Grants home buyer

SONYMA offers a wide range of affordable mortgage programs for first-time homebuyers with low down payments and flexible qualifying.

For homebuyers in New York State, available SONYMA programs include:

 

– Low Interest Rate

– Achieving the Dream

– Remodel NY

– FHA Plus

– Home of Your Own

– Construction Incentive

– Conventional Plus

– Habitat for Humanity

 

SONYMA is committed to providing affordable lending programs to first-time homebuyers in the all communities.

 

Equal Housing Lender.

All lending products arc subject t to credit and property approval. Certain conditions and restrictions apply. Program subject to change or discontinue ion without notice

The Homebuyer Dream Program provides up to $10,000 in grants funds toward the purchase of your new home.

 

 STEP ONE: PRE-ENROLLMENT

To be eligible for the Homebuyer Dream Program, you must:

 

– Be a first-time homebuyer

– Have a household income at or below 80% of the Mortgage Revenue Bond Income limits (NY or NJ) and adjusted for family size

– Reside in New York State or New Jersey

 

STEP THREE: GET MORTGAGE PRE-APPROVED

Next, your loan officer will help you to obtain your mortgage preapproval.

Your loan officer will collect updated personal information and estimate the maximum mortgage

You can afford. You will be issued a preapproval letter. * Your loan officer will review items needed to reserve your HOP funds.

 

STEP TWO: GET PRE-APPROVED

To apply, contact a loan officer who will determine your eligibility for the Homebuyer Dream Program. You will be required to provide the following items:

– 30 days pay stubs or one-year previous tax return if you are self-employed

– Employment history

– Social Security award letters for anyone receiving benefits

– Any other source documents from any income that you are currently receiving if applicable

– Working with your loan officer, you will be pre-qualified, and determine the best use of the grant funds available (up to $10,000). You will sign a Homebuyers Certification, which outlines the terms of the grant.

 

STEP FOUR: TAKE HOMEOWNERSHIP EDUCATION

 

Plan and schedule your required homeownership education course with an approved housing non-profit counseling agency. To find out which agency is available in your area, discuss with your loan officer.

 

NOTE: Most agencies charge a cancelling fee, and an amount up to $500 maybe added to your Homebuyer Dream Program grant.

 

STEP FIVE: GO HOUSE SHOPPING

You are now ready to begin house shopping.

 

STEP SIX: MAKE YOUR MORTGAGE APPLICATION

– Once you have decided on a home and you have a purchase/sales contract, contact your loan officer to get your loan application underway

– In addition to the items you may have previously provided, you may be required to supply further documentation in order to qualify for the mortgage

 

 

 

STEP SEVEN: FINAL APPROVAL

 

Once your mortgage application has been approved, all required documents will be sent by the loan officer to the Federal Home Loan Bank of New York (FHLBNY) for review and funding approval. Your Homebuyer Dream Program funds will be reserved with the FHLBNY on a first-come, first-serve basis. Other items sent will include (but not limited to):

 

  • Home buyer education certificate
  • Income documentation
  • Contract of sale
  • Bank statement with a minimum $1,000 on deposit.



 

STEP EIGHT: TIME TO CLOSE

 

Once the first mortgage is approved and all conditions cleared for closing, the request to fund the Homebuyer Dream Program grant will be sent to the FHLBNY and final documents signed:

 

  • Subordinate Mortgage I Declaration of Restrictive Covenant:
  • With a Conventional first mortgage program a five year Subordinate Mortgage (retention period) signed
  • With a FHA first mortgage a Declaration of Restrictive Covenant (5 year retention period)
  • There is a recapture provision within the first five years of ownership (if the home is no longer occupied as a primary residence, rented, etc.)





 

This special program offers mortgage insurance flexibility that accepts down payments lower than the typical 3 percent required when buying a home.

 

Community Heroes Program:

Teachers, firefighters, police officers, emergency medical technicians (EMTs), nurses, military personnel, and paramedics are all eligible

Primary residences eligible

– Fixed and adjustable mortgage options

– Down payment as low as 1percent

– Gifts and grants eligible

 

Community Experts Program:

 

Certified public accountants (CPAs), chartered financial analysts (CFAs), architects, certified mortgage bankers and designated actuaries are all eligible

Primary residences eligible

– Fixed and adjustable mortgage options

– Down payment as low as 1percent

– Gifts and grants eligible

 

DOWN PAYMENT AND

CLOSING COST ASSISTANCE LOAN

 

  • A low interest rate loan for down payment and closing cost assistance is available for first-time home buyers to avoid Private Mortgage Insurance (PMI) whose income is no greater than 120% of the area median income based on family si The loan may be for up to $75,000 and is subject to program underwriting guidelines. Funds from CDCLI can be combined with borrowers’ own funds for up to 20% financing to avoid PMI.

 

  • Eligible borrowers must have a commitment for a fixed rate first mortgage through a NYS approved l All borrowers are required to complete CDCLl’s NeighborWorks Home Buyer Education Program.

 

  • The interest rate is fixed and set according to loan size. The maximum term of the loan cannot exceed the term of the first mortgage financing. The home must be owner occupied, and the property type must be a co-op, condominium, and single family or legal two-family located in Nassau or Suffolk County.

 

  • The purchase price cannot exceed $500,000. All loans will be secured with a mortgage, and income of all household members will be used to determine There is a $120 nonrefundable application fee.

 

  • For more information, please visit our website at cdcli.org

CDCLI Funding Corporation, an affiliate of Community Development Corporation of Long Island 631-471-1215 x151 – homeloan@cdcli.org

 

We Invest in Your Dreams

 

CDCL! Funding Corporation is a Community Development Financial Institution, car tidied by the U.S. Treasury Department. CDCLI is recognized by NeighborWorks America as an “exemplary organization. We are a HUD approved housing counseling agency and a chartered member of Neighbor Work s America.

 

 

 

NHSNYC offers down payment and closing cost assistance loans and grants for first-time homebuyers. The two primary programs are the New York City Department of Housing Preservation and Development’s (HPD) Home-First Down payment Assistance Grant and our own Down payment and Closing Cost Loans. Your NHSNYC Homeownership Counselor will determine the particular product for which you are eligible.

 

HPD Home-first Down Payment Assistance Grants

NHSNYC is the sole fiscal administrator for HPD’s Home-First Program. HPD created Home-First to promote housing equality by assisting qualified low- and moderate-income homebuyers in purchasing their first home. Under this HPD program, NHSNYC provides forgivable loans, which do not exceed $25,000, to first-time homebuyers who are below 80% of Area Median Income. The formula for determining the loan amount is 50% of the down payment plus 100% of reasonable closing costs, not to exceed the lesser of 6% of the purchase price of the home or $25,000.

 

Borrowers in Home-First can receive assistance in the purchase of a 1-4 family home, a condominium, or a cooperative and will be subject to a ten-year owner-occupancy requirement. Prospective homebuyers must receive one-on-one sessions with homeownership counselors from HPD-approved housing agencies to meet program eligibility requirements (like NHSNYC).

 

To qualify for Home-First, a prospective homebuyer must meet all of the following criteria:

 

– Be a first-time homebuyer.

 

– Complete a homebuyer counseling and education program with NHSNYC or another HPD-approved counseling agency.

 

– Have his or her own savings to contribute to the down payment or closing costs

 

– Meet program income eligibility requirements (learn more)

 

– Purchase a 1-4 family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City

 

Other criteria apply. Home-First applications are submitted by an NHSNYC Homeownership Counselor after the one-on-one counseling session is completed.

 

How to Apply

– Schedule an appointment for One-on-One Counseling with one of the Homeownership Counselors to see if you qualify.

– Down Payment and Closing Cost Loans

– NHSNYC provides “gap loans” of up to $65,000 with a repayment term of 15 years to assist first time homebuyers with down payment and closing costs. All properties are eligible if within New York State.