SONYMA for First Time Buyers and Remodelers

October 17th, 2008 category: Buyers

First time buyers (as well as home buyers seeking a second property*) might want to look into the SONYMA Remodel New York loan program.

With an increase in potential repairs sometimes present in homes being sold in a distressed market, this program has some highlights that could make sense to homebuyers on the east end (North fork and Hamptons) of Long Island. The following requirements are present with the Remodel New York program:

Ratios:

33-38%

40-45% with 3% down or more;

Income:

$97,100-$111,665 in non target areas

$116,250-$135,940 in target areas

*Target areas can be clarified when calling SONYMA directly at 1-800-382-HOME. Have the property address ready.

Purchase Price Limits:

            $550k in non target area

$671k in a target area

Good credit is required, and the site offers a list of designated lenders ( although there seem to be some…missing lately).

* This program is not available to owners of residential investment property, or vacation property. A “first time buyer” will not have owned a home in the past three years; this program IS available to non-first time buyers in Federally designated target areas, with the above limitations.

Check out some of the other loan programs available, and keep a copy of this glossary handy!

This appears to be a great loan program for first time buyers seeking a good “buy”- as properties that need a bit of work often are.

Let us know when you’re ready to look!

 www.optionsrealty.com

THESE PURCHASE PRICE LIMITS ARE ONLY AVAILABLE FOR LOANS RESERVED ON OR AFTER MAY 20,2008 AND APPROVED BY SONYMA BY DECEMBER 15, 2008.


This entry was posted on Friday, October 17th, 2008 at 10:03 am and is filed under Buyers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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