From the SONYMA website (link above on title):"The State of New York Mortgage Agency, or SONYMA, provides affordable homeownership opportunities to low- and moderate-income first-time homebuyers in New York State. SONYMA's primary homeownership program is the Low Interest Rate Program. It features below-market,fixed interest rates for first-time homebuyers. Up to 97% financing is available. To be eligible, a prospective homebuyer's income must be within the program's household income limits and the sales price of the property
cannot exceed the program's purchase price limits. SONYMA also offers several specialized homeownership programs:
1. The Achieving the Dream Program offers a very low interest rate mortgage to
low-income first-time homebuyers.
2. The Construction Incentive Program provides up to 100% financing to
qualified first-time homebuyers who purchase newly constructed or rehabilitated homes.
3. The Remodel New York Program allows borrowers to finance the cost of
acquisition and renovation in one low-rate loan.
4. The Keep the Dream Program helps owners with adjustable, interest-only or
other unconventional mortgages avoid foreclosure by refinancing with a fix-rate
mortgage.
5. The Homes for Veterans Program allows military veterans to obtain any SONYMA
mortgage on more favorable terms.
Closing Cost Assistance Loans are available along with every SONYMA loan. Qualified borrowers may receive closing cost assistance of $5,000 or 5% of the mortgage loan amount-whichever is greater. The interest rate for applicants taking advantage of our CCAL program is 0.50% higher than the standard SONYMA rate offered for each program. SONYMA also offers special incentives to prospective homebuyers interested in purchasing a newly constructed,energy efficient home under the ENERGY STAR® Labeled Homes Program or a home in a Federally designated Target Area, which are areas considered economically distressed.For more information please visit our website at www.nyhomes.org or call us at (800) 382-HOME (4663)"
Monday, August 31, 2009
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Many may not perceived it but it is actually the best time to purchase a new home because of the advantages it offers such as lower price, lower interest rates, tax savings, more choices etc. So instead of wasting money in renting a place, buying something that can be an equity is far more better option.
ReplyDeleteYes, but to misquote Charles Dickens, for some, it is the best of times, for others, it is the worse. I believe that anyone considering to purchase a home should first consult with an attorney and/or a financial consultant (their accountant) before a decision is made to go ahead.
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