Thursday, April 16, 2009

Sweetening the Pot for Home Buyers

A New York Times article points to an interesting development in the Federal Housing Tax Credit for first time home buyers: an initiative lends $8,000 or so to buyers, who would then use the money for down payments or closing costs and repay the loan once they received the Federal Housing tax credit. This idea is being investigated by NY State, and you can be sure that we will keep you posted of the developments.

The article also mentions something that is of note: SONYMA provides a Closing Cost Assistance program for prospective homes costing $550,000 or less, or if the buyer's annual household income is below certain thresholds. The program offers home buyers $3,000 to $10,000 in aid for down payments, legal fees and other closing costs. Sonyma loans are available to borrowers who might not otherwise qualify for conventional mortgages, like those who have little money for closing costs and those with low household incomes. Down payments can be as low as 3 percent.

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