What is a SONYMA Mortgage?
- First time home buyers have many options beyond FHA.
Mortgage Option for First Time Homebuyers
If you are a first time home buyer currently living in a 2 family home, wouldn’t you love to own it and have your tenants pay part or most of your mortgage? As a first time homeowner, you may be qualified for New York State’s SONYMA mortgage.
Here is how it works. All you need is a down payment of 3%, of which only 1/3 of it has to be your own money. The remaining 2/3 can come from a gift from family. On top of it, SONYMA will also give you a grant of $5000 or 5% of the loan amount, which ever is greater, to use for closing costs. It gets better, your interest rate, depending on income can range from 5.75 to 6.25%.
Read Also: Documents to gather before meeting with your Mortgage Professional.
Here is an example for a purchase of a $150,00 duplex, with property taxes of $3500 per year. Each apartment rents for $700 per month. With the SONYMA mortgage you will only need approximately $4500 to close. Your portion of the $1272 payment would be only $572! Not bad for a $150,000 house.
There are many mortgage options, it is important to speak with a Mortgage professional and your Realtor to ensure that you get the right deal for you. Interested in purchasing a home? Call us today at (716) 650-0051 to find out more or fill out our request form below.
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About Colleen Kulikowski, Licensed Real Estate Salesperson (716) 650-0051
Colleen Kulikowski is a Licensed Real Estate Salesperson at MJ Peterson specializing in Western New York residential homes who doesn’t follow trends; she blazes new trails and is able to recognize industry trends and implement them to her client’s best interest. Colleen has created a unique following with one of the top local internet positions in the country generating thousands of leads for her team. Real Estate is a second career for Kulikowski who’s first career was in Information Technology and Data Warehousing working for such companies as Radio City Music Hall, Nabisco Foods and as a consultant in the Financial and Insurance industries. A strong background in technology and management provides her with keen analytical and sharp negotiating skills.
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[...] Are you a first time homebuyer? If you are there are tons of resources on this site for your use in deciding important aspects of the purchase of a home including: [...]
[...] Are you a first time homebuyer? If you are there are tons of resources on this site for your use in deciding important aspects of the purchase of a home including: [...]
[...] June 18, 2009 · Leave a Comment What is a SONYMA Mortgage? [...]
[...] Are you a first time home buyer? Congratulations! You want to purchase your first home and right about now you probably have discovered that there is a lot to learn. The more research you do up front the less likely you will experience Buyers Remorse when you do find the perfect Buffalo home. [...]
[...] What is a SONYMA Mortgage? [...]
[...] Are you a first time homebuyer? If you are there are tons of resources on this site for your use in deciding important aspects of the purchase of a home including: [...]
[...] Are you a first time home buyer? Congratulations! You want to purchase your first home and right about now you probably have discovered that there is a lot to learn. The more research you do up front the less likely you will experience Buyers Remorse when you do find the perfect Buffalo home. [...]