Buying a house in New York is the dream of many citizens.
However, the process can be complicated.
The New York government has programs to access credit at a preferential rate for first-time homebuyers.
Under the name of SONYMA, the authorities have options to even help you find a home according to your income.
The Achieving The Dream program is designed to help with the amount you can pay with a down payment when purchasing a home.
It is available for homes with 1 to 4 families and who have the resources to put down a 3 percent down payment of the total value of the property.
Offers to defer or eliminate interest payments for 4 or up to 8 months.
Who can be eligible?
The requirements to access the program are the following:
- Being the first time you buy a house.
- Have good credit and stable employment.
- Have between 1 and 3 percent of the purchase price of the home.
- Property must be located in New York State.
- The sale price and the appraised value cannot exceed the limits of SONYMA They vary, but can be up to more than a million dollars.
- Applicants must complete a homebuyer education course.
Home First Loan Program
The program called HomeFirst is intended for all those who are looking to buy a house or condo for the first time. and who meet certain requirements can access an interest-free loan.
This loan applies to the purchase of a house or apartment with up to 4 rooms.
The loan will be with 0% interest and payable in 10 years for those under $40,000 and up to 15 years for those with a larger amount.
Individuals or families must meet certain requirements such as having a income between 74,800 individually to 141,000 for a family of eight members.
In addition to completing a homebuyer education course that is taught by counseling agencies certified by the housing department.
You’ll also need to have your own savings to supplement a down payment on the house or closing costs, as the case may be.
Interested parties must make an initial payment of a minimum of 3 percent of the purchase price, in addition to 1 percent of the contract deposit.
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