First Time Homebuyer Programs in New York
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The key features of the Construction Incentive Program are its competitive fixed interest loans, the provision of funds that are up to 97% of the actual value of the desired property, a rather low minimum borrower cash contribution amounting to at least 1% of the total value of the property, a 240-day interest rate lock from the time of the loan application, a mortgage repayment period lasting up to 30 or 40 years, the sheer lack of repayment penalties, and finally, a down payment assistance amounting to $3,000 or at least 3% of the actual value of the property.

If you wish to avail of the benefits of the Construction Incentive Program, you should be able to meet the following eligibility requirements:

1) Be a first time home buyer as defined by the stipulations of SONYMA

2) Have a stable job, a good credit history, sufficient income to cover mortgages and other payment obligations, and sufficient assets and savings that would cover down payment and closing costs

3) Be able to meet SONYMA's Household Income Limit requirements

4) Be able to permanently occupy the SONYMA-financed home as their primary residence.

In terms of the house or property that you wish to purchase, they should also meet the following financing requirements:

1) Be located in the State of New York

2) Have a sale price or appraised value that does not go beyond SONYMA's Purchase Price/Appraised Value limits

3) Not be utilized for business or commercial purposes

4) Be an existing one family home, or an existing two family home that is at least five years old

5) Be a maximum of 5 acres only

6) Have at least 500 square meters of living space.


First Time Homebuyer Programs 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 environmental grants and grants for youth programs.

Additional Resources

category - Home Buying Programs

First Time Homebuyer Programs in Arkansas
The Arkansas Development Finance Authority was primarily created to develop safe, decent and affordable housing for low and moderate income Arkansans. The authority's primary goal is to administer funding in the form of tax exempt bonds and other debt instruments through several programs which are divided into three main categories: Economic Development, Homeownership, and Affordable Rental 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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FirstHome Mortgage Program in North Carolina
One of the programs of the agency is the FirstHome Mortgage Program wherein they seek to offer 30-year fixed interest rate mortgages to first time home buyers in the State of North Carolina.

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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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