The State of New York Mortgage Agency (SONYMA) offers several mortgage programs featuring competitive interest rates, low down payment requirements, flexible underwriting guidelines, down payment assistance and no prepayment penalties. There’s even a RemodelNY program designed for buyers who want to purchase a home in need of improvement.

As a first-time home buyer you have more loan options than just an FHA loan. Depending on your situation you may qualify for some other loan programs that offer advantages over an FHA home loans. Conventional Loan – If you have at least a 20% down payment then you should consider a conventional mortgage.

Summary: 2019 NCHFA first-time home buyer programs. NC Home Advantage Mortgage for up to 5% down payment assistance. Self-Help Loan Pool for a mortgage with a 0% interest rate.

Homebuying programs in your state; Let FHA help you (FHA loan programs offer lower downpayments and are a good option for first-time homebuyers!) HUD’s special homebuying programs. indian home Loan Guarantee Program (Section 184) 5. Shop for a home. Wish list – what features do you want? Home-shopping checklist? take this list with you when.

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It also allows individuals to qualify for a FHA loan whose credit has been marred by bankruptcy or foreclosure. This fixed-rate loan often works well for first time home buyers because it allows individuals to finance up to 96.5 percent of their home loan which.

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If you find that loan programs are too restrictive, consider a conventional loan or FHA loan that’s not designed for first-time buyers. FHA loans allow you to buy with as little as 3.5% down. You don’t need great credit, so they’re an option for people who are just starting to borrow or for those who are recovering from financial hardship.

FHA 203k Rehab Loan This program allows you to purchase a fixer upper home or foreclosure and roll in repairs or improvements into the mortgage. The loan is based on the appraised value after the improvements have been completed and you only need a 3.5% down payment.

Qualified first-time homebuyers can claim 50 percent of their paid mortgage interest, with a cap of $2,000, in the form of a tax credit each year they live in their home.