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

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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Urban Rehabilitation Homeownership Program for Homebuyers in Connecticut
The Connecticut Housing Finance Authority, otherwise known as CHFA, is an independent quasi-public housing agency operating within the State of Connecticut that was established in 1969 in an effort to lessen or alleviate the hurdles regarding the lack or insufficient supply of affordable housing opportunities for Connecticut’s low- and moderate-income families and individuals.

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Keystone Home Loan PLUS Program
The Pennsylvania Housing Finance Agency, otherwise termed as PHFA, is an independent agency established in year 1972 in an attempt to assist the provision of reasonable and affordable housing opportunities the elderly, persons and families of modest means, and people suffering from disabilities.

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Downpayment Assistance Program for the First Time Home Buyers in North Carolina
The programs and activities of the North Carolina Housing Finance Agency are constantly geared towards the satisfaction of the best interest of its target population, which is why all their endeavors are carefully guided by their overall agency mission which is "to create affordable housing opportunities for North Carolinians whose needs are not met by the market."

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