SONYMA’s new mortgage program offers low rates, minimal down payments, and grants for first-time homebuyers.
Are you a first-time homebuyer looking for a house in New York? Recently, my favorite banker informed me of a home loan program for first-time homebuyers: SONYMA’s ‘Achieving the Dream’ mortgage program.
Owning a home is a dream for many. It’s a major goal but a scary one at the same time. Many first-time homebuyers just don’t know what to do, but this program will help you out.
What’s this loan all about? ‘Achieving the Dream’ Program is a mortgage option designed to maximize your buying power with low interest rates and minimal down payment requirements, making homeownership more affordable.
New York State just released a $5 million grant for first-time homebuyers, which can provide up to $30,000 to help with down payment and closing costs.
The great part about this loan is that it’s forgivable. That means if you stay in your new home for ten years, you won’t have to pay it back. If you decide to move out before that decade is up, you might need to repay a certain amount but with a ceiling of $30,000. However, it’s still a great deal overall.
Why should you consider applying for this loan? If you’re a first-time homebuyer paying anywhere from $800 to $1,200 in monthly rent, it’s time to buy your own home. You should invest in yourself because this loan will likely make your mortgage comparable to what you currently pay in rent. While $5 million sounds like a lot, it’s estimated that there are about 160 loans in our area.
The program has some specific requirements based on your income and credit. So, if you have good credit and you’re working hard to purchase your first home, let’s see if this grant is a good fit for you.
This program is an opportunity to sidestep the high interest rates we hear about. If you’re ready to enter the market, now is the time to act. Once these funds are gone, you never know when they’ll be available again. Also, experts say interest rates likely won’t drop much, so waiting might mean missing out on your dream home.
If you have questions about home buying or want to learn more about how this program can help you own a home this year, don’t hesitate to reach out. You can call or send a message at (607) 795-2904 or vickischamel@kw.com. This will be a great year for first-time homebuyers, with plenty of opportunities to beat those interest rates, so make sure you make the most of them!
