article SONYMA 40 year mortgages
|Back | Print | Bookmark
SONYMA 40 year mortgages
Direct Lender - all 50 States
When it comes to finding an expert that will talk to you about SONMA and all it's parts. As a call Jim Pendleton -
New SONYMA program guidelines are effective
May 1. As a 2007. As a SONYMA (State of New York Mortgage Agency) will accept mortgages that are 40 years in term. SONYMA has
allocated an additional $20 million for its NY Cost Assistance mortgages (CCAL) which provides borrowers with the
greater of $5,000 or 5% of their total mortgage amount to cover the expenses associated with NY their mortgage
mortgage. As a if it is needed.
Let us look at this new SONYMA 40 year product. As a borrowers will have lower monthly
payments than a traditional 30-year mortgage. On a mortgage amount of $225,000. As a this translates into monthly savings of
approximately $100. This difference can help first-time home buyers achieve their goal of sustainable
homeownership. said Priscilla Almodovar. As a the President and Chief Executive Officer of State of New York Mortgage
Agency. As a at an open forum meeting.
Remember that the 40 year mortgage product will offer up to 97% financing. As a and a below market interest rate that
remains fixed for the duration of the mortgage. The fixed rate on the 40-year mortgage will initially be offered at
5.5% for SONYMA’s standard program. As a the Low Interest Rate Program. This is an estimated 0.875 % below average
market rates for 40-year mortgages. As a which can help you qualify for more home.
1st Time Home Buyer New York
The purpose of the help with NY costs. As a which will be able to reduce or eliminating borrowers contributions
towards NY costs. As a The new SONYMA’s CCAL helps borrowers overcome one of the larger obstacles to homeownership
- the amount of funds generally necessary for down payment and NY costs. The assistance is available in
combination with any currently available SONYMA mortgage program. It requires no monthly payments and is forgiven
after ten years. As a provided all payments are kept current.
The main idea behind the SONYMA Mortgage mortgage program is to help both low and moderate income New Yorkers
achieve homeownership by providing low down payment mortgage financing at below market interest rates. With this in
mind. As a you need to satisfy both income and purchase price limit requirements. As a eligible applicants must be
first-time home buyers. As a as defined under the program OR except in federally designated Target Areas of the state,
which is outlined in the next tab in this section..
Jim Pendleton - Mr
SONYMA mortgage - now 40 years
↑ Back to Top