Down Payment Assistance Loan for First Time Home Buyers in New York
Page 2

On the other hand, the closing cost, is defined as the "Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Closing costs normally include, but are not limited to, fees charged by lenders, attorney fees, taxes, insurance premiums (e.g. flood insurance, hazard insurance, PMI), escrow charges, title insurance costs and survey costs."

The Down Payment Assistance Loan Program aims to assist first time home buyers in the process of securing their down payment and closing costs through the acquisition of a second mortgage plan which can be used simultaneously with any available SONYMA first time home buyer program.

The key feature about the Down Payment Assistance Loan Program is that it has a 0% interest rate, requires no monthly payment, and the perhaps the best part is, the loan will be forgiven or eradicated if the borrower chooses to stay in his or her SONYMA-financed home after 10 years of procuring the loan.

The DPAL program stipulates that it cannot release funds that exceeds the amount of the actual down payment and/or closing costs tht is associated with the chosen mortgage loan transaction of the borrower.

In order to avail of the DPAL program, borrowers must still make a 1% contribution out of the value of the property in order to exhibit the borrower is still capable of repaying the mortgages and has sufficient income that would cover the mortgage payments in the long run.

If you wish to read more about the Down Payment Assistance Loan Program, you can check out the program's official website at http://www.nyhomes.org/Home/Buyers/SONYMA/DownPaymentAssistanceLoan(DPAL).htm.


Down Payment Assistance Loan for First Time Home Buyers in New York
  Back to Page 1

About The Author The TopGovernmentGrants Editorial Staff maintains one the most comprehensive Websites offering information on government grants and federal government programs. The staff also provides resources to other Websites with information on health grants and environmental grants.

Additional Resources

category - Home Buying Programs

Ohio Heroes Program for First Time Home Buyers in the State of Ohio
One of the most popular programs of the Ohio Housing Finance Agency is the Ohio Heroes Program which is exclusively intended for active military men, active reservists, veterans, firefighters, emergency medical technicians, paramedics, and several other individuals with noble professions.

---

Keystone Home Loan PLUS Program
The Pennsylvania Housing Finance Agency has constituted the estbalishment of the Keystone Home Loan PLUS Program wherein it aims to offer the lowest PHFA interest rate to first time home buyers in the State of Pennsylvania.

---

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."

---

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.

---