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SONYMA Mortgages Explained

June 18, 2009
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What is a SONYMA Mortgage?

First time home buyers have many options.

First time home buyers have many options.

Mortgage Option for First Time Homebuyers

If you are a first time home buyer currently living in a 2 family home, wouldn’t you love to own it and have your tenants pay part or most of your mortgage?  As a first time homeowner, you may be qualified for New York State’s SONYMA mortgage.

Here is how it works.  All you need is a down payment of 3%, of which only 1/3 of it has to be your own money.  The remaining 2/3 can come from a gift from family.  On top of it, SONYMA will also give you a grant of $5000 or 5% of the loan amount, which ever is greater, to use for closing costs.  It gets better, your interest rate, depending on income can range from 5.75 to 6.25%.

Read Also: Documents to gather before meeting with your Niagara Falls Mortgage Professional.

Read the rest of this entry »

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