Thomas Brady SFR, e-PRO, SRES, BPOR
Licensed Associate Broker
Notary Public, Retired N.Y.P.D. Lt.
#1 Listing & Selling Office on Long Island
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 208
Plainview, New York 11803
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Assistant Director of Sales
ACADEMY MORTGAGE CORP
105 Conklin Street
Farmingdale, NY 11735
(516) 606-9648 Cell
(631) 227-3258 Office
(516) 584-7138 Fax
The down payment is a second mortgage which has no interest rate and no monthly payments and will be forgiven after 10 years as long as the borrower keeps the SONYMA financing in place. The owner must continue to owner occupy the home through out this time. The maximum of this forgivable loan is $3,000 or 3% of the home purchase price, up to a maximum of $15,000. The Down Payment Assistance Loan cannot exceed the actual down payment and/or closing costs with the actual mortgage to purchase the house.
Although they are assisting you, the borrower must make a minimum cash contribution of 1% of the value of the property but 3% for cooperatives. So if you are purchasing a home for $300,000 you will need at least $3,000 to put down. If you do not have 6 months worth of mortgage payments in the bank a coop would most likely not approve you.
I hope this information helped. I think your next step would be to call a lender like Sanjeev Ahuja who can run your other financials to make sure your current debt does not exceed lending requirements.
Please give me a call. I would love to help you in this journey of homeownership.
Dawn Noak - Realtor
Sanjeev Ahuja, MLO NMLS 148731
30 Years of Financial Service Industry Experience
Home Funding LLC NMLS 885573
110 Jericho Turnpike Suite 214
Floral Park, NY 11001