Down Payment Assistance Programs for First Time Home Buyers in Cayuga County, New York
If you live in New York and are interested in buying a home in Cayuga County – there may be down payment assistance programs available to you. Saving enough money for a down payment is one of the single biggest obstacles to homeownership – but it is entirely possible that down payment assistance is available to you and you aren’t even aware of it.
What is Down Payment Assistance?
It is any kind of program that is designed to help people get into a home. That may be a very broad definition, but down payment assistance programs are not always programs that hand out free money by giving you cash in a suitcase – they can take many different forms. Some examples of the different types of down payment assistance programs that may be available include: Grants, Silent Seconds, Delayed Repayment Loans, Interest Free Loans, and Lender Specific Programs. Since there are so many different types of programs that may be available – it is advised that you find the right loan officer who is knowledgeable in programs in your area.
Down Payment Assistance Programs in Cayuga County, New York
- State of New York Mortgage Agency – Down Payment Assistance Loan: One of the biggest obstacles to owning a home is the amount of funds a borrower must have for downpayment andclosing costs. To help applicants overcome this obstacle, SONYMA offers homebuyers down payment assistance in conjunction with SONYMA financing. Please read below for details about the Down Payment Assistance Loan (DPAL) offered by SONYMA. For more information, Click here.
Mortgage Programs Available in Cayuga County, New York
- State of New York Mortgage Agency – Remodel New York Program: The Remodel New York Program provides competitive interest rate financing to qualified first time homebuyers for the purchase and renovation of homes in need of improvements or repairs. Under Remodel New York, SONYMA will finance both the purchase and the renovation of the home with one mortgage. For more information, Click here.
- State of New York Mortgage Agency – Achieving the Dream Program: SONYMA’s Achieving the Dream Mortgage Program provides qualified low income first time homebuyers with low downpayment mortgage financing on one and two family dwellings (including condominiums and cooperative apartments, as well as manufactured homes permanently attached to real property) at a very low fixed interest rate. For more information, Click here.
Additional Home Buying Resources
HUD offers some resources to those people who are interested in learning more about the process of buying a home, and the information on HUD’s website is free. Just a few of the services that HUD offers information about include: housing counseling agencies, predatory lending, education, assistance programs, HUD homes for sale, homeownership vouchers, home repairs, avoiding foreclosure, making your home more energy efficient, and more.
Other Relevant Cayuga County Sites
- New York Association of Realtors
- Cayuga County School
- Cayuga County Sheriffs
- HUD Homeownership Assistance for New York