Find New York first time home buyer grants here! A complete list of grants for home buying in New York and other home mortgage grants to help you buy that first house below.
You're probably very excited! Everyone wants to eventually live in their own home. But you may feel some drawbacks as well. Don't let that stop you.
I plan to give you some useful information to help you with this beautiful step.
You want to know your credit score and determine if you need credit repair before proceeding.
Unfortunately, without a minimum credit score of 580, you'll not qualify for these low down payment programs. The FHA 203b loan works well with the various grant options. The higher your credit score is the lower your interest rate.
With so many lenders to choose from, you want to be sure and select the right one.
Receiving help monetarily is like sitting on a pile of money.
To begin with, the State of New York does offer a New York first time home buyer grant program for its residents. This is good news because not all states are able to offer assistance to first time home buyers.
The state agency which maintains this program for New York is the New York State Housing Finance Agency. This particular program is considered a loan but is completely forgiven after 10 years. The cool thing is there is no monthly payments with it. Thus, if you stay in your home the required period of time, this loan becomes in essence a grant.
You can receive up to 3% of the first mortgage amount. The program is called "Down Payment Assistance Loan" (DPAL). It now can be used to pay all or a portion of any mortgage insurance premiums so you can lower your monthly payment.
Other programs you may want to investigate is the "SONYMA" programs. They have an FHA one and a conventional one for first time home buyers. There are limitations and restrictions that must be met to qualify.
Then there is the "Achieving the Dream Program", which offers help for those first time buyers who purchase a newly constructed energy efficient home. You can also check out the "Remodel New York Program" for help in renovating your purchase.
Of course, all these programs have limitations and restrictions you must meet to qualify, but its worth looking into.
As you can see, New York residents have many options to choose from to save money as a first time owner. You should visit these program's website by clicking here to determine your eligibility.
In addition, the federal government offers home buying grants for first time home buyers in New York. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program.
Their website contains useful information and applications. The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.
Another website I would recommend that you visit is the one for Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.
Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with grants for housing.
Click here for additional information on New York First Time Home Buyer Grants. This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.
Please tell others about this FREE information. Everybody else on the web charges for this kind of stuff!!
Happy House Hunting!!
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Mar 29, 17 03:06 PM
To all my dear readers of this blog. Back in January of this year, I wrote you to share what I thought was good news for the first time home buyer. FHA announced on January 9th, 2017 that they were go…
Mar 20, 17 05:33 PM
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