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HGAR official promotes house hacking, Section 8 homeownership vouchers and assistance programs for first-time buyers
Summary
Crystal Hoskins Sisco of the Hudson Gateway Association of Realtors highlighted house hacking, Section 8 homeownership vouchers and local down-payment programs as routes to homeownership and noted Bronx inventory has tightened to under five months, creating a seller's market.
Crystal Hoskins Sisco, Westchester regional director and legislative chair with the Hudson Gateway Association of Realtors, told BronxNet that several practical pathways exist for renters who want to become homeowners.
"House hacking is a way that a person actually enters into a property, usually a multifamily home... where they are owner occupied and then rent out the other space that helps them to cover their mortgage," Sisco said, describing one strategy to build equity and long-term wealth.
Sisco explained federal- and state-level programs can also help. She described the Section 8 homeownership voucher option that may be used to assist with mortgage payments, property taxes or homeowners insurance and recommended prospective buyers speak with their housing counselor to see whether their local housing authority supports the program.
She cited several first-time buyer programs and assistance options mentioned on the show: NACA (the Neighborhood Assistance Corporation of America) for low- or no-down-payment loan products; state mortgage programs and down-payment assistance (referred to on the show as SONYMA products and DPA options) and neighborhood-specific grants that can help with closing costs or renovations.
On market conditions, Sisco said Bronx inventory has tightened: "So right now, we have less than 5 months of inventory in The Bronx, which is definitely making it a seller's market," and she noted sales prices typically close at about 97%–98% of the list price, leaving some negotiating room for buyers.
Sisco advised first-time buyers to consult a qualified local realtor for a thorough financial consultation and to identify programs that match an individual's circumstances. She pointed viewers to hgar.com and offered to be a contact for local homeowners and buyers.
For more information about HGAR programs and counselor referrals visit hgar.com or contact the Hudson Gateway Association of Realtors.
