The key features of the Achieving the Dream Program is its rather low interest rates, the ability to provide financing up to 97% of the value of the property, a very low minimum borrower cash contribution requirement of 1% of the value of the property, 100 and 240 days interest locks for existing housing and houses under construction and rehabilitation, reasonable 30- and 40-year mortgage payment terms, the utter lack of repayment penalties, the provision of down payment assistance amounting to $3,000 or 3% of the total value of the desired property, and ultimately, a reliable payment protection program in the event that the borrower suffers from temporary job loss or accident.
The properties that are eligible to be bought under the Achieving the Dream Program are the following:
1) Must be located in the State of New York
2) Must have a sale price or appraised value that does not go beyond SONYMA's Purchase Price/Appraised Value limits
3) Must not be utilized for business or commercial purposes
4) Must be an existing one family home, or an existing two family home that is at least five years old
5) Must be a maximum of 5 acres only
6) Must have at least 500 square meters of living space
In order to be considered eligible to submit an application under the Achieving the Dream Program, a borrower must be:
1) Must be a first time home buyer as defined by the rules and regulations of SONYMA
2) Must have a stable job, a good credit history, enough income to cover mortgages and other payment obligations, sufficient assets and savings that would cover down payment and closing costs
3) Must be able to meet SONYMA's Household Income Limit requirements
4) Must be able to permanently occupy the SONYMA-financed home as their primary residence.
To read more about the Achieving the Dream Program for First Time Home Buyers in New York, you can visit http://www.nyhomes.org/Home/Buyers/SONYMA/AchievingtheDreamProgram.htm.
Achieving the Dream Program for First Time Home Buyers 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.
She also maintains Websites providing resources on community grants and health grants.
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