Dutchess County Real Estate, Financing Your First Home, Tips for First-Time Homebuyers
New York offers Cash to homebuyers
January 1, 2010 by Randy Rutan · Leave a Comment
WHAT A GREAT DEAL! Effective January 1, 2010 New York State will offer buyers cash advances of up to $8,000 to buy a home. The money for the cash advance is based on the federal government’s first-time buyer tax credit. The cash advance can be used as part of the down payment or it can be applied to the closing costs. The cash advance is paid back when the federal government’s first-time homebuyer tax credit is received by the buyer. More good news…there is no interest charged on the cash advance. The only requirement is that the buyer must use a State of New York Mortgage Agency (SONYMA) mortgage to buy their home.
This is a wonderful opportunity for credit-worthy first-time homebuyers who struggle to save up enough money to cover the upfront costs of buying a home.
CONTACT RANDY for more details about the Tax Credit Advance Loan (TCAL).
Note:
Some SONYMA participating lenders may not offer down payment assistance programs. Please check with your lender before applying for financing.
CLICK HERE to view a list of lenders in Dutchess County who offer SONYMA mortgages.
