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.
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
Source:: Business Insider