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SONYMA offers its programs through a network of participating lenders throughout New York state who contract with the agency to offer SONYMA's programs to their customers. The mortgage loans are purchased from the lenders by SONYMA, which funds the purchases by issuing tax-exempt bonds. In 2017, it had operating expenses of $62.57 million, an ...
Depending on the program, the assistance you qualify for could include loans (sometimes forgivable) or grants to cover some or all of your down payment and closing costs. This assistance is ...
Down payment assistance is usually only available to first-time homebuyers and low- to moderate-income buyers, with the income threshold based on location. These programs are offered by state and ...
Down payment assistance (DPA) programs provide homebuyers with loans or grants to help cover the down payment and closing costs. These programs are typically reserved for first-time homebuyers or ...
HFA and SONYMA are self-funded and do not rely on taxpayer funds. Both agencies issue tax-exempt bonds to provide for their financing. AHC funds are appropriated as part of the State’s annual budget. Funds for SONYMA’s Mortgage Insurance Fund are generated from a portion of the state’s mortgage recording tax surcharge.
Since 2013, buyers receiving down payment assistance from HOME are required to participate in pre-purchasing homeownership counseling, and in August 2021 full implementation of HUD regulations requiring counseling be provided by certified counselors employed by HUD-approved housing counseling agencies took effect standardizing the curriculum ...
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