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 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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First Time Homebuyer Programs in Maine
The first time homebuyer programs of MaineHousing are all especially designed to contribute to the achievement of its primary agency mission which is to "assist Maine people to obtain and maintain decent, safe, affordable housing and services suitable to their unique housing needs."

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Department of Housing and Urban Development: Continuum of Care Homeless Assistance Programs
The CoC Homeless Assistance programs is designed to reduce the incidence of homelessness in established CoC communities, thereby the need to assist homeless individuals and families during the process of quickly transitioning to self-sufficiency and permanent housing.

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Downpayment Assistance Program for First Time Homebuyers in Connecticut
The Connecticut Housing Finance Authority has been running the Downpayment Assistance Program in order to financially assist first time home buyers in the process of covering the downpayment and closing costs of purchasing a home.

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