NY SONYMA Mortgage Loans..

NYSpeed Automotive NYSpeed Off Topic
1

http://www.nyhomes.org/home/index.asp

Might be of interest to some folks on here.

Its a NY state program, offering a 5.5% fixed rate on a 30 year mortgage for first time buyers in NYS, earning under 41k per year…

I’m getting qualified for a loan, and taking a look at a few duplex’s around here.

Good investment property for the future, and a place to live in for right now.

If anybody gets prequalified for a loan, and is looking for a realtor, drop me a PM, my brother is a Realtor, and will be glad to talk to you.

2

and you get a 5k grant towards your closing costs.
:tup:

i used a sonyma loan when i bought my house

3

Good program if you can take advantage and plan on living in the house for 10 years.

PS: these are fun people to deal with by the way. Get ready for the 3rd degree on your bank acct. and ghey shit like that.

4

Nice. Are there any good first time homebuyer programs out there if you make more than that?

5

ooo I should have the woman buy a house before she gets a job

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but you have to m a k e under 41k…

7

Exactly what I did man :tup: Put some money in here bank acct. a couple months before to make things look good, they will go back a few months in your banking.

On the down side, probably no where near what your looking to spend on a house to qualify for a single person-lower level income…

8

FHA if you’re looking to do a real low down payment. They have income limits and home cost limits as well, but they’re higher than SONYMA. Also shop around the private banks. I’m pretty sure Nikuk found a bank with a great low down payment option and none of the BS hoops to jump through that the government programs have.

The wife and I did an FHA loan when we bought our house then re-financed 3 years later to a traditional 30 year for a lower rate. As a bonus we used the appreciated value on the house to get out of paying PMI.

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This is key, b/c if you sell the house before the 10 year mark you have to pay back the closing cost grants they give you.

10

yea, thats what i wanted to do, however due to poor credit scores and my credit scores being pretty good my rate ended up being lower under FHA :frowning:

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You can also opt to NOT take the $$, and get a lower rate instead. Then there’s no penalty if you sell.

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Anyone know the $$ limits on these two options you are talking about?

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There are different limits to your income depending on the plan, I’m pretty sure the limit was $60K or somewhere around there.

x…

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:tdown:

15

sounds good but how does someone without a job get approved for a mortgage

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good info.

17

I think we have a winner. :lol:

One of my friends had his wife buy the house before they got married so they could get a deal.

X…

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:wink:

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I did this on my first house around 14 years ago, it was bitchin. 5% down-30 years at 4 3/4% niceee. I sold it about 6 years later and dont reacall any penalty at the time. Wish i could have found a rate like that on this house

20

I remember when I was searching it was easy enough to find using google. I know FHA is way above 60 because my house was more than twice that.