Nassau County Launches Homebuyer Aid Program for Down Payment and Closing Costs

Nassau County is offering a program to help eligible homebuyers with down payment and closing costs for single-family homes or condominiums. This initiative aims to make homeownership more accessible for residents across various income levels.

The assistance comes as a 10-year deferred loan, secured by a subordinate mortgage and note. The loan includes a principal forgiveness component, with 10% of the principal forgiven annually, provided the loan remains in good standing. No monthly payments are required during this period.

Eligibility for the program extends to newly constructed homes with a certificate of occupancy, as well as manufactured home/land packages under 20 years old. The maximum allowed home purchase price for all income classifications is $602,915. Loan amounts vary based on income, with Very Low or Extremely Low income households potentially receiving 30% of the purchase price, Low income households 25%, and Moderate income households 20%.

The loan defaults if the property is sold, transferred, converted to a rental, loses its homestead exemption, or is no longer the primary residence. In such cases, the full balance becomes due, and a 10% annual interest rate applies if the loan is not paid. Residents interested in learning more or applying can contact Anser Advisory – Cameron or Tara at 850-328-2255.