NHSNYC FHA SONYMA experiences...

Anonymous · ‎05-09-2016

There are so many options and things to look over.

Mortgage scores

Equifax FICO SCORE 5: 696

Transunion FICO SCORE 4: 722

Experian FICO SCORE 728

Anyone have experience wth any of these?

So far I called one of the approved banks for SONYMA they are mailing me the application for preapproval. (I have to call back and ask if there are any fees and if sonyma is the only option with that bank)

From what I see the NHS has more money to help with downpayment and closing cost (loan) but sonyma will forgive it after 10 years I haven't even looked at FHA yet. I am just typing away... I am just thinking about all of the questions I have... I just want someone good for the pre appoval process.

FHA --

SONYMA

0% interest rate;
Requires no monthly payments and is forgiven after 10 years;
Minimum loan is $1,000;
Maximum loan is the higher of:
- $3,000; or
- 3% of the home purchase price (up to a maximum of $15,000)

NHS DPCC LOAN nhsnyc. org

MAXIMUM LOAN AMOUNT: $65,000

TERM: Up to 15 years

INTEREST RATE: 4.0%

SECURITY: UCC1 / Mortgage

APPLICATION FEE: $150

ORIGINATION FEE: 2% of loan amount

COMMITMENT FEE: $150 COMBINED LOAN TO VALUE up to 97%

Anonymous · ‎05-11-2016

If I am able to put down 5% would it be a mistake to go with one of these programs? I am not to sure on the numbers

Anonymous · ‎07-03-2016

@Anonymous wrote:
If I am able to put down 5% would it be a mistake to go with one of these programs? I am not to sure on the numbers

This is a good program that I am going with. the only better one would be NACA which there are forums.

Those are no down payment no closing costs no real estate fees and you can put what saving you have to buy down your interest rate to almost nothing.

http://imgur.com/U3ZxdWW

I went to the seminar but since my landlord wants to sell within a few months NACA will take too long. 2nd best is SONYMA

Anonymous · ‎07-03-2016

@Anonymous wrote:
@Anonymous wrote:
If I am able to put down 5% would it be a mistake to go with one of these programs? I am not to sure on the numbers
This is a good program that I am going with. the only better one would be NACA which there are forums.
Those are no down payment no closing costs no real estate fees and you can put what saving you have to buy down your interest rate to almost nothing.
http://imgur.com/U3ZxdWW

I went to the seminar but since my landlord wants to sell within a few months NACA will take too long. 2nd best is SONYMA

Thanks I am in the process of looking already. The bank I am dealing with only deals with FHA. I will take a look at the other program NACA I've never heard of them.

Anonymous · ‎07-03-2016

if you can WAIT, and arent in a rush there is nothing better than NACA.

I-f you're paying rent, pay on time and by CHECK - for 12 months. This is the reason
i can't go with them for right now since my landlord is in a rush to sell.

-2 years consectutive work history

Lowest APR out there avail, especially with Buy down.

It's alot of paperwork and research it but the benefits are CRAZY

My landlords sister happens to work for : sefcumortgageservices so I'm going with them.

PS SONYMA is much better than FHA.

Here is the comparison link

http://www.nyshcr.org/Topics/Home/Buyers/SONYMA/ComparisontoSONYMACalculator.xlsx

Here is rate comparison for SONYMA

I'm going to achieving the dream

http://www.nyshcr.org/Topics/Home/Buyers/CurrentInterestRatesfor30-YearMortgages.htm

Anonymous · ‎07-03-2016

@Anonymous wrote:
if you can WAIT, and arent in a rush there is nothing better than NACA.
I-f you're paying rent, pay on time and by CHECK - for 12 months. This is the reason
i can't go with them for right now since my landlord is in a rush to sell.

-2 years consectutive work history
Lowest APR out there avail, especially with Buy down.
It's alot of paperwork and research it but the benefits are CRAZY

My landlords sister happens to work for : sefcumortgageservices so I'm going with them.

PS SONYMA is much better than FHA.
Here is the comparison link
http://www.nyshcr.org/Topics/Home/Buyers/SONYMA/ComparisontoSONYMACalculator.xlsx

Here is rate comparison for SONYMA
I'm going to achieving the dream
http://www.nyshcr.org/Topics/Home/Buyers/CurrentInterestRatesfor30-YearMortgages.htm

I do not qualify for SONYMA income is above their limits

Anonymous · ‎08-27-2016

I read this on the SONMA site where they have DPAL (down payment assistance loan) where you only have to put down 1 percent
and the rest is put into the loan for a .375 bump in interest rate (currently 3+ .375 which does NOT have to be paid back if you keep the loan with them for 10 years..
and interesting setup...

I saw something new on the website. Can anyone tell me what it means?

" The SONYMA DPAL can now be used to pay all or a portion of a one-time mortgage insurance premium, if applicable, thus significantly reducing your monthly mortgage payment."

link

Also - here is the breakdown for that loan... for a 149 K purchase.

Any mortgages wizards have any thoughts for these #'s from HVFCU

Hello. Below I the information you requested with DPAL.

3.375%% - $1,223.36 - includes PMI, taxes and insurance

Total Cost Assumptions

· Annual Real Estate Taxes:

$5,000

· Estimated Closing Date:

09/30/2016

Change Information

Total Cost

· Purchase Price$156,560.00

· Origination Fee$350.00

· Appraisal Fee$375.00

· Attorney Fee$550.00

· Credit Report$54.00

· Flood Certification Fee$14.00

· Tax Service Fee$70.00

· Title - Endorsement - Survey$25.00

· Title - Title Insurance$843.53

· Government recording charges$600.00

· Transfer taxes$1,215.20

· Homeowner's Insurance Premium$469.68

· Interest Due at Closing$452.47

· Homeowner's Insurance Escrow Deposit$78.28

· Real Estate Tax Escrow Deposit$5,000.04

· Title - Owners Title Insurance (optional)$279.00

· Sellers Concession ($,4560)

DPAL ($4,696)

· Your new loan amount($151,863.00)

Estimated Cash Required to Close$5,817.20