Posted on 09/23/2008 1:59:39 PM PDT by xcamel
State of New York Mortgage Agency (SONYMA) Mission:
SONYMA is dedicated to providing affordable home ownership opportunities to low- and moderate- income families in the State of New York by offering low interest rate mortgages.
SONYMA’s primary home ownership program is the Low Interest Rate Mortgage Program.
Using the proceeds of tax exempt mortgage revenue bonds, the Low Interest Rate Mortgage Program offers below market interest rate mortgages to low- and moderate-income households who must be first-time home buyers except in target areas.
SONYMA also offers specialized home ownership programs. These programs include:
The Achieving the Dream Program, which provides very low interest rates to low income first time home buyers.
The Construction Incentive Program, which allows qualified buyers to obtain up to 100 percent financing for the purchase of newly constructed one and two family homes.
The Remodel New York Program, which allows for the borrower to finance the cost of acquisition and renovation in one low rate loan.
The Keep the Dream Program, which helps homeowners with adjustable rate, interest-only or other unconventional mortgages to avoid possible foreclosure by refinancing with a 30-year or 40-year fixed-rate SONYMA mortgage.
The Homes for Veterans Program, which allows qualified veterans to apply for any currently available SONYMA program with more favorable terms.
Incentives for purchasers of ENERGY STAR® Labeled Homes: Purchasers of newly constructed homes can receive closing cost assistance and SONYMA mortgages at interest rates below SONYMA’s standard rates.
Closing Cost Assistance Loans are available with every SONYMA program. Qualified borrowers may receive closing cost assistance of $5,000 or 5% of the mortgage loan, whichever is greater.
SONYMA is able to give special incentives to prospective homebuyers interested in purchasing a home in a Federally designated Target Area, which are areas considered economically distressed.
Anyone talking?
NY ping
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