topic Re: NYS 1st Time Buyer Program in Mortgage Loans

NYS 1st Time Buyer Program

PrettyGyrl — Fri, 02 Jan 2015 04:02:49 GMT

Happy New Year All,
Does anyone know of any 1st Time Buyer Programs in NY? I'm starting my research and I'm feeling a bit overwheled. I'm looking to buy in NYC.
-Thanks In Advance

Re: NYS 1st Time Buyer Program

Peter1142 — Fri, 02 Jan 2015 13:28:07 GMT

Yes there is, SONYMA. I don't think you have to be a first time home buyer.. but I think there are income limits. I don't really remember... there was a reason I didn't go that way. There are surely other special programs in NYC, especially the lower income areas. Do some Googling...

Re: NYS 1st Time Buyer Program

kjel — Fri, 02 Jan 2015 18:05:25 GMT

SONYMA is the statewide program, however they will often layer with local programs administered by a county or city. Where are you intending to purchase?

Re: NYS 1st Time Buyer Program

justrock — Sat, 03 Jan 2015 01:58:22 GMT

I just closed on my home using a NY first time home buyers program. I put money away for 12 months and they matched me 4 to 1. I saved $2000, the program gave me $8000 more for down payment and closing costs. I am in Ulster County and the program was administered through Ulster Savings Bank. I also got a very good interest rate, 3.625% for an FHA loan.

Re: NYS 1st Time Buyer Program

PrettyGyrl — Tue, 10 Mar 2015 20:49:24 GMT

@kjel wrote:
SONYMA is the statewide program, however they will often layer with local programs administered by a county or city. Where are you intending to purchase?

Sorry for the very late response...I've been on the other boards....I'm looking to buy in NYC, specifically the Bronx.