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"Under this program the Town of Babylon will match the first time home buyers down payment, dollar for dollar, up to $15,000. "
how would it work if a homebuyer were to put down:
$10,000?
$25,000?
FYI, TOB is no longer accepting applications. It was a simple matching - you put down $10,000, they matched $ for $ = put up another $10,000 and so on, up to $15,000. If you had $25,000, they put up $15,000.
Town of Huntington has that program right now, up to $15,000. Maximum money available is $600,000--when that's gone, it's over...
It was a simple matching - you put down $10,000, they matched $ for $ = put up another $10,000 and so on, up to $15,000. If you had $25,000, they put up $15,000.
simple. thats what we thought too.
if you have $10k, you can't get anything.
You need to have $15k in order to get anything.
do you believe that?
12 pages of 'guidelines', and we only find this out as we near closing.
unbelievable.
its just that when when I spoke to the people running the program about the requirement, they acted as if the statement I quoted clearly stated the details.
just wanted to check to see if other people read it the way I originally did.
12 pages of 'guidelines', and we only find this out as we near closing.
unbelievable.
I don't know how you could have missed it. They asked if I had 15k on the documents and they made sure I had 15k available by looking at my accounts. Also be aware there is an additional fee of about $250 at closing for the TOB program.
I don't know how you could have missed it. They asked if I had 15k on the documents and they made sure I had 15k available by looking at my accounts. Also be aware there is an additional fee of about $250 at closing for the TOB program.
thats interesting.
what documents? The application didn't mention anything about $15k. And it's 12 pages. Why not make it explicit?
If only it said something like "the applicant must provide $15,000 and the Town will match that amount."
when she 'clarified it' for me last week, i doubted myself. But then i looked back at all our paperwork, and I'm sure it wasn't specified anywhere. when we got the purchaser's cert, it was in fact written more explicitly there.
Furthermore, at our conseling session, we went over what we intended to do ($280k house, $10k dp) and the counselor ran numbers based on that info.
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Of course I was referring to Town of Babylon 
