Closing Cost Assistance for First Time Homebuyers

Closing Cost Assistance for First Time Homebuyers

The State of New York Mortgage Agency (SONYMA) provides safe, low interest fixed rate mortgages, closing cost assistance and other programs specifically designed to help low and moderate income families become homeowners. One of the biggest obstacles to owning a home is the amount of funds an applicant must have for down payment and closing costs.

To help applicants overcome this obstacle, SONYMA offers closing cost assistance, in combination with any currently available SONYMA program. One of the brightest features of the SONYMA product is a maximum assistance of closing costs equal to $5,000 or 3% of the SONYMA mortgage loan amount, whichever is higher. In addition…

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