Achieving the Dream Program for First Time Home Buyers in New York

by: Iola Bonggay

The State of New York Mortgage Agency, otherwise known as SONYMA, is a public authority that was created in the year 1970 in an effort to provide reasonable and affordable home-ownership opportunities to low and moderate income New Yorkers, especially to first time home buyers.

The mission of the SONYMA is to offer mortgage programs as well as mortgage credit certificates that will assist first time home buyers in the process of purchasing a house in the State of New York.

One of the programs of the State of New York Mortgage Agency, is the Achieving the Dream Program wherein it seeks to provide eligible low income first time home buyers with really low down payment mortgage financing programs on one or two family dwelling, such as cooperative apartments, condominiums, and manufactured homes that are permanently attached to a real property, at tremendously low and consumer-friendly interest rates.

The key features of the Achieving the Dream Program is its rather low interest rates, the ability to provide financing up to 97% of the value of the property, a very low minimum borrower cash contribution requirement of 1% of the value of the property, 100 and 240 days interest locks for existing housing and houses under construction and rehabilitation, reasonable 30- and 40-year mortgage payment terms, the utter lack of repayment penalties, the provision of down payment assistance amounting to $3,000 or 3% of the total value of the desired property, and ultimately, a reliable payment protection program in the event that the borrower suffers from temporary job loss or accident.

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Achieving the Dream Program for First Time Home Buyers in New York
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About The Author Iola Bonggay is an editor of TopGovernmentGrants.com one the the most comprehensive Websites offering information on government grants and federal government programs. She also maintains Websites providing resources on community grants and health grants.

Additional Resources

category - Home Buying Programs

Second Mortgage Loan Program and Mortgage Credit Certificate for Homebuyers in North Carolina
One of the more popular programs is the FirstHome Mortgage Program for First Time Homebuyers which offer significantly low interest rates and a rather low fixed 30-year mortgage plan.

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Rural Community Development Initiative
The Rural Community Development Initiative can be awarded to legally qualified private, public, and tribal groups or organizations that have the experience and capability of providing training and technical assistance to nonprofit community-based housing and community development organizations, as well as low income rural communities.

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Downpayment Assistance Program for the First Time Home Buyers in North Carolina
In an attempt to contribute to the eradication of this problem, the North Carolina HFA has established the Downpayment Assistance Program for the First Time Home Buyers wherein they provide interest-free, deferred second mortgages up to $8,000 to cover the downpayment and closing costs of a chosen property.

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California Homebuyer's Downpayment Assistance Program for First Time Home Buyers
The California Homebuyer's Downpayment Assistance Program is a deferred payment junior loan that can be used in conjunction with other CalHFA housing programs. It provides borrowers with funds amounting to 3% of the actual value of the property that they wish to inquire in order to cover the downpayment costs.

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