First Time Homebuyer Programs in New York
Page 2

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
  Back to Page 1

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 environmental grants and grants for youth programs.

Additional Government Grants Resources

Community Development Credit Unions
A Community Development Credit Union, more commonly known as a CDCU, is a credit financial institution which owned and controlled by its members in an effort to sustain the ability of being able to provide a wide array of financial services.

---

Small Business Grants - Free or Low Cost Consulting for Your Small Business
Did you know that it is possible for you to receive free or low cost consulting for your small business? If it sounds too good to be true, rest assured it is actually possible. Not only does it make sense economically, but you would be receiving advice from professionals who have extensive business experience.

---

Agriculture Loans From GovLoans
Are you a farmer or a rancher who is tired of scouring the world wide web for benefits and loans from the United States Government only to find yourself annoyed and frustrated due to the rather complex and confusing process of looking through hundreds of pages from numerous websites?

---

9th Annual P3 Awards: A National Student Design Competition for Sustainability Focusing on People, Prosperity and the Planet
The National Student Design Competition for Sustainability Focusing on People, Prosperity and the Planet program revolves around the notion of seeking applications and proposals that aim to conduct research studies, develop and design strategies that would address real world challenges throughout the overall sustainability of human society.

---

Economic Studies Ancillary to Completed or Ongoing Health Care Delivery and Financing Pilots, Demonstrations, and Other Experiments
NIH has recently established a program entitled Economic Studies Ancillary to Completed or Ongoing Health Care Delivery and Financing Pilots, Demonstrations, and Other Experiments.

---

Health Resources and Services Administration: HIV Care Grant Program, Part B
Part B of the HIV Care Grant Program is designed to develop or improve the people's access to a comprehensive continuum of high-quality, community-based care for low-income patients diagnosed with HIV.

---

Government Grants Within The United States Health Sector
The health care system in the US is as diverse as it is all-encompassing. A huge number of health care facilities are now owned by private sectors while a huge chunk of health insurance plans are primarily provided by the government in the public sector.

---