NY A02630

Establishes the "New American Homebuyer Assistance Program" within the New York mortgage agency to provide homebuyer assistance to eligible first-time homebuyers with flexible documentation guidelines accepting foreign income and asset documentation.

Limits program eligibility to lawful permanent residents admitted within the past ten years who have not owned a primary residence in the United States in the prior three years and do not own vacation or investment properties.

Requires flexible documentation for income and assets, household income limits up to 130 percent of area median income, actual student loan payment calculations for debt-to-income ratios, and 97 percent loan-to-value ratios with fixed 30-year terms and no prepayment penalties.

Mandates a call center with translation services available in English, Spanish, and other languages determined by the agency based on state population demographics, with all application materials and guidance documents provided in multiple languages.

Authorizes the agency to establish underwriting standards, borrower requirements, counseling, and other terms necessary to ensure program solvency while requiring borrowers to occupy the financed home as their permanent residence.