NYS HCR & Tax Department Urge Eligible New Yorkers to Combine Their Tax Refunds with NYS Mortgage Programs to Help Purchase a Home Recipients of the Earned Income Tax Credit (EITC) May Also Be Eligible for NYS’s First-Time Homebuyer Assistance. More than 1.5 Million New Yorkers Receiving the EITC are Income-Qualified for a SONYMA Mortgage and Down Payment Assistance Loan*
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Commissioners of Homes and Community Renewal and the Department of Taxation and Finance today alerted recipients of the Earned Income Tax Credit that they may be eligible for a NYS mortgage and down payment assistance program, which can help them realize the dream of homeownership.
The program offers competitive-rate SONYMA (State of New York Mortgage Agency) mortgages and down payment assistance for first-time home buyers. The state encourages aspiring homeowners to consider applying any tax refund they may receive to that purchase.
The state’s housing agency, New York State Homes and Community Renewal, offers SONYMA mortgages to qualified low- and-moderate income, first-time home buyers and veterans.
New York State Homes and Community Renewal Commissioner James S. Rubin said, “With a SONYMA mortgage and down payment assistance, homeownership goes from an aspiration to an attainable reality for New Yorkers who have contemplated buying a home and have deliberated about how to parlay a tax refund into something that will provide a long-term benefit for their families.”
Commissioner of Taxation and Finance Jerry Boone said, “If you’re eligible for the Earned Income Tax Credit, you’re income-qualified for a SONYMA mortgage. By leveraging your tax refund and participating in the available programs, you have the potential to be the proud owner of your own home.”
The EITC is a federal, New York State, and New York City tax refund for working families earning up to $53,267 per year. EITC benefits can be as high as $8,427 for a family with three children. For New Yorkers who receive a lump-sum refund, the state’s mortgage program and down payment assistance can help them save enough to make the purchase.
For the past 45 years, SONYMA has been-and continues to be-one of the safest and most recognized granters of mortgages in the nation. Since 2011, SONYMA has provided over $1.1 billion in mortgage funds to help more than 6,400 New Yorkers achieve homeownership. SONYMA’s mission is to put New York families into their first homes and make homeownership sustainable. Maximum allowable household income and home prices vary by region. Eligible borrowers will also need to qualify under SONYMA's underwriting guidelines and demonstrate an ability to pay.
With SONYMA’s homeownership programs, first-time home buyers can select the mortgage best suited to their financial circumstances and home-buying needs. The programs feature competitive fixed interest rates, low down payment requirements, no prepayment penalties, funds for home improvements and as much as $15,000 in down payment assistance may be available through SONYMA. SONYMA also works with a network of non-profit homeownership education and counseling agencies throughout the state that offer classes to help first-time home buyers make better, more informed decisions. Counselors may also provide guidance in resolving credit issues, which can strengthen credit scores, and result in better, lower-cost mortgage options for the would-be buyer.
The SONYMA RemodelNY for Veterans program is tailored to benefit the home buying needs of military veterans and active duty U.S. military personnel, providing SONYMA’s lowest offered rate, down payment assistance and financing for both the purchase and improvement of a home. This program is not restricted to first-time home buyers for honorably discharged veterans or for any buyers purchasing a home in a federally-designated target area.
Information about the Earned Income Tax Credit is available here.
And for more information about a SONYMA mortgage and income and purchase price limits for first-time home buyers, call SONYMA at 1-800-382-4663 (HOME) or visit: http://www.nyshcr.org/Topics/Home/Buyers/SONYMA/SONYMAProductsforFirstTimeHomebuyers.htm and http://www.nyshcr.org/Topics/Home/Buyers/IncomeLimits/IncomeLimits_LIRP_CIP.pdf
*purchase price limits apply.