Here is some great first-time home-buyer news: SONYMA (State Of NY Mortgage Agency) has announced two new features that can be used with their loan programs.
1. Down-payment assistance loan of up to 3% of the home price, with a maximum of $10,000. This is a no payment, 0% interest loan, which is forgiven after 10 years.
2. Tax credit advance loan. Now applicants can receive their $8,000 federal tax credit at the closing, when they need it. If the advance is paid back by June 30, 2011, there is no interest. In order to be eligible, borrowers must generally be first-time home-buyers, and have contracts for a home signed on or before April 30, 2010, with a closing on or before June 30, 2010.
Income limits for Ulster County:
1-2 person household: $83,640
3 + person household: $97,580
Maximum single-family home price: $354,970