2 DECEMBER 30, 2021 RIDGEWOOD TIMES WWW.QNS.COM
Ridgewood Savings Bank participates in New York
City-run program to help fi rst-time homebuyers
BY JULIA MORO
EDITORIAL@QNS.COM
@QNS
Ridgewood Savings Bank is
participating as a lender in the
city-run HomeFirst Down Payment
Assistance Program (HomeFirst)
that offers up to $100,000 in down
payment and closing costs to firsttime
homebuyers in New York City.
Funded by the U.S. Department of
Housing and Urban Development,
HomeFirst works with more than
20 local counseling agencies to assist
first-time homebuyers in securing
a home. First, these agencies help
certify income to qualify and ensure
consumers complete the mandatory
Homebuyer Education classes. Then,
lenders, like Ridgewood Savings
Bank, help consumers with pre-qualified
mortgages to purchase a one to
four-family home, condominium or
a cooperative in the city.
The program has expanded,
doubling the amount of financial
assistance available for first-time
homebuyers to achieve the city’s
key goal of providing low-income
New Yorkers with more housing
opportunities.
Since the program launched in
2004, HomeFirst has helped over
3,000 people become homeowners
throughout the city.
“For too long, there’s been unequal
access to homeownership, the
largest wealth creator in this country,”
said Vicki Been, deputy mayor
for Housing and Economic Development.
“This critical expansion of
HomeFirst will serve to make New
Yorkers more economically secure,
our neighborhoods more stable and
a recovery for all of us more certain.”
Eligible applicants can earn up to
80% of the Area Meridian Income or
$86,000 for a family of three. Home-
First participants must complete a
homebuyer education course, contribute
savings to the purchase and
live in their home for up to 15 years
to receive the full benefits of loan
forgiveness through the program.
On top of Ridgewood Savings
Bank’s involvement in this program,
earlier this year, the bank implemented
Good Move Plus, an affordable
mortgage product designed to
make homeownership more accessible
for families and individuals.
Ridgewood Savings Bank also offers
affordable State of New York Mortgage
Agency (SONYMA) options.
“Ridgewood is very pleased to participate
in HomeFirst and partner
with counseling agencies to help
qualifi ed borrowers choose from our
expansive line of mortgage products,”
said Anthony J. Simeone, executive
vice president and chief lending offi
cer at Ridgewood Savings Bank.
For more information on the program,
visit the HomeFirst eligibility
site.
Photo courtesy of Ridgewood Savings Bank
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