Achieving the Dream Program for First Time Home Buyers in New York

by: Iola Bonggay

The State of New York Mortgage Agency, otherwise known as SONYMA, is a public authority that was created in the year 1970 in an effort to provide reasonable and affordable home-ownership opportunities to low and moderate income New Yorkers, especially to first time home buyers.

The mission of the SONYMA is to offer mortgage programs as well as mortgage credit certificates that will assist first time home buyers in the process of purchasing a house in the State of New York.

One of the programs of the State of New York Mortgage Agency, is the Achieving the Dream Program wherein it seeks to provide eligible low income first time home buyers with really low down payment mortgage financing programs on one or two family dwelling, such as cooperative apartments, condominiums, and manufactured homes that are permanently attached to a real property, at tremendously low and consumer-friendly interest rates.

The key features of the Achieving the Dream Program is its rather low interest rates, the ability to provide financing up to 97% of the value of the property, a very low minimum borrower cash contribution requirement of 1% of the value of the property, 100 and 240 days interest locks for existing housing and houses under construction and rehabilitation, reasonable 30- and 40-year mortgage payment terms, the utter lack of repayment penalties, the provision of down payment assistance amounting to $3,000 or 3% of the total value of the desired property, and ultimately, a reliable payment protection program in the event that the borrower suffers from temporary job loss or accident.

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Achieving the Dream Program for First Time Home Buyers in New York
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About The Author Iola Bonggay is an editor of TopGovernmentGrants.com one the the most comprehensive Websites offering information on government grants and federal government programs. She also maintains Websites providing resources on community grants and health grants.

Additional Resources

category - Home Buying Programs

Construction Incentive Program for First Time Home Buyers in New York
The State of New York cares so much about its people. It looks out for them and constantly ascertains that their best interest is always protected. One of the ways in which the state has manifested this concern is through the establishment of the State of New York Mortgage Agency, more commonly referred to as SONYMA, which is a public authority established in 1970 designed to provide reasonable and affordable home-ownership opportunities to low and moderate income New Yorkers, especially to first time home buyers.

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Department of Housing and Urban Development: Continuum of Care Homeless Assistance Programs
The CoC Homeless Assistance programs is designed to reduce the incidence of homelessness in established CoC communities, thereby the need to assist homeless individuals and families during the process of quickly transitioning to self-sufficiency and permanent housing.

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Urban Rehabilitation Homeownership Program for Homebuyers in Connecticut
The Connecticut Housing Finance Authority, otherwise known as CHFA, is an independent quasi-public housing agency operating within the State of Connecticut that was established in 1969 in an effort to lessen or alleviate the hurdles regarding the lack or insufficient supply of affordable housing opportunities for Connecticut’s low- and moderate-income families and individuals.

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Connecticut Housing Finance Agency Mortgage Programs for Military, Police and Teachers
The Connecticut Housing Finance Agency has established the Mortgage Programs for Military, Police and Teachers so as to provide reasonable housing opportunities to veterans and active duty service members of the United States Military, the National Guard, along with teachers and police officers who are assigned in under-served areas.

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