First Time Home Buyer Programs

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.

⸻⸻⸻

Related Articles

5 Best 55+ Communities in Albany County NY

10 Best Facts About VA Loans in Albany NY 2023

⸻⸻⸻

⸻⸻⸻

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.