First Time HomeBuyer’s National and New York State Programs

Happy Monday evening Beautiful Women,

I feel like I haven’t spoken to you in forever!!!!! I know you can relate to that time of year when it is so hectic that you can’t even breathe!  That was my past week.  I missed you all and hope you are ready for the end of the Holiday season.  Happy Hanukkah, Merry Christmas and Happy Kwanzaa to anyone who celebrates the holidays.

When we left off, we spoke about what was needed to start the purchase of a home.  As promised, I am going to share some First Time HomeBuyer’s National and New York State Programs.

Here are a few and what they require:

Conventional Mortgage

Best For – Low Down Payments and Limited Mortgage Insurance Premiums

A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac allow down payments as low as 3% for first-time buyers or lower-income home buyers. Unlike FHA loans, conventional loans allow borrowers to eventually cancel their mortgage insurance or avoid mortgage insurance altogether if they put at least 20% down

FHA loans

Best For – Low Credit Score and Low Down Payment

This is one of the most popular loans for many first-time home buyers with lower credit scores. The Federal Housing Administration allows down payments as low as 3.5% for those with credit scores of 580 or higher. The FHA will insure loans for borrowers with scores as low as 500 but requires a 10% down payment for a score that low. Mortgage insurance is required for the life of an FHA loan and cannot be canceled.

VA loans

Best For – Military and Low Down Payment

The U.S. Department of Veterans Affairs helps service members, veterans and surviving spouses buy homes. VA loans are especially generous, providing competitive interest rates, often requiring no down payment or mortgage insurance. Although there is no official minimum credit score, most VA-approved lenders require scores of at least 640.

In addition to these Nationwide programs, there are also some that are state specific.  Here are a few for the state of New York:

Achieving the Dream

Best For –  Low-income borrowers, Low down payment,Low mortgage rates

The Achieving the Dream program is offered to lower-income, first-time home buyer applicants. Borrowers will receive reduced interest rates and a lower down payment requirement on a 30-year loan. The mortgage can finance the purchase and renovation of a one or two-unit home, and there are also incentives for buyers of energy-efficient, new-construction homes.

Conventional Plus Program

Best For – Down Payment and Closing Cost Assistance

This loan has a lot of features built into one program. Take a 30-year loan for purchase or refinance, throw in down payment assistance, and offer it to first-time home buyers or existing homeowners. And that’s just the start. The Conventional Plus Program can use the down payment assistance for closing costs — and that can help a borrower avoid mortgage insurance. All that, and relaxed loan approval standards.

Graduate to Homeownership Program

Best For – Recent College Graduates

An innovative program geared to recent college graduates, SONYMA provides down payment assistance, favorable interest-rate loans and homebuying education to prospective borrowers. A unique qualifier: Applicants must be looking to buy their first home in specified New York communities slated for downtown revitalization. The cities include Elmira, Geneva, Glens Falls, Jamestown, Middletown, Oneonta, Oswego and Plattsburgh.

There are others but wanted to give you a list to start with.  If you already own a home, please share what programs you may have used to help you with your purchase.

Next Up: Before we discuss the NACA Program, next week, I want the group to share goals for 2020!  New decade, new goals and maybe a new YOU!  Let’s post our goals and then pray for one another!  Anything can be accomplished when prayers align with God’s will.

If you have any questions, please feel free to post here or email me at:

As always, thank you for reading.

Have an amazing week!


Changing the lives in our community….one family at a time




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