Everybody knows somebody who grew up here and moved away. Maybe they went to Astoria for the rent. A lot of them would come back if they could buy a place.
Here is the news. Yonkers has a new program to help first-time buyers with the down payment. And you don't have to live in Yonkers right now to use it.
The official name is a mouthful: the City of Yonkers First-Time Home Buyer Down Payment Assistance Program. It lives at owninyonkers.com, in English and Spanish.
Up to 19% of the Price, Forgiven After 5 Years
A down payment is the cash you pay up front when you buy a home. A mortgage covers the rest. For a lot of first-time buyers, saving it up is one of the hardest parts.
This program can cover up to 19% of the purchase price toward that down payment. It comes as a loan with 0% interest and no monthly payments. Live in the home for five years and follow the rules, and the loan is forgiven. That means you never pay it back.
The fine print is worth knowing. The loan is recorded against the house as a second loan behind your mortgage. Sell the house or hand it to someone else inside those five years, and you may have to repay it. The exact amount is set during underwriting, which is a close check of your finances. It also depends on how much money is left.
In his March speech, the Mayor said the money comes from federal HOME funds and the City's own Housing Trust Fund.
And a Parent's Year in Yonkers Counts
You need one tie to Yonkers, and there are three ways to have it. You've lived here for at least the past 12 months. Or a parent who lives here now has been here at least the past 12 months. Or you own and run a business based in Yonkers.
That middle option is the surprise. Your mom or dad's address can be your way in. The application asks for a lease and two recent Con Edison bills, or other mail, to prove the address.
You also have to be a first-time buyer. The application asks if you've owned a home in the last three years. Veterans with an honorable discharge can skip that rule with their DD-214 form.
Income limits apply too. They depend on how many people live in your home and which pot of money you match with. WRO checks your income and tells you what you qualify for.
But Get Approved Before You Sign
This is the step to get right. You must get program approval before you sign a contract to buy a house. The order matters.
Here is what else you need. A lender's pre-approval, which means a lender says yes to your home loan. At least 1% of the price from your own savings. And homebuyer counseling from an agency approved by HUD, the federal housing department, with a certificate to prove you finished.
WRO handles that part. That's Westchester Residential Opportunities, a HUD-approved counseling agency in White Plains. It helps with the application and walks you through to closing. It charges program applicants no fees.
Once you're approved, the clock starts. You get 90 days to find a home in Yonkers. Single-family houses, condos and co-op apartments can all qualify. The money is limited and goes out first come, first served.
So Your Way Home Starts Oct. 21
The first step is an info session. The in-person one is Wednesday, Oct. 21, at Riverfront Library at 1 Larkin Center. English runs 5:30 to 6:30 p.m. Spanish runs 6:30 to 7:30 p.m.
Can't get there? An online session runs Wednesday, Oct. 28, at the same times. The website says sign-up details and the link will be posted there. One heads up: the info session does not count as your counseling.
Mayor Mike Spano announced the program at his State of the City in March. His letter on the program site says it plainly: "We want to help more people who have a connection to Yonkers make that purchase here in our City."
So send this to the one who moved away. Then get the details at owninyonkers.com.
Follow @TheYonkersCollective on Instagram for more Yonkers stories. And for the best of the whole 914, read Not Upstate Magazine at thenineonefour.com.
Want more stories like this?
Sign up free for the Not Upstate Digital Magazine, a new issue every two weeks on the people, places, and culture of Westchester and the Hudson Valley.