Archive | August, 2013

Chairman Bill Mulrow and SONYMA Help New Yorkers Achieve Home Ownership

August 13, 2013

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Recent difficulties in the housing market have reduced financing opportunities for many prospective homebuyers despite record low interest rates. Under the leadership of its Chairman, Bill Mulrow, the State of New York Mortgage Agency (SONYMA) offers a number of programs designed specifically to help New York residents qualify for financing to purchase their first home or move into a new home.

Mulrow previously held senior administrative positions at the Federal Home Loan Bank of New York, the Municipal Assistance Corporation for the City of New York and the New York City Rent Guidelines Board. Mulrow also serves as a Senior Managing Director at the Blackstone Group L.P., the largest alternative investment company in the world. His background in the financial world has given Mulrow a broad range of experience in the issues facing home buyers in the New York area and throughout the country, making him a natural fit for this important public position.

Extra Help for Veterans
Bill Mulrow administers the Homes for Veterans Program in New York, a government program dedicated to ensuring that former and current U.S. military members can enjoy the advantages of owning their own homes. Qualifying veterans and military personnel can obtain favorable rates and terms when applying for any of the home loan programs offered by SONYMA, including the following exclusive initiatives:

Own It, Fix It New York!
Low Interest Rate Program
Construction Incentive Program
Achieving the Dream

By taking advantage of these programs, veterans and non-veterans can improve their chances of qualifying for low-interest mortgage loans and flexible terms when buying a primary residence in New York.

Own It, Fix It New York!
For homes that need a little extra TLC due to lack of maintenance, the Own It, Fix It New York! initiative can provide added help with lower down payments, down payment assistance for qualified buyers and larger loan amounts to cover the costs of necessary renovations. This program can be combined with the Low Interest Rate Program or the

Achieving the Dream initiative to allow distressed New York properties that have been through foreclosure or short sales to shine once again.

SONYMA’s Low Interest Rate Program
Designed to provide assistance for first-time homebuyers, the Low Interest Rate Program can be used to finance an existing home or to fund new construction for a primary residence. This loan program is ideal for families interested in making the move from rental properties to home ownership and can be combined with the Own It, Fix It New York! program to incorporate the cost of repairs into the initial mortgage amount for the property.

Construction Incentive Program
Properties in need of significant rehabilitation and new home starts are eligible for financing under the Construction Incentive Program. Available to first-time homebuyers, this SONYMA-backed mortgage option is designed to boost the home building industry and promote the use of energy-efficient systems in new construction.

Achieving the Dream
Low-income buyers can make their dream of homeownership come true with this advanced program from SONYMA. This initiative can be combined with Own It, Fix It New York! to provide funding for renovations and purchase of existing homes or to fund new construction on energy-efficient properties.

Bill Mulrow and the SONYMA team administer these programs to help New York residents make the transition to homeownership more easily. By taking advantage of these initiatives, more prospective homebuyers can realize their dreams of purchasing a home for
themselves and their families.

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