Summary List PlacementTable of Contents: Masthead StickyBuying a home in New York

According to Zillow, the typical home value in New York is higher than the typical value of $259,906 across the US. The typical home value in New York is $346,328, and Zillow expects it to increase to $369,000 by September 2021.

First-time homebuyer programs in New York

If you get a mortgage through a participating lender, you may be eligible for one or more of the following programs from the State of New York Mortgage Agency:

Down Payment Assistance Loan: You can borrow up to $15,000 for down payment assistance. There’s no interest rate, and SONYMA may forgive the loan after 10 years.

Homes for Veterans: Military families can get a mortgage with a low interest rate. You’ll also get a loan to be used for down payment assistance for up to $15,000.

RemodelNY: Receive financial assistance when you buy a home that needs major repairs. A RemodelNY loan can be combined with the Homes for Veterans program.

Graduate to Homeownership: You can get a low-interest mortgage if you’ve graduated from college in that last 48 months. This program can be combined with the Down Payment Assistance Loan and RemodelNY.

Neighborhood Revitalization: If you buy a home in certain parts of New York, you can get up to $20,000 to restore the home. This program can be combined with other SONYMA programs.

Give Us Credit: Residents of New York City and Long Island who have less reliable sources of income may qualify for a 30-year mortgage through the Give Us Credit Program. Receive between $7,500 and $15,000 for down payment assistance. This program can be combined with SONYMA’s other programs.

ENERGY STAR: If you’re buying an energy-efficient home, you can get a reduced interest rate and up to $15,000 toward down payment assistance.

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Manufactured Home Mortgage & Advantage Programs: You may qualify for financial assistance if you’re buying or refinancing a manufactured home.

Historic mortgage rates for New York

By looking at the average mortgage rates in New York since 2010, you can see trends for 30-year fixed mortgages, 15-year fixed mortgages, and 5/1 adjustable mortgages:

Seeing how today’s rates compare to historic New York mortgage rates may help you decide whether you’d be getting a good deal by getting a mortgage or refinancing now.

How 30-year fixed rates work

A 30-year fixed mortgage comes with a higher interest rate than a shorter-term fixed-rate mortgage. The 30-year fixed rates used to be higher than adjustable rates, but 30-year terms have become the better deal recently.

Your monthly payments on a 30-year term will be lower than on a shorter-term mortgage. You’re spreading payments out over a longer period of time, so you’ll pay less each month.

You’ll pay more in interest in the long term with a 30-year term than you would for a 15-year mortgage, because a) the rate is higher, and b) you’ll be paying interest for longer.

How 15-year fixed rates work

A 15-year fixed-rate mortgage is more …read more

Source:: Business Insider


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