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Home Text Based Index About Us Contact Us Grants & Loans Rental Properties Development Services Press Release Community Resources Collaboration Area Realtors Link Directory Glossary |
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Household Size |
Livingston County Maximum Income | Wyoming County Maximum Income |
| 1 | $32,620 | $29,050 |
| 2 | $37,250 | $33,200 |
| 3 | $41,950 | $37,400 |
| 4 | $46,550 | $41,500 |
| 5 | $50,250 | $44,800 |
| 6 | $53,950 | $48,150 |
TYPE OF ASSISTANCE
- Grants are secured by a soft second mortgage.
- 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
PARTICIPATING LENDERS
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
585-394-0525 x4
Wyoming County Office:
29 Liberty St., Suite 2
Batavia, NY 14020
585-343-9167 x2200
USDA Rural Development provides mortgages for qualified buyers whose
incomes are lower than those normally accepted by conventional lenders.
Conventional Financing
The Bank of Castile
Betsy Koch, Mortgage Loan Officer
585-345-6177 betsykoch@bankofcastile.com
Steuben Trust Company
Craig W. Nobbs, Vice President
585-243-0381
www.mysteubentrust.com
Five Star Bank
All branches
www.five-starbank.com
Key Bank
All branches
www.keybank.com
HSBC Mortgage Corp
Amy Bell
Loan Officer
585-292-5562
www.hsbc.com
FIRST-TIME HOME BUYER DEFINITION
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The homebuyer cannot own a home.
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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.
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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.
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A single parent who while married owned a home with his or her spouse or resided in a home owned by a spouse.
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An individual who owned or owns, as a principal residence during the 3-year period before the purchase, a substandard home with a structure:
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Not permanently affixed to a permanent foundation in accordance with local or other applicable regulations
OR
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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.
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SOFT SECOND MORTGAGE
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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.
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There are no payments on the Note and Mortgage if the buyer lives in the home for five years.
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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.
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Under certain circumstance the remaining mortgage may be assumed by a new qualified buyer.
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.
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