Home Buying in New York>Question Details

Nursevic523%…, Home Buyer in

Hi. I live in NY and I believe I have several issues that would qualify me for some sort of assistance in getting money for either a coop/condo/house.

Asked by Nursevic523%40hotmail.com, Mon Oct 28, 2013

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SONYMA offers homebuyers down payment assistance but only when using financing through SONYMA. This program is known as a Down Payment Assistance Loan (DPAL).

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.

Thank you-

Dawn Noak - Realtor
Gladstone Group
631-827-7373
DawnSells@verizon.net
1 vote Thank Flag Link Tue Oct 29, 2013
Please contact me for assistance. My name is Erika and I can be reached at 917-335-8569. Thank you and good luck.
0 votes Thank Flag Link Tue Oct 29, 2013
Answer below are fine but you should start the process of getting that assistance approved before looking.
1 vote Thank Flag Link Tue Oct 29, 2013
If you have any ideas of where I could get that assistance that would be really helpful. Thanks! My full entry is below (there wasn't enough room above).
Flag Tue Oct 29, 2013
Hi. I live in NY and I believe I have several issues that would qualify me for some sort of assistance in getting money for either a coop/condo/house. I am a single mom on disability with a brain tumor and epilepsy and my son is autistic. I have 2 boys. I am currently unable to work and paying A LOT of money in rent and have to move soon. My credit is good but I have no money saved. If there is any possibility of owning Id like to explore that option. Does anyone have any information that could help me? Thanks

(THIS IS MY ENTIRE ENTRY.)
0 votes Thank Flag Link Mon Oct 28, 2013
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