First Time Home Buyer Programs
Purchasing your first home can be exciting but confusing if you don't have someone to help you and answer important questions and provide experienced guidence throught the process. When beginning the mortgage process for the first time there will be many new terms and mortgage jargon that you will not be familiar with.
There are many first time homebuyer assistance programs that are available to you, some for 1st time buyers and others for low income individuals. There are also many FHA loans that are perfect for indivduals with limited or no downpayment. If you are a retired or current member of the military you are eligible for a VA loan.
Here at First Rate Funding we invite you to meet with us and speak to someone in person, not just on the phone or by email. We love to help first time homebuyers, it is one of the most rewarding experiences to help someone realize their dream and start building a future.
If you have any question please do not hesitate to contact one of our mortgage specialist by phone at (518) 452-4700 or contact us by email.
Community Homebuyer Programs
Provided for first time homebuyers with limited income and limited funds for down payment and closing costs. The mortgages are offered as a fixed rate mortgage with terms or 15 to 30 years. There are a variety of available programs for you to choose from.
Community Homebuyer Program Features (partial list):
- Down payment of 5 percent
- 30-year, 20-year, and 15-year repayment periods (fixed-rate mortgages only; no ARMs allowed)
- Up to 38 percent of borrower's monthly income can be used for housing costs
- Can be used to buy one-family, principal residences, including condos and properties located in a planned unit development.
- Household income must not exceed the area median income, based on MSA or County
Albany-Schenectady-Troy MSA (Metropolitan Statistical Area 10580) is made up of the following areas:
Counties and county-equivalents
- 36001 Albany, NY
- 36083 Rensselaer, NY
- 36091 Saratoga, NY
- 36093 Schenectady, NY
- 36095 Schoharie, NY
US Department of Economic Analysis: BEA, personal income for Albany-Schenectady-Troy MSA:
SUNYMA
SONYMA - (State of New York Mortgage Agency) - SONYMA is designed to provide affordable homeownership to low and moderate income families. SONYMA allows first time homebuyers as well as purchasers of first or second homes in Federally designated Target Areas
SONYMA Features: (partial list)
- Government Backed Mortgages
- Lower interest rates for first time homebuyers
- Low Downpayment requirements - from 1% - 3% of property value.
- 30 or 40 year term (40 yr. carries a slightly higher interest rate)
- No Points
Due to the wide variety of mortgage programs available, not all products are listed here. Please call us at (518) 452-4700 or complete our contact form so that we may have the opportunity to serve you better.