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

by: TopGovernmentGrants Editorial Staff

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

Since then, SONYMA has been successfully offering 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.

In line with this, The State of New York Mortgage Agency has been running the Down Payment Assistance Loan Program (DPAL) wherein it intends to help first time home buyers overcome the setbacks brought about by down payments and closing costs.

Admittedly, two of the major hurdles that an individual faces when buying a home are the down payment and closing costs. Down payments, as defined in the SONYMA glossary, is the "part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage."

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Down Payment Assistance Loan for First Time Home Buyers in New York
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Additional Resources

category - Home Buying Programs

California Homebuyer's Downpayment Assistance Program for First Time Home Buyers
The California Homebuyer's Downpayment Assistance Program is a deferred payment junior loan that can be used in conjunction with other CalHFA housing programs. It provides borrowers with funds amounting to 3% of the actual value of the property that they wish to inquire in order to cover the downpayment costs.

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First Time Homebuyer Programs in Idaho
The Idaho Housing and Finance Association, otherwise referred t as IDFA, is Idaho's uniquely created and organized financial institution and administrator of affordable housing resources.

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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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