Down Payment Assistance Loan for First Time Home Buyers in New York
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On the other hand, the closing cost, is defined as the "Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Closing costs normally include, but are not limited to, fees charged by lenders, attorney fees, taxes, insurance premiums (e.g. flood insurance, hazard insurance, PMI), escrow charges, title insurance costs and survey costs."

The Down Payment Assistance Loan Program aims to assist first time home buyers in the process of securing their down payment and closing costs through the acquisition of a second mortgage plan which can be used simultaneously with any available SONYMA first time home buyer program.

The key feature about the Down Payment Assistance Loan Program is that it has a 0% interest rate, requires no monthly payment, and the perhaps the best part is, the loan will be forgiven or eradicated if the borrower chooses to stay in his or her SONYMA-financed home after 10 years of procuring the loan.

The DPAL program stipulates that it cannot release funds that exceeds the amount of the actual down payment and/or closing costs tht is associated with the chosen mortgage loan transaction of the borrower.

In order to avail of the DPAL program, borrowers must still make a 1% contribution out of the value of the property in order to exhibit the borrower is still capable of repaying the mortgages and has sufficient income that would cover the mortgage payments in the long run.

If you wish to read more about the Down Payment Assistance Loan Program, you can check out the program's official website at http://www.nyhomes.org/Home/Buyers/SONYMA/DownPaymentAssistanceLoan(DPAL).htm.


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

category - Home Buying Programs

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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Rehabilitation Mortgage Insurance Program
The Department of Housing and Urban Development, otherwise known as HUD, is a Cabinet department in the executive branch of the United States federal government.

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First Time Homebuyer Programs in Maine
The first time homebuyer programs of MaineHousing are all especially designed to contribute to the achievement of its primary agency mission which is to "assist Maine people to obtain and maintain decent, safe, affordable housing and services suitable to their unique housing needs."

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Affordable Housing Partnership Program for the First Time Home Buyers in California
The Affordable Housing Partnership Program is a housing opportunity that enables first time home buyers in the State of California to seek financial assistance from lending institutions that have formed a partnership with CalHFA for the purposes of this endeavor.

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