 |
Incentives for Purchasers of
ENERGY STAR® Labeled Homes |
| SONYMA's Construction Incentive Program and Achieving the Dream Program offers special savings to homebuyers who purchase new energy efficient homes under the New York ENERGY STAR® Labeled Homes Program.
Click here for more information about incentives for purchasers of ENERGY STAR Labeled Homes.
Click here to read the press release. | | |
The State of New York Mortgage Agency (SONYMA) offers five mortgage programs as well as mortgage credit certificates, to assist first-time homebuyers with the purchase of a home in New York State.
Our five mortgage programs feature competitive interest rates, low down payment requirements, flexible underwriting guidelines, no prepayment penalties and down payment assistance while mortgage credit certificates feature a Federal income tax credit. Each of these features are designed to make your home purchase more affordable. All SONYMA loans are financed through the sale of tax exempt bonds.
MORTGAGE PROGRAMS:Homes for Veterans ProgramA
program specifically designed for military veterans. Allows a qualified
veteran to apply for any of the below listed SONYMA programs with more
favorable terms.
Remodel New York
First-time homebuyers* can buy an existing home and finance the cost of renovating it with one low, fixed rate mortgage.
Achieving the Dream
Features lower interest rates than other SONYMA programs. Available to lower income first-time homebuyers. Click here to learn about incentives for purchasers of newly constructed, energy efficient homes.
Construction Incentive Program
First-time homebuyers* can use this program to buy a home under construction or rehabilitation. Click here to learn about incentives for purchasers of newly constructed, energy efficient homes.
Low Interest Rate Program
SONYMA's standard mortgage program for a first-time homebuyer* purchasing a newly constructed or existing home.
OTHER PRODUCTS:
Mortgage Credit
Certificates
Used
in conjunction with a participating lender's fixed-rate mortgage
product; provides a
dollar-for-dollar tax credit equal to 20% of the borrower's annual
mortgage
interest costs when filing his/her Federal income tax return.
Update: As of October 19, 2009 Mortgage Credit Certificate funds are available only for homes purchased in Target Areas.
*You do NOT have to be a first time homebuyer to be eligible for this program if you are buying a home in a Target Area. To learn more about Target Areas or find out if a property is located in a Target Area, click here.