Here is some great first time buyer news: SONYMA has announced two new features that can be used with their loan programs.
1. Down payment assistance loan of up to 3% of the home price with a max of $10,000. This is a no payment 0% interest rate loan that is forgiven after 10 years.
2. Tax credit advance loan. Now the applicants can receive their $8,000 federal tax credit at the closing, when they need it! If the advance is paid back by 6/30 2011 there is no interest ! In order to be eligible borrowers must be generally be First time buyers and have contracts for a home signed on or before April 30th 2010 and close on or before June 30th 2010. SONYMA will launch this on 1/1/2010 .
Income limits for Ulster County:
1-2 person household 3 + Household
$83,640 $ 97,580
Max single family home price $ 354,970
1. Down payment assistance loan of up to 3% of the home price with a max of $10,000. This is a no payment 0% interest rate loan that is forgiven after 10 years.
2. Tax credit advance loan. Now the applicants can receive their $8,000 federal tax credit at the closing, when they need it! If the advance is paid back by 6/30 2011 there is no interest ! In order to be eligible borrowers must be generally be First time buyers and have contracts for a home signed on or before April 30th 2010 and close on or before June 30th 2010. SONYMA will launch this on 1/1/2010 .
Income limits for Ulster County:
1-2 person household 3 + Household
$83,640 $ 97,580
Max single family home price $ 354,970
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