first time home buyer – owner loan

Question by InnoScentz: What first-time home-buyer program did you use, or know of in your city?
I am doing research on different first-time buyer programs. Please let me know what city/state and what the program offers to first-time buyers.

Best answer:

Answer by Mark J
New York residents have State Of New York Mortgage Agency SONYMAIt offers reduced down payment mortgages 5% maybe even 3%From the M&T Bank locatingSONYMA is offering its “Homes for Veterans” Program, exclusively through M&T. The program is available to veterans who served in the active duty military and features:Below market interest rates, with no points1 No first-time homebuyer requirement Only 1% liquidating down – the rest downpayment can come from an endowed or other approved sources2 Financing for 1-4 family homes, SONYMA approved condos and co-ops, and certain manufacturing homes3 SONYMA closing cost assistance – up to $ 5,000 or 5% of the loan amount, whichever is greater Available with SONYMA’s Achieving the Dream, Construction Incentive, Low Interest Rate and Remodel New York Programs.Interest rates that are .50% lower than SONYMA’s standard interest rates (for loans with closing cost assistance). Example assumes a $ 100,000 loan amount, 97% loan-to-value, an interest rate of 5.625% with an APR of 6.67% and 360 monthly principal and interest payments of $ 575.66.Not all property types are eligible for all programs. Additionally, income and purchase price limits apply. Certain other conditions and restrictions may apply.

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