What are the requirements and the documents need to qualify for the first time home buyer program in New York?
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- Maximum income and purchase price limitation (depends on county the property is located.)
- Only for owner occupied PURCHASE transactions (not for refinance)
- CANNOT currently own any other property.
- Homeownership Counseling Required.
- Reduced PMI Coverage.
- Total Mortgage payment, Including Tax and Insurance Cannot Exceed 40% of the Borrowers Gross Monthly Income.
- Total Monthly Payments, Including Principal, Interest, Tax, Insurance and all monthly debt including Credit card Minimum Payments and Car Lease Cannot Exceed 45% of the Borrowers Gross Monthly Income.
- 3 Years Tax Returns required.
- Most recent 30 day paystub with YTD.
- Most recent 2 months bank statements.
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