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.
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