State of Happiness: State of New York Mortgage Agency Offering Sweet Deal to First-Time Home Buyers

State of New York Mortgage AgencyFinding an apartment or condominium in Manhattan doesn't necessarily have to be difficult -- if you're already at New Construction Manhattan, you've probably already figured that out. But paying for that NYC condo or apartment... that is another story. But while paying for a new condominium in Manhattan will never be as much fun as finding a new condominium in Manhattan, some encouraging news out of Albany today promises to make buying a NYC condo that much easier, at least for first-time home buyers. Federal funds administered by the State of New York Mortgage Agency have made possible a slew of new, low-interest/low-down-payment mortgages for first-time home buyers in New York, the New York Times reports."Looking for a fixed-rate mortgage with a competitively low interest rate, but armed with only 3 percent for a down payment, a low credit score and a modest annual income?" Bob Tedeschi asks in the Times. "Thanks to an infusion of federal support late last year through the economic stimulus package, the State of New York Mortgage Agency, or Sonyma, is now offering 30-year affordable-housing loans at 4.75 percent, down from an average rate of 5.25 to 5.75 percent last year and well below the 5 percent or so being offered by mainstream lenders to their best customers." No minimum credit score is needed for the mortgages, either. The only negative, to the extent that it's even a negative, is that most brokers don't offer these loans, which means that interested home-buyers should contact lenders directly for the loans. There's not really a whole lot of commentary necessary, here. For first-time home buyers, this is about as good as good news gets. A qualified real estate agent can help you with the specifics, but this is one of those rare instances of news that's actually as good as it looks.

NYC Daily Real Estate Blog