Homes for Veterans Program – $50 Million Commitment from SONYMA

Homes for Veterans Program – $50 Million Commitment from SONYMA

SONYMA Homes For Veterans

On March 20, 2014, Governor Cuomo announced a $50 million commitment from SONYMA to help provide affordable housing to Veterans and Military Families. SONYMA, in conjunction with the NYS Division of Veterans’ Affairs, is offering $50 million in mortgage financing at a 3.875% interest rate for:

• Military veterans who have served in the active military, naval or air service and who have been discharged or released under conditions other than dishonorable; and

• First-time homebuyers who are honorably discharged National Guard, and reservists as well as active military, National Guard and reservists.

The Homes for Veterans Program features:

• Down payment assistance up to the greater of $3,000 or 3% of the home purchase price, not to exceed $15,000;

• Up to 97% financing;

• Only 1% of the home purchase price must come from the borrower’s own funds; and

• Financing for home improvements can be incorporated under the Own It, Fix It New York Program or Remodel New York with no increase in rate

• To be eligible, a prospective homebuyer’s income must be within the program’s household limits and the sales price of the property (plus any home improvements) cannot exceed the program’s purchase price limits