NYC Department of Housing Preservation and Development ...

HomeFirst Term Sheet 10.01.21 4 HPD HomeFirst Loan Terms • Loan Term: 10 years for loan less than or equal to $40,000 or 15 years for loans greater than $40,000. • Interest Rate: 0% • Loan Amount: The formula for determining the HomeFirst loan amount is the lesser of 20% of the purchase price of the home or $100,000. • Income Eligibility: Borrower’s household income …

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