What is a SONYMA Mortgage? 7

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, Associate Real Estate Broker (716) 650-0051

Colleen Kulikowski is an Associate Real Estate Broker with J. Philip Real Estate 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.