Suffolk's first-time home buyer program provides $14,000 per home purchaser...

Suffolk's first-time home buyer program provides $14,000 per home purchaser but excludes Islip and Babylon Towns, which have their own programs. The program also has strict requirements regarding minimum and maximum income level and savings. Credit: iStock

Suffolk County announced the availability of $500,000 in federal funds to help low- to moderate-income first-time home buyers make their down payments.

The program provides $14,000 per home purchaser but excludes Islip and Babylon Towns, which have their own programs. The program also has strict requirements regarding minimum and maximum income level and savings. The money is granted in the form of zero-interest deferred loans but the loans are forgiven if home purchasers fulfill requirements of the program.

Applications will be accepted through Oct. 31, County Executive Steve Bellone said in an announcement. The home purchases must close by April 30 -- or Dec. 15 for new construction.

To be eligible, the home, condo or coop must be single-family owner-occupied and its value not exceed $333,000 for existing housing or $388,000 for new construction.

Those interested must apply by mail. Applications are available from the county’s Community Development Office by calling 631-853-5705 or can be downloaded at http://www.suffolkcountyny.gov/Portals/0/ecodev/Community%20Development/2013%20DPAP%20Program%20Guidelines%20and%20Application.pdf.

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