New York Mortgage Loans ( NY Mortgage )

The "State of New York Mortgage Agency" (SONYMA) also offers 4 different programs to help purchase homes in NY. Each program consists of low downpayment requirements, below-market interest rates, no prepayment penalties, and offers closing cost assistance. SONYMA mortgages are financed by tax exempt bonds.

The 4 SONYMA programs are:

Achieving the Dream
For lower income first-time homebuyers. This program the lowest interest rate of all SONYMA programs.

Remodel New York
First-time homebuyers can purchase a home and finance the renovation with a below market fixed-rate mortgage.

Construction Incentive Program
First-time homebuyers can purchase a newly constructed home. 100% financing with a stepped interest rate that is lower for the first 4 year's payments.

Low Interest Rate Program
SONYMA's program for a first time homebuyers purchasing an existing or newly constructed home.

One of the most popular options on loans in the state of New York today is the minimum payment option or 1% mortgage, which can be fixed, adjustable, or a hybrid of the two, and is available statewide.

There are plenty of affordable mortgage option loans for buyers and refinancers of New York Real Estate.

» DISCLAIMER: The information contained in this article on 'New York Mortgage Loans ( NY Mortgage )' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.