First Time Homebuyer Programs in New York
Page 2

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
  Back to Page 1

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 Government Grants Resources


National Institute of Food and Agriculture: Community Food Projects Competitive Grants Program
NIFA has recently constituted the Community Food Projects Competitive Grants Program (CFPCGP) wherein they plan to administer grants amounting to $5,000,000 to be utilized in funding the project.


National Integrated Water Quality Program
In accordance with this mission, the National Institute of Food and Agriculture has recently established the National Integrated Water Quality Program (NIWQP) in an attempt to substantially contribute to the improvement of the quality of our nation's surface water and groundwater resources through research, education, and extension activities.


7 Steps Towards Choosing The Perfect College
In most instances, the problem doesn't stop with finances. Students often find it hard to choose the right school for them, pick the course that best suit their needs and abilities.


National Institutes of Health: Expanding the Encyclopedia of DNA Elements in Human and Model Organisms
The National Institutes of Health, in cooperation with the National Human Genome Research Institute, has established a funding opportunity to support the Expanding the Encyclopedia of DNA Elements in Human and Model Organisms project.


Keystone Home Loan PLUS Program
The Pennsylvania Housing Finance Agency, otherwise termed as PHFA, is an independent agency established in year 1972 in an attempt to assist the provision of reasonable and affordable housing opportunities the elderly, persons and families of modest means, and people suffering from disabilities.


A Guide to Student Grants and Scholarships
Colleges and universities can be expensive... sometimes getting accepted into the school of your choice can be the easy part of the educational journey of the new student. It isn't always easy to find ...


Conservation Innovation Grants Program
The Natural Resources Conservation Service in the state of Michigan has recently established the Conservation Innovation Grants(CIG) Program wherein it intends to stimulate the creation and adoption of innovative conservation approaches and initiatives.





Stacy Zoern’s electric-car startup Kenguru is starting to revolutionize mobility for millions of wheelchair users. Her Kenguru hatchback enables users access the vehicle using its rear-opening tailgate and automatic ramp, securing their wheelchairs via interlocking device. It has no seats.





Not Ready to Buy Yet?

Find Rental Assistance Programs



Need Repairs for a Home You're Buying?

Find Out About Rehabilitation Money Available







More Federal Domestic Assistance Programs


New Bedford Whaling National Historic Park Cooperative Management | Plant Conservation and Restoration Management | AmeriCorps VISTA Training & Logistics Support | Public Health Service Evaluation Funds | Tribally Controlled Community College Endowments |  Site Style by YAML | Grants.gov | Grants | Grants News | Sitemap | Privacy Policy


Edited by: Michael Saunders

© 2004-2021 Copyright Michael Saunders