1.     Conventional Plus Program is a conventional 30-year fixed-rate mortgage combined with down-payment assistance for both first-time homebuyers and repeat buyers. If you become an eligible borrower, you can get up to 3 % (of the purchase price) to buy your primary residence or for the refinance of an existing mortgage (on a primary home).

Conventional Plus Program offers you competitive fixed interest rates and no minimum cash contribution from your own funds (for 1-family homes, condos, and PUDs) and 3% (for co-ops and 2-4 family homes).

Conventional Plus Program requires you meet the Program's credit underwriting standards. You must have a steady job and a good credit history. You have also to prove that you dispose of sufficient income to make the mortgage payment and meet other debt payments.

Conventional Plus Program qualifies you if you buy your primary residence in the New York State. The loan amount doesn’t have to exceed $417,000 (for 1-Family) and $801,950 (for 4-Family).

Conventional Plus Program requires you complete a Pre-Purchase Homebuyer Education (required for at least one borrower). You are allowed to take an online course too, prior to access the program. You are also advised to contact a specialized lender to guide you through the buying process.

 

2.     FHA Plus Program is a 30-year fixed-rate FHA mortgage combined with down-payment assistance for both first-time homebuyers and repeat buyers. If you become an eligible borrower, you can get up to 3 % (of the purchase price) to buy your primary residence or for the refinance of an existing mortgage (on a primary home).

FHA Plus Program offers you competitive fixed interest rates and a minimum 1% cash contribution from your own funds for 1-4 family homes, condos, and PUDs.

FHA Plus Program requires you meet the Program's credit underwriting standards. You must have a steady job and a good credit history with a minimum 640 credit score. You have also to prove that you dispose of sufficient income to make the mortgage payment and meet other debt payments.

FHA Plus Program qualifies you if you buy your primary residence in the New York State. The home has to be a 1- to 4-family home (including condos, and PUDs). Cooperatives and manufactured housing are NOT eligible.

FHA Plus Program requires you complete a Pre-Purchase Homebuyer Education (required for at least one borrower). You are allowed to take an online course too, prior to access the program. You are also advised to contact a specialized lender to guide you through the buying process.

 

3.     Own it, Fix it New York! Home Mortgage Program is a loan mortgage that allows homebuyers to purchase and renovate their homes. You can choose this program to purchase a foreclosed home or a property that was sold via a short sale.

Own it, Fix it New York! Home Mortgage Program allows you a below-market interest rate as it finances up to 97% of the "after-improved" appraised value of the property or the home purchase price plus repairs.

Own it, Fix it New York! Home Mortgage Program may be combined with the Low Interest Rate Program, the Achieving the Dream Program, and the Home for Veterans Program. It also allows you $3,000 or 3% of the home purchase price (not to exceed $15,000) for down payment assistance.

Own it, Fix it New York! Home Mortgage Program can be use as well for eligible repairs (20% of the "after-improved" appraised value or $25,000).

Own it, Fix it New York! Home Mortgage Program requires you complete a Pre-Purchase Homebuyer Education. You are allowed to take an online course too, prior to access the program. You are also advised to contact a specialized lender to guide you through the buying process.

 

4.     Homes for Veterans Program is a loan offered to both first-time homebuyers and repeat buyers veterans, spouses or co-borrowers. To become an eligible borrower, you have to had been discharged or released from your military duties under conditions other than dishonorable and to had served in active military, naval, or air service. If you qualify for the first-buyer, you have to be either an U.S. military personnel stationed in New York State (regardless of discharge status) or an active or honorably discharged National Guardsman and reservists.

Homes for Veterans Program allows you interest rates lower than the standard interest rates offered on the market. You are allowed to borrow an amount of up to $3,000 or 3% of the home purchase price (not to exceed $15,000) for down payment assistance.

Homes for Veterans Program requires no points or origination fees and a minimum cash contribution from your own funds of only 1% (the remaining 2% can come from a gift or other acceptable source).

Homes for Veterans Program can be combined with any of the next programs: Low Interest Rate Program, Construction Incentive Program and Remodel New York Program.

Homes for Veterans Program requires you complete a Pre-Purchase Homebuyer Education (if you are a first-time homebuyer). You are also advised to contact a specialized lender to guide you through the buying process.

 

 

5.     Remodel New York Program is a 30-year fixed-rate loan designed for first-time homebuyers interested in buying homes that need restoration. The loan covers both the purchase and the rehabilitation of the home (up to 97 % of the total price; the remaining 3 % of financing are to be covered from your own funds).

Remodel New York Program allows you interest rates lower than the standard interest rates offered on the market. You are allowed to borrow an amount of up to $3,000 or 3% of the home purchase price (not to exceed $15,000) for down payment assistance.

Remodel New York Program allows you to make repairs or replacement of plumbing, electrical, and heating systems as well as structural repairs, additions, modernization of kitchens and bathrooms, new siding and windows.

Remodel New York Program requires that you be a first-time homebuyer, except if you are an eligible veteran or if you buy in a targeted area. The home has to be your primary residence, be a maximum of 5 acres and have at least 500 square feet of living space.

 

Remodel New York Program requires you complete a Pre-Purchase Homebuyer Education (if you are a first-time homebuyer). You are also advised to contact a specialized lender to guide you through the buying process.

 

6.     Achieving the Dream Program is a 30-year loan designed for low-income first-time homebuyers. If you qualify for this program, you can get a low down payment mortgage for financing your purchase at a very low fixed interest rate.

Achieving the Dream Program allows you to finance up to 97% of the value of the property (95% for cooperative apartments) and requires you a minimum cash contribution of 1% of the value of the property (3% for cooperatives).

Achieving the Dream Program allows you interest rates lower than the standard interest rates offered on the market. You are allowed to borrow an amount of up to $3,000 or 3% of the home purchase price (not to exceed $15,000) for down payment assistance.

Achieving the Dream Program requires you meet the Program's credit underwriting standards. You must have a steady job and a good credit history. You have also to prove that you dispose of sufficient income to make the mortgage payment and meet other debt payments. The home has to be your primary residence and you aren’t allowed to use it for any business or commercial purpose.

Achieving the Dream Program requires you complete a Pre-Purchase Homebuyer Education. You are also advised to contact a specialized lender to guide you through the buying process.

 

7.     Construction Incentive Program is a 30-year fixed-rate mortgage for qualified first-time homebuyers. To qualify for this loan you have to meet the Program's credit underwriting standards. You must have a steady job and a good credit history. You have also to prove that you dispose of sufficient income to make the mortgage payment and meet other debt payments.

Construction Incentive Program allows you to finance up to 97% of the value of the property (95% for cooperative apartments) and requires you a minimum cash contribution of 1% of the value of the property (3% for cooperatives). You are allowed to borrow an amount of up to $3,000 or 3% of the home purchase price (not to exceed $15,000) for down payment assistance. The home has to be your primary residence, be a maximum of 5 acres and have at least 500 square feet of living space. You aren’t allowed to use it for any business or commercial purpose.

Construction Incentive Program allows you to buy newly constructed one family homes (includes condominiums and cooperatives) or newly constructed two family homes located in a targeted area.

Construction Incentive Program requires you complete a Pre-Purchase Homebuyer Education. You are also advised to contact a specialized lender to guide you through the buying process.

 

8.     Low Interest Rate Program is a down payment mortgage loan offered to qualified low and moderate income first time homebuyers. The program allows you to finance up to 97% of the value of the property (90% for 3 and 4 family dwellings and 95% for cooperative apartments) and requires you a minimum cash contribution of 1% of the value of the property (3% for cooperatives and for 3 and 4 family dwellings).

Low Interest Rate Program You allows you to borrow an amount of up to $3,000 or 3% of the home purchase price (not to exceed $15,000) for down payment assistance. The home has to be your primary residence, be a maximum of 5 acres and have at least 500 square feet of living space. You aren’t allowed to use it for any business or commercial purpose. All loans with less than a 20% down payment will require private mortgage insurance (PMI).

Low Interest Rate Program allows you to buy newly constructed one family homes (includes condominiums and cooperatives) or newly constructed two family homes located in a targeted area.

Low Interest Rate Program requires you complete a Pre-Purchase Homebuyer Education. You are also advised to contact a specialized lender to guide you through the buying process.

 

9.     Down Payment Assistance Loan Program (DPAL) is a down payment assistance program designed as a second mortgage loan. The loan you can get varies between $1,000 and $15,000 (depending on circumstance). Becoming an eligible borrower, will allow you to benefit of a no interest rate with no monthly payments which will be forgiven after 10 years as long as you keep the financing in place, and continue to owner occupy your home.

Down Payment Assistance Loan Program allows you to borrow an amount of up to $3,000 or 3% of the home purchase price (not to exceed $15,000) for down payment assistance. The home has to be your primary residence, be a maximum of 5 acres and have at least 500 square feet of living space. You aren’t allowed to use it for any business or commercial purpose. All loans with less than a 20% down payment will require private mortgage insurance (PMI).

Down Payment Assistance Loan Program requires you to have a minimum cash contribution of 1% of the value of the property (3% for cooperatives and for 3 and 4-family properties).

Down Payment Assistance Loan Program requires you complete a Pre-Purchase Homebuyer Education. You are also advised to contact a specialized lender to guide you through the buying process.

 

10.  Federal Recapture Tax Reimbursement Program is a direct federal tax credit offered to first-time homebuyers on a portion of the mortgage interest. If you become an eligible borrower, you may lower the tax liability you owe by up to 40% (depending on property type) of your annual mortgage interest.

Federal Recapture Tax Reimbursement Program allows you to combine it with a First-Time Homebuyer program for receiving down payment assistance. Taking this assistance, you will have to pay a lower interest rate on your first mortgage.

Federal Recapture Tax Reimbursement Program allows you to be reimbursed if you have any tax liability as long as you live within your home as your primary residence. You aren’t allowed to sell or to transfer it.

Federal Recapture Tax Reimbursement Program requires that you meet income and purchase price limits and you have not owned or had an ownership interest in your primary residence in the last three years. The assistance is forgiven after 9 years, unless you sell or refinance your home and thus you must repay all of the assistance provided.

Federal Recapture Tax Reimbursement Program requires you complete a Pre-Purchase Homebuyer Education. You are also advised to contact a specialized lender to guide you through the buying process.

 

11.  Energy Star Label Homes Program offers a first mortgage loan as an incentive for people who want to purchase newly constructed homes. If you become an eligible borrower, you are offered interest rates that are 0.375 % lower than the standard interest rates for first mortgage loans.

Energy Star Label Homes Program can be combined with a down payment assistance program. You can benefit of this loan if you intend to buy a newly constructed home or if you need to do energy efficient improvements that deliver better performance, greater comfort, and lower utility bills. You can save up to $15,000 using this program.

Energy Star Label Homes Program sets as eligible improvements high performance windows, efficient heating and cooling equipment, appliances, light fixtures and others. New York ENERGY STAR® labeled homes are more energy efficient than a standard home (20% to 30% times more). You can save up to several hundreds of dollars annually and, moreover, you can help the environment by decreasing carbon gas emissions.

Energy Star Label Homes Program requires you complete a Pre-Purchase Homebuyer Education. You are also advised to contact a specialized lender to guide you through the buying process.