Many homes in New York State that have been foreclosed and/or sold as a "short sale" suffer from deferred maintenance and require repair. The SONYMA Own it, Fix it New York! Home Mortgage is designed to provide streamlined mortgage financing to homebuyers for the purchase and repair of homes requiring no more than $25,000 in improvements. It is an enhancement that can be utilized with the below stated SONYMA programs for 1- and 2-family homes, PUDs and condominiums.
Product Features:
- Available under SONYMA's Low Interest Rate Program and the Achieving the Dream Program (including Homes for Veterans Program);
- Financing up to the lower of 97% of the "after-improved" appraised value or the Purchase Price plus financeable repairs and allowable "soft" costs;
- Availability of down payment assistance (higher of $3,000 or 3% of the home purchase price, not to exceed $15,000);
- Eligible Repairs up to the lower of 20% of the "after-improved" appraised value or $25,000.
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