5 First Time Homebuyer Programs in New York

Owning a home in the US is one way to achieve your American dream. However, lots of home buyers today have made this dream unreachable due to economic uncertainty. In order to assist first-time home buyers owning their American dream, several states provide specific programs that can help new home buyers. In New York City, there are available fixed rate financing program at the lowest rates.

SONYMA’s Remodel New York

The program is created by SONYMA that allows first-time home buyers in order to finance the buying and home repairs. This is intended for first time home buyers with low and moderate income. The features of the program include competitive interest rates, can finance up to 97% of the home price, 30 year term, interest rate lock of 100 days, no penalties on prepayments, and down payment assistance.

SONYMA’s Achieving the Dream Mortgage Program

If you have a low income and first time home buyer, then you are qualified for this program in New York City. The program has a very low down payment and can finance 1 and 2 family dwellings including coop apartments, condos, and manufactured homes. The eligible property for this program must be in New York State, and the home must not be used for commercial or business.

SONYMA’s Construction Incentives

The program offers 97% financing with a rate lock period for long years. This is ideal for first time home buyers who want to purchase rehabbed homes. Can finance up to 97% of the property value for the qualified borrowers, financing assistance of 3% of the price of the homes, and has a term of at least 30 years. You are eligible for this program if you have a good credit standing, stable job, sufficient income, and cash or savings.

SONYMA’s Low Interest Rate Program

Take the advantage of today’s low mortgage interest rates only at SONYMA’s Low Interest Rate Program.  The very low down payment program helps home buyers purchase 1 up to 4 dwelling properties at the lowest rates. These include condos, coop apartments, and manufactured homes only. The 100 day interest rates lock for the existing housing and provide at least 3% down payment assistance for the price of the home.

SONYMA’s Down Payment Assistance Loan

The SONYMA’s Down Payment Assistance Loan or (DPAL) offers assistance for down payment to people who want to buy a home for the first time. This program can also be used in any kinds of programs in New York City that are listed above. It has zero percent interest rate without monthly payments. First time home buyers can avail the loan up to one thousand dollars.

Since the biggest obstacle in owning a home is the funds, it is important that you have available cash for the closing costs, down payments, and other additional costs. However, by availing any kinds of programs intended for first time home buyers in the US, especially if you want to reside permanently in New York City, your American dream will become a reality.

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