years.
If the buyer chooses to move out of the house before the five year period
is up, a pro-rated portion of the grant must be repaid.
Under certain circumstance the remaining mortgage may be assumed by a
new qualified buyer.
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GVRPC, Inc. is an Equal
Opportunity Housing Provider.
Funding for this Home Buyer Program is made possible
by the New York State Division of Housing and Community Renewal.