Sonyma OR FHA

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Post Posted: Thu Jul 15, 2010 6:20 am    Post subject: Sonyma OR FHA
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I Live in upstate NY.I am planning to buy a house. This will be my first house so i am confused which lender to go and stuff like that?I hear about Sonyma and FHA are good for first tiem buyer as it provides tax cr too. is that right? If i want to apply that what should i do and which program is good sonyma or fha?please help
Icon Mini Profile gmakerley
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Post Posted: Thu Jul 15, 2010 10:10 am    Post subject:
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Sonyma has a nice program, and in all likelihood they will use an FHA loan product to grant such a loan. Your best best is to contact a local lender who offers that product and see what your options are. I'm sure Sonyma is a good way to go for someone in your shoes.
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Icon Mini Profile shane
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Post Posted: Sat Jul 17, 2010 9:48 am    Post subject:
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Regarding the tax credit comment - if you are referring to the homebuyer tax credit you had to be under contract by end of April. FHA doesn't give you any credits towards your closing costs, but the SONYMA program does offer some closing costs assistance. FHA currently permits the seller to pay up to 6% of the sales price towards your closing costs, and it may very well be needed as NY has one of the highest closing costs out of any state.

SONYMA Closing Assistance:
http://www.nyhomes.org/index.aspx?page=298

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