# First time Home Buyer

**URL:** https://forums.speedlife.net/t/first-time-home-buyer/19882
**Category:** NYSpeed Off Topic
**Created:** [November 8, 2006, 8:38am UTC](https://forums.speedlife.net/t/first-time-home-buyer/19882 "2006-11-08T08:38:58Z")
**Posts on this page:** 1
**Showing post:** 17

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### Author: ![Zer0DazE](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/zer0daze/32/7624_2.png) [@Zer0DazE](https://forums.speedlife.net/u/Zer0DazE)
#### Post date: [November 8, 2006, 10:52am UTC](https://forums.speedlife.net/t/first-time-home-buyer/19882/17 "2006-11-08T10:52:00Z")

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> [@Jagermeister](#):
>
> Kind of misleading here…
> 
> The SONYMA rate with closing cost assistance is 6.25%, not 5.75% plus 1 point. So, tack on 1% of your mortgage amount on top of the closing costs.
> 
> I was pre approved last week at 6.25%, 5% down payment, 30 yr. fixed. In my case, SONYMA is the exact same rate plus a point. Also, I know I won’t be in a house for 10 yrs. and would get hit with the payback tax.
> 
> In general, SONYMA rates are best during the summer.

you’re going to pay points no matter who you go through  
i ended up getting the 5.75… i had to put off getting a raise and a bonus until the end of the year so i didn’t go over the income limit 🙂

and no doubt, if you dont plan to stay in the place for 10 years then you will have to pay back a chuck of the grant. that can be i pisser.

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