Mortgage Programs
Conventional Mortgages
- 5{0a8a364de4bdc182cd885a6012ac9d29a32bc2558b82915042b80d80d2f2dae4} minimum down – five percent of purchase price
- Fixed or adjustable rates available
- Closing costs may be financed (check with your lender for terms and amount)
SONYMA
- For first-time buyers or US Veterans* (those who have not owned a home within past 3 years)
- Owner- occupied properties only
- Minimum 3{0a8a364de4bdc182cd885a6012ac9d29a32bc2558b82915042b80d80d2f2dae4} down payment
- Purchase price and income limits apply
For more information check out the NYS Homes and Community Renewal Website.
FHA Mortgages
FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. To obtain mortgage insurance from the Federal Housing Administration, a mortgage insurance premium (MIP) equal to a percentage of the loan amount at closing is required, and is normally financed by the lender and paid to FHA on the borrower’s behalf. Depending on the loan-to-value ratio, there may be a monthly premium as well.
- No income limits
- Minimum 3.5{0a8a364de4bdc182cd885a6012ac9d29a32bc2558b82915042b80d80d2f2dae4} down payment
- Required federal government mortgage insurance
VA Loan
- The only mortgage product with NO down payment
- No private mortgage insurance
- Relaxed credit qualifications
- All-time low interest rates
- For more information click here