NY A03045

Creates the "New American Homebuyer Assistance Program" within the State of New York Mortgage Agency to help first-time homebuyers who are lawful permanent residents admitted to the U.S. within the past 10 years

Allows flexible documentation requirements that accept foreign documentation of income and assets, with household income eligibility up to 130% of area median income

Offers 30-year fixed-rate mortgages with a 97% loan-to-value ratio, no prepayment penalties, and access to down payment assistance program financing

Requires applicants to have no ownership interest in a U.S. primary residence for the past 3 years and no current ownership of vacation or investment property in the U.S. or abroad

Mandates call center services and application materials be available in English, Spanish, and other languages based on state population demographics