What is the New York Graduate to Homeownership Program?
The Graduate to Homeownership Program offers low-interest mortgage loans and down payment assistance to recent college graduates looking to buy their first home in New York State.
Who qualifies for the Graduate to Homeownership Program?
Eligibility is open to recent graduates who have earned an associate, bachelor's, master's, or other advanced degree within the past five years. Applicants must meet income, credit, and property requirements and plan to use the home as their primary residence.
Does the program provide down payment assistance?
Yes, the program includes down payment and closing cost assistance, helping recent graduates reduce upfront costs associated with buying a home.
Is the down payment assistance a loan or a grant?
The assistance is provided as a forgivable loan, which does not need to be repaid if the buyer lives in the home for at least 10 years.
What is the minimum credit score required for the program?
A minimum credit score of 640 is typically required, although higher scores may improve eligibility and loan terms.
Are there income limits for the Graduate to Homeownership Program?
Yes, income limits apply and vary based on household size and the location of the property. These limits are updated annually to reflect current market conditions.
What types of properties are eligible for the program?
Eligible properties include single-family homes, condominiums, townhouses, and cooperative units. Manufactured homes may also qualify if they meet program requirements and are permanently affixed to a foundation.
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Get Started NowCan the program be used for newly constructed homes?
Yes, newly built homes are eligible as long as they meet program guidelines and are intended to be the buyer’s primary residence.
Is homebuyer education required for the Graduate to Homeownership Program?
Yes, completing a homebuyer education course is mandatory to prepare buyers for the financial responsibilities of homeownership and ensure they understand the program’s benefits.
What is the maximum purchase price allowed under the program?
The maximum purchase price varies by region but is typically capped at $500,000 in non-targeted areas and higher in targeted areas.
Can the Graduate to Homeownership Program be combined with other assistance programs?
Yes, the program can often be combined with other SONYMA programs, such as the DPAL or Achieving the Dream, to maximize financial benefits.
Are there debt-to-income (DTI) ratio limits for the program?
Yes, the program generally allows a maximum DTI ratio of 45%, though exceptions may apply based on other financial qualifications.
What fees are associated with the Graduate to Homeownership Program?
Standard loan-related fees, such as origination, appraisal, and processing fees, may apply. Borrowers should confirm these costs with their lender.
What happens if I sell or refinance my home before meeting program requirements?
If you sell or refinance the home before fulfilling the program’s 10-year requirement, a prorated portion of the down payment assistance may need to be repaid.
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Get Started NowCan the program be used to refinance an existing home?
No, the program is specifically designed to assist with purchasing a primary residence and does not apply to refinancing.
Are there location restrictions for the Graduate to Homeownership Program?
Yes, the property must be located in New York State, and additional guidelines may apply depending on whether the home is in a targeted or non-targeted area.
What are the benefits of the Graduate to Homeownership Program?
The program offers low-interest mortgage rates, forgivable down payment assistance, and access to homebuyer education, making homeownership more achievable for recent graduates.
How do I apply for the Graduate to Homeownership Program?
Applicants must meet eligibility requirements and work with a program-approved lender who will guide them through the application process.
What is the loan term for the Graduate to Homeownership Program?
The program provides a 30-year fixed-rate mortgage, offering long-term stability and predictable monthly payments for homebuyers.
What is the primary goal of the Graduate to Homeownership Program?
The program aims to support recent graduates by reducing barriers to homeownership, such as high upfront costs and limited mortgage access, while encouraging them to invest in New York communities.