Down Payment Assistance Loan for First Time Home Buyers in New York

by: TopGovernmentGrants Editorial Staff

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

Since then, SONYMA has been successfully offering 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.

In line with this, The State of New York Mortgage Agency has been running the Down Payment Assistance Loan Program (DPAL) wherein it intends to help first time home buyers overcome the setbacks brought about by down payments and closing costs.

Admittedly, two of the major hurdles that an individual faces when buying a home are the down payment and closing costs. Down payments, as defined in the SONYMA glossary, is the "part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage."

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Down Payment Assistance Loan for First Time Home Buyers in New York
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About The Author The TopGovernmentGrants Editorial Staff maintains one the most comprehensive Websites offering information on government grants and federal government programs. The staff also provides resources to other Websites with information on health grants and environmental grants.

Additional Resources

category - Home Buying Programs

Government Grants within the United States Housing Sector
The government has established quite a slew of agencies that are specifically designed to administer housing programs and assist the needs of homebuyers, renters, and property developers.

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First Time Homebuyer Programs in California
The programs of CalHFA are constantly guided by its overall agency mission which is to "finance below market rate loans to create safe, decent and affordable rental housing and to assist first-time homebuyers in achieving the dream of homeownership."

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Construction Incentive Program for First Time Home Buyers in New York
Under the State of New York Mortgage Agency, the Construction Incentive Program has been established. The goal of this program is to enable the construction of one and two family homes through the provision of funds, up to 97% of the value of the property, to eligible low to moderate income first time home buyers.

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Homeownership Program for First Time Homebuyers in Connecticut
The Connecticut Housing Finance Agency has established the Homeownership Program wherein it intends to provide reasonable home loans with below-market interest rates to tenants occupying publicly assisted housing who wish to transition from renting into homeownership.

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