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

category - Home Buying Programs

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.

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Downpayment Assistance Program for the First Time Home Buyers in North Carolina
In an attempt to contribute to the eradication of this problem, the North Carolina HFA has established the Downpayment Assistance Program for the First Time Home Buyers wherein they provide interest-free, deferred second mortgages up to $8,000 to cover the downpayment and closing costs of a chosen property.

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Keystone Government Loan Program for Homebuyers in Pennsylvania
The Pennsylvania Housing Finance Agency has been running the Keystone Government Loan Program in which it intends to provide first mortgage financing on loans that are insured by the Federal Housing Administration, the Rural Development, and the Department of the Veterans' Affairs.

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Rural Community Development Initiative
The Rural Community Development Initiative can be awarded to legally qualified private, public, and tribal groups or organizations that have the experience and capability of providing training and technical assistance to nonprofit community-based housing and community development organizations, as well as low income rural communities.

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