Down Payment Assistance Loan for First Time Home Buyers in New York
by:
TopGovernmentGrants Editorial StaffThe State of New York Mortgage Agency, more commonly referred to as SONYMA, is a public authority that was established in the year 1970 in an attempt to provide reasonable and affordable home-ownership opportunities to low and moderate income New Yorkers, especially to first time home buyers.
The Down Payment Assistance Loan Program aims to assist first time home buyers in the process of securing their down payment and closing costs through the acquisition of a second mortgage plan which can be used simultaneously with any available SONYMA first time home buyer program. |
|
Since then, SONYMA has been successfully offering mortgage programs as well as mortgage credit certificates that will assist first time home buyers in the process of purchasing a house in the State of New York.
In line with this, The State of New York Mortgage Agency has been running the Down Payment Assistance Loan Program (DPAL) wherein it intends to help first time home buyers overcome the setbacks brought about by down payments and closing costs.
Admittedly, two of the major hurdles that an individual faces when buying a home are the down payment and closing costs. Down payments, as defined in the SONYMA glossary, is the "part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage."
(continued...)
Down Payment Assistance Loan for First Time Home Buyers in New York
Page 2
About The Author
The TopGovernmentGrants Editorial Staff maintains one the most comprehensive Websites offering information on government grants and federal government programs.
The staff also provides resources to other Websites with information on health grants and environmental grants.
|
Additional Government Grants Resources
Improving Higher Education Quality Program in VietnamThe United States Agency for International Development Headquarters in Bangkok has recently established the Improving Higher Education Quality Program in Vietnam.
First Time Homebuyer Programs in VirginiaIn 1972, the Commonwealth of Virginia has constituted the establishment of the Virginia Housing Development Authority in an effort to respond to the needs of Virginians who seek quality, affordable housing.
Migratory Bird Joint Ventures: Playa Lakes Joint Venture Base OperationsThe Southwest Region of the US Fish and Wildlife Service is now seeking applications and proposals for the start of base operations, that is core support staff activities and functions, for the Playa Lakes Joint Venture partnership.
What does it mean that Federal Student Aid is a PBO?A PBO is a Performance Based Organization representing an initiative that was created in order to help the government operate more effectively and efficiently. When people call Federal Student Aid a PBO, this means that they are committed to and hold the same standards of the Performance Based Organization.
Grants from the US State Department for Media Training Workshops in TunisiaThe office of the US Mission to Tunisia, which is under the DoS, is seeking applications for the Media Training Workshops program for the Tunisian people through the The US Embassy in Tunis, Tunisia.
State Vital Statistics Improvement ProgramIn keeping with this mission, the Centers for Disease Control and Prevention has established the State Vital Statistics Improvement Program in an attempt to is to enhance the operational efficiencies of the state vital statistics programs and their ability to provide timely, high quality, and comparable data to the National Vital Statistics System (NVSS).
National Science Foundation: Geoinformatics Solicitation GrantGeoinformatics is the science and technology of developing and using information service sciences in addressing the problems related to geography, geosciences and other branches associated to engineering.