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

Downpayment Assistance Program for the First Time Home Buyers in North Carolina
The programs and activities of the North Carolina Housing Finance Agency are constantly geared towards the satisfaction of the best interest of its target population, which is why all their endeavors are carefully guided by their overall agency mission which is "to create affordable housing opportunities for North Carolinians whose needs are not met by the market."

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First Time Homebuyer Programs in Montana
The Montana Board of Housing, otherwise referred to as BOH, was primarily established to to provide decent, safe, sanitary and affordable housing for lower income individuals and families in the State of Montana.

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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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Urban Rehabilitation Homeownership Program for Homebuyers in Connecticut
In accordance with this mission, the Connecticut Housing Finance Authority has established the Urban Rehabilitation Homeownership Program wherein it intends to home purchase loans at steady, below-market rates together with home improvement loans with no interest, all in an attempt to support homeownership and investment in selected Connecticut neighborhoods.

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