NY A02549

Creates the "New American Homebuyer Assistance Program" within the New York mortgage agency to provide homebuyer assistance to eligible first-time homebuyers with flexible documentation for foreign income and assets.

Defines eligible homebuyers as lawful permanent residents admitted within the past 10 years who have not owned a primary residence in the U.S. in the past three years and do not currently own vacation or investment properties.

Requires fixed-rate, 30-year mortgage terms with a 97 percent loan-to-value ratio, no prepayment penalties, and household income limits up to 130 percent of area median income.

Mandates student loan debt calculations based on actual average monthly payments during the preceding 12 months or current payment, whichever is higher, regardless of repayment plan type.

Requires call center support with translation services in English, Spanish, and other languages based on state population needs, with all guidance documents and applications available in multiple languages.