Home Buying in 11385>Question Details

Wolverine, Home Buyer in Endwell, NY

I f I get a Sonyma loan will I still qualify for an FHA loan in the future? Or does the SONYMA loan count as a first home, which would disqualify me?

Asked by Wolverine, Endwell, NY Fri May 21, 2010

I am trying to help my daughter get her first home, she went through the SONYMA process and just recieved a denial today 5/21/10. But they said that she did qualify for an FHA. But she was under the impression that she wanted to save the FHA capability until she got married and went to buy a home with her new husband. She is single and 21 now, also she would still qualify for the Government rebate. But she was under the impression that a SONYMA loan still left her the capability to get a low interest loan in the future, that is what she was told by the Realestate Agent. Is this true?

Help the community by answering this question:

Answers

1
Wolverine
A Mortgage Credit Certificate (MCC) Program is an alternative
way for SONYMA to assist first-time homebuyers. Federal law
prohibits SONYMA from combining MCCs with its own mortgages.
However, MCCs can be used with other fixed-rate mortgages as ext. FHA loans.

If your daughter buys a home she would have to sell it and would
need to wait about 3 years to qualify again for a frist time homeowner loan.
0 votes Thank Flag Link Sat May 22, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer