The State of New York Mortgage Agency, otherwise known as SONYMA, is a public authority that came into being in the year 1970 to try to provide reasonable and cheap home-ownership occasions to low and moderate revenue New Yorkers, particularly to first time home buyers.
The mission of the SONYMA is to offer mortgage programs as well as mortgage credit certificates that may help first time home buyers in the procedure of purchasing a house in the State of Big Apple.
One of the programs of the state of New York Mortgage Agency, is the Achieving the Dream Program wherein it attempts to provide eligible low-income first time home buyers with very low down payment mortgage lending programs on one or two family dwelling, for example cooperative residences, condos, and made homes that are permanently attached to a genuine property, at enormously low and consumer-friendly interest rates.
The key features of the Achieving the Dream Program is its rather low rates, the facility to provide financing up to 97% of the value of the property, a particularly low minimum borrower money contribution need of 1% of the value of the property, 100 and 240 days interest locks for existing housing and homes under construction and rehabilitation, reasonable 30- and 40-year home loan payment terms, the complete absence of repayment penalties, the provision of down-payment assistance adding up to $3,000 or 3% of the total cost of the required property, and ultimately , a trustworthy payment protection program in the event that the borrower suffers from temporary job loss or accident.
The properties that are eligible to be bought under the Achieving the Dream Program are the following:
1) Must be located in the State of N.Y.
2) Must have a sale price or appraised price that doesn’t go past SONYMA’s Price/Assessed Price limits
3) Shouldn’t be used for business or commercial uses
4) Must be an existing one family home, or an existing 2 family home that’s at least five years of age
5) Must be a maximum of 5 acres only
6) Must have at least 500 square meters of living space
So as to be considered able to submit an application under the Achieving the Dream Programme, a borrower must be:
1) Must be a first time house purchaser as defined by the guidelines and rules of SONYMA
2) Must have a stable job, a good credit history, enough revenue to cover mortgages and other payment obligations, sufficient assets and savings that would cover down payment and closing costs
3) Must be able to meet SONYMA’s Household Income Limit wants
4) Must be in a position to permanently occupy the SONYMA-financed home as their first residence.
To read some more about the Achieving the Dream Programme for First Time Home Buyers in New York, you can visit http://www.nyhomes.org/Home/Customers/SONYMA/AchievingtheDreamProgram.htm.
Iola Bonggay is an editor of TopGovernmentGrants.com one the the most complete Websites providing information on state grants and government programs.
She also maintains Sites providing resources on community grants and health grants.
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