2015 First Time Home Buyer Programs for New York FHA Plus Program FHA Plus Program offers a 30 year fixed rate FHA mortgage combined with down payment assistance. Borrowers must contribute at least 1 percent of the loan amount towards the transaction. Borrowers must have a job, good credit and meet income and purchase price limits. Qualified buyers in New York may apply. Conventional Plus Program Conventional Plus Program is for both first time homebuyers and repeat buyers alike. Conventional Plus Program features a conventional 30 year fixed rate mortgage combined with down payment assistance up to 3 percent of the purchase price. Borrowers must have a job, good credit and assets to cover at least a portion of the down payment and/or closing costs. Borrowers must meet income limits. Qualified buyers in New York may apply. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. Remodel New York Program Remodel New York Program is for first time homebuyers interested in buying homes that need restoration should look into Remodel New York. Financing for the purchase price of the home and the cost of estimated renovations can be covered up to 97 percent; the remaining 3 percent of financing needs to come directly from the borrower. Financing comes in the form of a 30 year fixed rate loan. If a borrower cannot put down at least 20 percent down, borrowers must purchase private mortgage insurance. Only certain repairs are included under this program: plumbing, electrical, heating, siding, or other must fix items. Remodel New York can be paired with the down payment assistance program. Qualified buyers in New York may apply. Low Interest Rate Program Low Interest Rate Program is for first time homebuyers. They can take advantage of the Low Interest Rate Program which offers competitive fixed rates on low down payment mortgage financing. Income and purchase price rates will be assessed depending on where in New York a homebuyer is purchasing. Buyers can finance up to 97 percent of the home’s value. Qualified buyers in New York may apply. Homes for Veterans Program Home for Veterans Program often offers interest rates lower than the state’s standard rates.Homes for Veterans is coupled with down payment assistance that caps at $15,000. Borrowers do need to contribute 1 percent to 3 percent in order to be eligible. Qualified buyers in New York may apply. Federal Recapture Tax Reimbursement Program Federal Recapture Tax Reimbursement Program is for borrowers who utilize mortgage financing from one of New York’s various programs or through an MCC will be reimbursed for what they pay in federal recapture tax when they sell their home. Qualified buyers in New York may apply.
Achieving the Dream Program Achieving the Dream Program is geared towards low income first time homebuyers. The 30 year loan offers very low interest rates which can be used to finance one and two family properties (which include condos, co ops, and manufactured homes attached to real property). There are no prepayment penalties through this program. Additionally, down payment assistance can be provided up to $15,000. A borrower must contribute 1 percent to the down payment costs. Qualified buyers in New York may apply. Down Payment Assistance Loan Program Down Payment Assistance Loan Program can be paired with many of the programs listed above. This second loan ranges from $1,000 to $15,000 depending on circumstance. The payments are deferred, and after 10 years of homeownership the loan will be completely forgiven. The interest rate for first mortgages that have DPAL assistance will be 0.375 percent higher than the interest rate for loans without down payment assistance, except on the Homes for Veterans and EnergyStar Programs. A new wrinkle to this program: The SONYMA DPAL can now be used to pay all or a portion of a one time mortgage insurance premium, if applicable, thus significantly reducing your monthly mortgage payment. Qualified buyers in New York may apply. Energy Star Label Homes Program Energy Star Label Homes Program offers interest rates that are 0.375 percent lower than their standard interest rates for first mortgage loans, coupled with down payment assistance, as part of the Energy Star Label Homes Program. Homes must be newly constructed with the Energy Star Label or existing properties in need of energy efficient improvements. The down payment assistance caps at $15,000, and the loan does not entail points or origination fees. Qualified buyers in New York may apply. Construction Incentive Program Construction Incentive Program is for qualified first time homebuyers who purchase newly constructed or rehabilitated homes. The Incentive program is a 30 year fixed rate mortgage with a longer term rate lock period to help alleviate interest rate uncertainty during the closing process. Down payment assistance can be paired with this program. Qualified buyers in New York may apply. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing.
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