INTEGRITY PLUS RENOVATIONS BUFFALO NY PRO

The Program is available state-wide and all SONYMA participating lenders may originate a DPAL PLUS loan. ($12,000 other subsidies applied to closing costs and $6,000 down payment THEN $14,000 in DPAL PLUS applied to down payment to get to 80% LTV) ($6,000 for closing costs and $20,000 down payment to get to 80% LTV)Įx. 1: $100,000 purchase price + $6,000 closing costs (no other subsidies)

For more information, please see the DPAL PLUS Term Sheet.Įx. When used in combination with other subsidies/grants, DPAL PLUS must be applied after the others. Can be used to pay single premium mortgage insurance (MI) for transactions over 80% LTV. Maximum household income of 60% of the Area Median Income (AMI).ĭPAL PLUS can be used to pay down payment and closing costs until purchase money mortgage amount is 80% LTV, up to $30,000. This subsidy is designed to help low-income New Yorkers achieve their homeownership dream. To address that need, SONYMA is offering a limited, enhanced down payment assistance loan, called DPAL PLUS. Or, view our list of participating SONYMA lenders to find a lender near you.Īccruing enough assets to close on a new home is one of the largest barriers to homeownership.

Contact your preferred lender to be sure. Please remember that not all participating SONYMA lenders offer DPALs. SONYMA will not allow your DPAL to be subordinate to another mortgage.Cash back at closing is not allowed with a DPAL, except in special circumstances.DPALs may only be used in conjunction with a SONYMA mortgage and may be used for any property type eligible under your chosen mortgage program, including cooperatives.Regardless of which SONYMA program you apply for, you must make a minimum cash contribution of 1% of the value of the property (3% for cooperatives and 3- and 4-family properties).In the event the proceeds from the sale of your home is not enough to pay any repayable amount, the shortage will be forgiven. The amount subject to possible repayment will decrease by 1/120 per month each month you live in the property. All or a portion of your Down Payment Assistance Loan may be required to be repaid if you sell your home or refinance your mortgage within the first 10 years of purchase.This higher interest rate does not apply to our Graduate to Homeownership, Homes for Veterans, or ENERGY STAR® programs. Interest rates for first-time mortgages with a DPAL attached will be.A Down Payment Assistance Loan cannot exceed your actual down payment and/or closing costs.Maximum loan amount: 3% of the purchase price (up to $15,000) or $3,000, whichever is highest.If you are required to carry mortgage insurance, a DPAL can be used to cover all or a portion of your premium, which can reduce your monthly mortgage payment significantly. SONYMA’s Down Payment Assistance Loan (DPAL), which is available for all buyers using a SONYMA mortgage program, can provide the initial funding you need to purchase your first home.

INTEGRITY PLUS RENOVATIONS BUFFALO NY PRO

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