The first time home buyer programs are designed to help first time home buyers with their mortgage financing. These programs are generally state and federal sponsored and provide a great opportunity for first time buyers to get into the housing market.
The following are some of the programs are offered:
a. Down payment assistance: SONYMA offers the Down Payment Assistance Loan (DPAL) 3% of the purchase price towards the down payment and closing costs.
b. Low-interest loans: SONYMA's Achieving the Dream Program is generally offered at a below-market interest rate.
c. HUD Good Neighbor Next Door program: the Good Neighbor Next Door program offers HUD homes (FHA foreclosures) at a significant discount for eligible buyers i.e.: teachers, police, fireman, and EMTs.
d. HomeReady and HomePossible: the HomeReady and HomePossible are first time home buyer programs designed to assist borrowers earning less than 80% of the area median income. They offer reduced mortgage insurance premiums and lower costs
e. RemodelNY Program: the RemodelNY program provides competitive financing to first time homebuyers who are buying a house that is in need of fixing.
Are you ready to take the next step towards homeownership? Connecting with a mortgage lender could be the key that unlocks your eligibility status.
Whether you are a first time home buyer or looking to refinance, it is crucial to have a trusted professional by your side to guide you through the process.
By partnering with a knowledgeable mortgage lender, you can gain valuable insights into your eligibility status and explore the various loan options available to you.
Don't let uncertainty hold you back - reach out today and start paving the way towards achieving your homeownership dreams.
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About the Author
Denise Sherman is a Real Estate Salesperson, who specializes in helping homeowners and first time home buyers in Albany County NY. She is concerned with providing her readers with valuable information to make a good real estate decision. Go here to read her unbelievable story, "Military Veteran Helps Families by Taking the Stress out of Buying a Home." If you want to send Denise a quick message, then visit her contact page here.